2021 (1) TMI 343 - NATIONAL COMPANY LAW TRIBUNAL , BENGALURU BENCH - Insolvency & Bankruptcy

Head Note / Extract:
Permission for withdrawal of petition - Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- Since the Company Petition is not yet admitted and the Parties have settled the issue by way of Settlement, we are inclined to permit the Petitioner to withdraw the instant Company Petition by reserving liberty to the Petitioner to file fresh Company Petition in accordance with law. The petition is hereby disposed of as withdrawn in terms of the settlement dated 08.09.2020 by directing the Respondent to strictly adhere to the terms of settlement, failing which, the Petitioner is at liberty to file a fresh Company Petition in accordance with law.