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2019 (4) TMI 1924 - Tri - Insolvency and BankruptcyPermission for withdrawal of application - application was filed on 13.02.2019 pursuant to a full and final settlement of the claim admitted in Section 7 petition - HELD THAT:- The present application is filed prior to Constitution of Committee of Creditors, hence, the requirement of S. 12A of the Code with regard to approval of ninety percent voting by the CoC can be dispensed with. Moreover, on 26.02.2019, the Petitioner was also present & made a request for withdrawal of the petition on receiving the settled amount. Further, in this situation, when the Petitioner & the Corporate Debtor both have expressed to withdraw the petition on account of settlement of debt. Hence, under the circumstances, the petition does not survive, especially when the IRP has also been paid his dues. Application allowed.
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