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Judgment
2 paragraphs · 120 words
Application by IRP under Section 12A and 60(5) to IBC read with Section 11 of NCLT Rules, 2016 read with Regulation 30A(1) read with 30A(5) of IBBI(IRPCP Regulation, 2016) seeking the permission for withdrawal of the captained petition is taken on records.
Heard the submissions made by the representative of IRP as well as counsel appearing for the operational creditor. The application for withdrawal is allowed and the petition is dismissed as withdrawn in exercise of powers conferred on the Tribunal under Rule 8 of IB (A and A) Rules, 2016 read with Rule 11 of NCLT Rules, 2016. The parties are directed to pay the fees and other expenses which are due to the IRP within next 15 days.