2019 (8) TMI 1539 - Tri - Insolvency and Bankruptcy

Application for withdrawal of the Petition - withdrawal sought on the ground that both parties have arrived at the terms of compromise mentioned therein - HELD THAT - We perused the memo for withdrawal. The Petition is not yet admitted. Hence, permission can be granted to the Operational Creditor to withdraw the petition under Rule 8 of Insolvency Bankruptcy (Application to Adjudicating Authority) Rules 2016. Permission is granted to the Operational Creditor to withdraw the Petition - Petition is dismissed as withdrawn.

Summary

The National Company Law Tribunal, Hyderabad allowed the Operational Creditor to withdraw their petition based on a Joint Memo of Compromise signed by both parties. The petition was not admitted, and permission was granted for its withdrawal under Rule 8 of the Insolvency & Bankruptcy Rules 2016. The petition was dismissed as withdrawn.