The applicant filed an application to withdraw the present company petition bearing no. IB-190/ND/2021. The applicant also requested to stand over the company petition for three months to ensure compliance with the settlement agreement, permit withdrawal subject to timely compliance of payment obligations by the respondent, and grant liberty to the applicant to revive the petition in case of default in payments. The applicant's counsel initially wished to press prayers for standing over the petition and reviving it in case of default, but later opted to pursue only the withdrawal of the application.
SKY Gourment Catering Pvt. Ltd. filed a company petition against Spicejet Ltd. under Section 9 of the IBC. The applicant then sought to withdraw the petition, citing a settlement agreement dated 2021-11-10. The applicant initially sought a stay of the proceedings and the ability to revive the petition if the settlement failed, but later focused solely on withdrawing the petition. The court considered the conditional nature of the initial prayers and ultimately permitted the withdrawal, dismissing the petition. The key fact is the existence of a settlement agreement and the applicant's decision to withdraw the petition based on it.
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The applicant filed an application to withdraw the present company petition bearing no. IB-190/ND/2021. The applicant also requested to stand over the company petition for three months to ensure compliance with the settlement agreement, permit withdrawal subject to timely compliance of payment obligations by the respondent, and grant liberty to the applicant to revive the petition in case of default in payments. The applicant's counsel initially wished to press prayers for standing over the petition and reviving it in case of default, but later opted to pursue only the withdrawal of the application.
SKY Gourment Catering Pvt. Ltd. filed a company petition against Spicejet Ltd. under Section 9 of the IBC. The applicant then sought to withdraw the petition, citing a settlement agreement dated 2021-11-10. The applicant initially sought a stay of the proceedings and the ability to revive the petition if the settlement failed, but later focused solely on withdrawing the petition. The court considered the conditional nature of the initial prayers and ultimately permitted the withdrawal, dismissing the petition. The key fact is the existence of a settlement agreement and the applicant's decision to withdraw the petition based on it.
Settlement Ag…
Order delivered on…
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