HT Media Limited filed a petition against MG Housing (P) Ltd. under Section 7 of the IBC, 2016. Subsequently, CA No. 466/C-III/ND/2018 was filed by the Financial Creditor seeking withdrawal of the petition based on a settlement reached on 2019-06-03. The settlement was reached outside the Tribunal. The Corporate Debtor's counsel represented that a settlement had been arrived at between the parties. The court considered these representations and dismissed the main petition (IB No.278/ND/2019) as withdrawn, granting the Financial Creditor the liberty to file a fresh petition if the Corporate Debtor defaults on the terms of the settlement. This liberty is crucial as it protects the creditor's interests in case the settlement is not honored.

HT Media Limited filed a petition against MG Housing (P) Ltd. under Section 7 of the IBC, 2016. Subsequently, CA No. 466/C-III/ND/2018 was filed by the Financial Creditor seeking withdrawal of the petition based on a settlement reached on 2019-06-03. The settlement was reached outside the Tribunal. The Corporate Debtor's counsel represented that a settlement had been arrived at between the parties. The court considered these representations and dismissed the main petition (IB No.278/ND/2019) as withdrawn, granting the Financial Creditor the liberty to file a fresh petition if the Corporate Debtor defaults on the terms of the settlement. This liberty is crucial as it protects the creditor's interests in case the settlement is not honored.