Marine Electricals (India) Private Limited, the Operational Creditor, filed a petition under Section 9 of the IBC against Sembmarine Kakinada Limited, the Corporate Debtor, due to alleged default in payment. Subsequently, both parties filed a joint memo stating that they had reached an amicable settlement. The joint memo sought permission to withdraw the petition. The petition had not yet been admitted by the court. The court considered the joint memo and the provisions of Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

Marine Electricals (India) Private Limited, the Operational Creditor, filed a petition under Section 9 of the IBC against Sembmarine Kakinada Limited, the Corporate Debtor, due to alleged default in payment. Subsequently, both parties filed a joint memo stating that they had reached an amicable settlement. The joint memo sought permission to withdraw the petition. The petition had not yet been admitted by the court. The court considered the joint memo and the provisions of Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.