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2020 (1) TMI 37 - Tri - Insolvency and BankruptcyPermission for withdrawal of petition - Maintainability of application - initiation of CIRP - Corporate Debtor defaulted in making repayment - Section 9 of the IBC, 2016 R/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - the learned PCS for the Petitioner urged the Tribunal that the Petitioner may be permitted to withdraw the instant Company Petition subject to compliance of the terms and conditions as mentioned in the said Joint Memo of Settlement - HELD THAT:- Since the issue raised in the Company Petition was resolved between the parties before the case is admitted, we are inclined to permit the Petitioner to withdraw the main Company Petition in the interest of Justice. Petition is disposed of as withdrawn by directing the Respondent to strictly adhere to the terms and conditions as mentioned in the said Joint Memo of Settlement dated 30.08.2019 without any deviation, failing which, the Petitioner will have right to file a fresh Company Petition in accordance with law.
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