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Judgment
ORDER
PCA for operational creditor is present.
Counsel for corporate debtor is also present.
Withdrawal memo is filed along with terms of settlement with a liberty to the operational creditor to file fresh petition in case corporate debtor commits default of any of the terms of the settlement.
Petition is not yet admitted. Therefore, permission can be granted to the operational creditor to withdraw the petition under Rule 8 of I & B (AAA) Rules, 2016.
Memo is recorded. Permission is granted to withdraw the petition with a liberty to the operational creditor to file fresh petition in case corporate debtor commits default of any of the terms of the settlement.
Petition is dismissed as withdrawn vide separate orders.
Per: Hon'ble Shri Ratakonda Murali, Member (Judicial) Heard on: 24.07.2019.
ORDER
Memo filed seeking permission to withdraw the petition on the ground parties entered into settlement.
It is averred that the Respondent has come forward to pay the amount in full and final settlement along with interest @ 8.32% up to the date of 14.06.2019.
It is averred that the authorized signatory of the Respondent Company under the sworn affidavit dated 11.07.2019 has agreed to settle the amount along with the Postdated cheques/RTGS. The petitioner confirms the payment of the sworn affidavit dated 11.07.2019 is agreeable to the petitioner as full and final settlement.
It is averred that Petitioner undertakes to withdraw all the proceedings before the Tribunal. The withdrawal memo is subject to the condition that in the event of any default in any of the instalments, as emphasized in the withdrawal memo and the affidavit then the petition stands revived.
Petition is not yet admitted. Therefore, permission can be granted to the operational creditor to withdraw the petition under Rule 8 of I & B (AAA) Rules, 2016.
Memo is recorded. Permission is granted to withdraw the petition with a liberty to the operational creditor to file fresh petition in case corporate debtor commits default of any of the terms of the settlement.
Petition is dismissed as withdrawn with a liberty to the operational creditor to file fresh petition in case corporate debtor commits default of any of the terms of the settlement.