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Judgment
Heard Ms. Akshita Koolwal, PCS for the Petitioner/ Financial Creditor and Mr. Gaurav Sharma, Adv. for the Respondent/ Corporate Debtor.
IA No. 247/JPR/2022:
This Application under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 read with Rule 11 of the NCLT Rules, 2016 has been filed for seeking withdrawal of the petition. It has been submitted that during the pendency of the petition, the Applicant/ Financial Creditor and Non-Applicant/ Corporate Debtor arrived at an amicable settlement vide settlement agreement dated 11.05.2022 and a copy of the said agreement is attached as Annexure-1. It is prayed that the application may be allowed and CP No. (IB)-67/7/JPR/2021 filed under Section 7 of Insolvency and Bankruptcy Code, 2016 be ordered to be withdrawn. Permission granted. CP No. (IB)-67/7/JPR/2021 is dismissed as withdrawn subject to condition that in event of non-compliance/breach in terms of aforementioned settlement agreement dated 11.05.2022 by the Non-Applicant/ Corporate Debtor, there is liberty to revive the petition. The IA is disposed of accordingly.
IA No. 136/JPR/2022:
In view of the foregoing, this IA stands disposed of as infructuous.
CP No. (IB)-67/7/JPR/2021:
In view of the order passed in IA No. 247/JPR/2022, the instant CP is dismissed as withdrawn.