Mrs. Kulwant Khokhar filed a petition against M/s. Jai Prakash Associates under the Insolvency and Bankruptcy Code. During the pendency of the proceedings, the parties reached an amicable settlement. The petitioner, Mrs. Kulwant Khokhar, sought to withdraw the petition under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The counsel for the petitioner submitted that the corporate debtor has already received the post-dated cheques. The court considered the settlement and permitted the withdrawal of the petition, dismissing the IB petition without liberty to revive it.

Mrs. Kulwant Khokhar filed a petition against M/s. Jai Prakash Associates under the Insolvency and Bankruptcy Code. During the pendency of the proceedings, the parties reached an amicable settlement. The petitioner, Mrs. Kulwant Khokhar, sought to withdraw the petition under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The counsel for the petitioner submitted that the corporate debtor has already received the post-dated cheques. The court considered the settlement and permitted the withdrawal of the petition, dismissing the IB petition without liberty to revive it.