- (1.) Ld. Counsel for the operational creditor and the corporate debtor are present.
(2.) This is an application u/s. 9 of the Insolvency and Bankruptcy Code, 2016. Today the case is fixed for pronouncement of the order. But before pronouncement of the order, Ld. Counsel for the operational creditor and the corporate debtor made a joint submission that they have entered into a settlement and sought leave of the Court to withdraw the petition.
(3.) The case was posted for hearing on 05/12/2017 and, after hearing both the parties, order was reserved. After that sufficient time was there but only today they have communicated this fact of settlement and prayed for withdrawal of the petition, when the case was listed today for pronouncement of order. No reason forthcoming why not move an application before this case is listed for order for mentioning about the settlement.;