The petitioner filed CP. No (IB) 402/ALD/2018 under the Insolvency and Bankruptcy Code seeking initiation of CIRP. The petitioner then filed a memo seeking permission to withdraw the application. The respondent's counsel confirmed receipt of the notice regarding the withdrawal. The court noted that the matter was settled between the parties and the petition was at the admission stage. The applicant was then permitted to withdraw the application, and the case was disposed of as withdrawn. This indicates that the parties reached a settlement, leading the applicant to withdraw the insolvency petition. The fact that the petition was at the admission stage suggests that the CIRP had not yet been formally initiated.

The petitioner filed CP. No (IB) 402/ALD/2018 under the Insolvency and Bankruptcy Code seeking initiation of CIRP. The petitioner then filed a memo seeking permission to withdraw the application. The respondent's counsel confirmed receipt of the notice regarding the withdrawal. The court noted that the matter was settled between the parties and the petition was at the admission stage. The applicant was then permitted to withdraw the application, and the case was disposed of as withdrawn. This indicates that the parties reached a settlement, leading the applicant to withdraw the insolvency petition. The fact that the petition was at the admission stage suggests that the CIRP had not yet been formally initiated.