Andrew Thomas, an operational creditor, filed a petition against Convene Services India Pvt Ltd, the corporate debtor, under Section 9 of the IBC, 2016. Both parties subsequently entered into a settlement. As part of the settlement, the corporate debtor issued a Demand Draft (DD) for Rs. 7 lakhs to the operational creditor's counsel, representing full and final settlement of the outstanding claim. Following the settlement, the operational creditor filed a memo seeking to withdraw the petition. The NCLT noted that the petition had not yet been admitted, and no Interim Resolution Professional (IRP) had been appointed. This fact is relevant because it allows for withdrawal under Rule 8 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

Andrew Thomas, an operational creditor, filed a petition against Convene Services India Pvt Ltd, the corporate debtor, under Section 9 of the IBC, 2016. Both parties subsequently entered into a settlement. As part of the settlement, the corporate debtor issued a Demand Draft (DD) for Rs. 7 lakhs to the operational creditor's counsel, representing full and final settlement of the outstanding claim. Following the settlement, the operational creditor filed a memo seeking to withdraw the petition. The NCLT noted that the petition had not yet been admitted, and no Interim Resolution Professional (IRP) had been appointed. This fact is relevant because it allows for withdrawal under Rule 8 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016.