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2020 (4) TMI 316 - Tri - Companies LawPermission for withdrawal of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- During the hearing on 27.11.2019, the counsel for both the parties stated that the matter has been settled and sought time for filing settlement memo and the matter was Reserved for Orders to 05.12.2019. A copy of the settlement agreement arrived between them was submitted before this Bench and sought short time for filing the original agreement along with withdrawal petition - Today when the matter was taken up for consideration, a joint Memo of withdrawal/settlement has been filed stating that the Operational Creditor and the Corporate Debtor have entered into a mutual settlement pertaining to the debt due to the Corporate Debtor. Hence they prayed before this Tribunal to permit them to withdraw the above application. Application dismissed as withdrawn.
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