The petitioner filed CP. No (IB) 402/ALD/2018 under the Insolvency and Bankruptcy Code, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Subsequently, the petitioner filed a memo seeking permission to withdraw the application. The respondent's counsel confirmed receiving notice of the memo. The court noted that the petition was at the admission stage and that the matter had been settled between the parties. This settlement is the key fact that led to the permission for withdrawal.

The petitioner filed CP. No (IB) 402/ALD/2018 under the Insolvency and Bankruptcy Code, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Subsequently, the petitioner filed a memo seeking permission to withdraw the application. The respondent's counsel confirmed receiving notice of the memo. The court noted that the petition was at the admission stage and that the matter had been settled between the parties. This settlement is the key fact that led to the permission for withdrawal.