Jayesh Enterprises, the petitioner, filed an application (IBA/372/2020) under Section 7 Rule 4 of the IBC, 2016. During the proceedings, Jayesh Enterprises and Poomalai Housing Pvt Ltd, the respondent, entered into a Compromise-cum-Loan Agreement dated April 27, 2021, with the Corporate Debtor. Subsequently, Jayesh Enterprises sought permission to withdraw the petition with the liberty to revive it later. The court granted the permission, and the application was dismissed as withdrawn. The presence of a compromise agreement between the parties is a key fact influencing the court's decision to allow the withdrawal.

Jayesh Enterprises, the petitioner, filed an application (IBA/372/2020) under Section 7 Rule 4 of the IBC, 2016. During the proceedings, Jayesh Enterprises and Poomalai Housing Pvt Ltd, the respondent, entered into a Compromise-cum-Loan Agreement dated April 27, 2021, with the Corporate Debtor. Subsequently, Jayesh Enterprises sought permission to withdraw the petition with the liberty to revive it later. The court granted the permission, and the application was dismissed as withdrawn. The presence of a compromise agreement between the parties is a key fact influencing the court's decision to allow the withdrawal.