The applicant filed IA No. 233/2021 in CP No.(IB) 506/ALD/2019 seeking withdrawal of the petition under Section 12A of IBC read with Rule 11 of NCLT Rules, citing a compromise agreement dated 2021-07-23. The applicant's counsel requested the application be kept pending until the full amount was realized. The respondent's counsel stated the matter was amicably settled and the application should be dismissed. The court noted that keeping the proceedings pending would serve no useful purpose. The parties had reached a compromise, leading to the request for withdrawal. The compromise agreement is a key fact, influencing the court's decision to dismiss the petition.

The applicant filed IA No. 233/2021 in CP No.(IB) 506/ALD/2019 seeking withdrawal of the petition under Section 12A of IBC read with Rule 11 of NCLT Rules, citing a compromise agreement dated 2021-07-23. The applicant's counsel requested the application be kept pending until the full amount was realized. The respondent's counsel stated the matter was amicably settled and the application should be dismissed. The court noted that keeping the proceedings pending would serve no useful purpose. The parties had reached a compromise, leading to the request for withdrawal. The compromise agreement is a key fact, influencing the court's decision to dismiss the petition.