AI Structured Summary
Not yet generated for this judgment
Judgment
ORDER
Learned Counsel for the Petitioner as well as Learned Counsel for the Corporate Debtor are present. It is represented by the Learned Counsel for the Petitioner that a joint memorandum of compromise and consent terms has been filed by the parties before this Tribunal on 12.03.2020 seeking for withdrawal of this Petition.
In view of the settlement as arrived at between the parties and based on the schedule of payment as given in the Joint Memo of Compromise, the learned counsel for the Petitioner represented that in case if the Corporate Debtor fails to adhere to the terms of the joint memo of compromise filed by the parties, liberty may be granted to the Petitioner to approach this Tribunal.
In view of the said representation by the learned Counsel for the Petitioner as well as the joint memo of compromise as filed by the parties before this Tribunal according to the consensus and also taking into consideration Rule 8 of I & B (Application to Adjudicating Authority) Rules, 2016, this Petition stands dismissed as withdrawn, with liberty as sought for in Para 4 of the joint memo of compromise being granted. Files to the records.