The Operational Creditor filed a petition CP (IB) No.34/ALD/2023 against the Corporate Debtor. A Settlement Agreement was executed between the parties, leading the Operational Creditor to file IA No.605/2023 seeking permission to withdraw the petition. The application states that all disputes have been settled amicably, and the terms of the settlement are mentioned in the Settlement Agreement. Both counsels representing the Applicant and the Corporate Debtor agreed to the withdrawal. The key fact is the existence of a Settlement Agreement that resolves the disputes, justifying the withdrawal of the insolvency petition. The court granted permission to withdraw the petition, allowing the Operational Creditor to revive the petition if the Corporate Debtor breaches the

The Operational Creditor filed a petition CP (IB) No.34/ALD/2023 against the Corporate Debtor. A Settlement Agreement was executed between the parties, leading the Operational Creditor to file IA No.605/2023 seeking permission to withdraw the petition. The application states that all disputes have been settled amicably, and the terms of the settlement are mentioned in the Settlement Agreement. Both counsels representing the Applicant and the Corporate Debtor agreed to the withdrawal. The key fact is the existence of a Settlement Agreement that resolves the disputes, justifying the withdrawal of the insolvency petition. The court granted permission to withdraw the petition, allowing the Operational Creditor to revive the petition if the Corporate Debtor breaches the