The applicant filed an application under Rule 11 of NCLT seeking withdrawal of the main Company Petition (CP IB No. 795/ND/2020) due to an amicable settlement with the Corporate Debtor.
This application, IA/2549/2022, was filed by the Applicant under Rule 11 of the NCLT Rules. The purpose of the application was to seek the withdrawal of the main Company Petition, CP IB No. 795/ND/2020. This withdrawal was requested due to a settlement reached between the Petitioner and the Corporate Debtor, and an affidavit in support of this settlement was also submitted. The application was heard during a virtual hearing on June 1, 2022. The Proxy Counsel for the Applicant made submissions to the Tribunal. It was stated in paragraph 6 of the application that the entire outstanding amount due to the Applicant had been paid by the Corporate Debtor. Consequently, the matter had been settled amicably between the parties. The application for withdrawal was allowed by the
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The order was delivered…
The applicant filed an application under Rule 11 of NCLT seeking withdrawal of the main Company Petition (CP IB No. 795/ND/2020) due to an amicable settlement with the Corporate Debtor.
This application, IA/2549/2022, was filed by the Applicant under Rule 11 of the NCLT Rules. The purpose of the application was to seek the withdrawal of the main Company Petition, CP IB No. 795/ND/2020. This withdrawal was requested due to a settlement reached between the Petitioner and the Corporate Debtor, and an affidavit in support of this settlement was also submitted. The application was heard during a virtual hearing on June 1, 2022. The Proxy Counsel for the Applicant made submissions to the Tribunal. It was stated in paragraph 6 of the application that the entire outstanding amount due to the Applicant had been paid by the Corporate Debtor. Consequently, the matter had been settled amicably between the parties. The application for withdrawal was allowed by the
…The order was delivered…