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 petitioner initially requested the liberty to revive the petition if the respondent/corporate debtor breached the settlement. The corporate debtor had reportedly already received the post-dated cheques. The court ultimately permitted the withdrawal of the petition without the 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 petitioner initially requested the liberty to revive the petition if the respondent/corporate debtor breached the settlement. The corporate debtor had reportedly already received the post-dated cheques. The court ultimately permitted the withdrawal of the petition without the liberty to revive it.