The petition was filed under the Insolvency and Bankruptcy Code (IBC). The parties involved decided to settle the matter amicably. A settlement was reached on 2019-12-04. The petitioner requested to withdraw the petition with the liberty to approach the tribunal again if the corporate debtor fails to adhere to the terms of the settlement. The court considered the representation of counsel for both parties and Rule 8 of the I&B (Application to Adjudicating Authority) Rules, 2016. The court dismissed the petition as withdrawn and ordered the files to be recorded. The petitioner was granted the liberty to file a fresh petition if the corporate debtor fails to adhere to the settlement terms.

The petition was filed under the Insolvency and Bankruptcy Code (IBC). The parties involved decided to settle the matter amicably. A settlement was reached on 2019-12-04. The petitioner requested to withdraw the petition with the liberty to approach the tribunal again if the corporate debtor fails to adhere to the terms of the settlement. The court considered the representation of counsel for both parties and Rule 8 of the I&B (Application to Adjudicating Authority) Rules, 2016. The court dismissed the petition as withdrawn and ordered the files to be recorded. The petitioner was granted the liberty to file a fresh petition if the corporate debtor fails to adhere to the settlement terms.