T.V. Today Network Ltd, the Applicant, filed a petition against Digvive Services Pvt Ltd, the Respondent, under Section 9 of the IBC Code. A compromise was reached where the Corporate Debtor (presumably Digvive Services Pvt Ltd) tendered a Demand Draft of Rs. 6,00,000/- and five Post-Dated Cheques (PDCs) to the Operational Creditor's counsel. The Operational Creditor's counsel accepted the settlement subject to the clearance of the PDCs and requested to withdraw the petition. The court dismissed the petition as withdrawn, but granted liberty to the Operational Creditor to seek restoration if any of the PDCs are dishonored. The key fact is the settlement reached between the parties, leading to the withdrawal of the petition, conditional on the clearance of the PDCs.

T.V. Today Network Ltd, the Applicant, filed a petition against Digvive Services Pvt Ltd, the Respondent, under Section 9 of the IBC Code. A compromise was reached where the Corporate Debtor (presumably Digvive Services Pvt Ltd) tendered a Demand Draft of Rs. 6,00,000/- and five Post-Dated Cheques (PDCs) to the Operational Creditor's counsel. The Operational Creditor's counsel accepted the settlement subject to the clearance of the PDCs and requested to withdraw the petition. The court dismissed the petition as withdrawn, but granted liberty to the Operational Creditor to seek restoration if any of the PDCs are dishonored. The key fact is the settlement reached between the parties, leading to the withdrawal of the petition, conditional on the clearance of the PDCs.