- (1.) Learned Representative from the side of the Creditor and Debtor are present.
(2.) On last few occasions part of the outstanding debt was paid. However, today the complete Consent Term is placed on record. Relevant paragraph reproduced below: "(1) the Respondent has paid Rs. 15,00,000/- by cheque bearing No. 808900 dated 18th April 2017, Rs. 10,00,000/- by cheque bearing No. 808911 dated 29th May 2017 and Rs. 10,00,000/- by cheque bearing No. 787627 respectively. (2) The Respondents have agreed to pay balance amount of Rs. 1,40,00,000/- (Rupees One Crore Forty Lakhs Only) now arrived at, in the following manner: a. Rs. 5,00,000/- by cheque bearing No. 880613 dated 1st August 2017 drawn on Sutex Co-operative Bank Ltd.; b. Rs. 5,00,000/- by cheque bearing No. 880614 dated 1st September 2017 drawn on Sutex Co-operative Bank Ltd. c. Rs. 5,00,000/- by cheque bearing No. 880615 dated 1st October 2017 drawn on Sutex Co-operative Bank Ltd.; d. Rs. 45,00,000/- by cheque bearing No. 880616 dated 1st November 2017 drawn on Sutex Co-operative Bank Ltd.; After the clearance of the said cheque Petitioner undertakes to return the diamond which are been retained as security deposit from the sister concern firm of the Respondent Company; e. Rs. 5,00,000/- by cheque bearing No. 880617 dated 1st December 2017 drawn on Sutex Co-operative Bank Ltd.; f. Rs. 5,00,000/- by cheque bearing No. 880618 dated 1st January 2018 drawn on Sutex Co-operative Bank Ltd.; g. Rs. 5,00,000/- by cheque bearing No. 880619 dated 1st February 2018 drawn on Sutex Co-operative Bank Ltd.; h. Rs. 5,00,000/- by cheque bearing No. 880620 dated 1st March 2018 drawn on Sutex Co-operative Bank Ltd.; i. Rs. 5,00,000/- by cheque bearing No. 880621 dated 1st April 2018 drawn on Sutex Co-operative Bank Ltd., j. Rs. 5,00,000/- by cheque bearing No. 880622 dated 1st May 2018 drawn on Sutex Co-operative Bank Ltd., k. Rs. 6,00,000/- by cheque bearing No. 880630 dated 1st June 2018 drawn on Sutex Co-operative Bank Ltd., l. Rs. 6,00,000/- by cheque bearing No. 880631 dated 1st July 2018 drawn on Sutex Co-operative Bank Ltd., m. Rs. 6,00,000/- by cheque bearing No. 880632 dated 1st August 2018 drawn on Sutex Co-operative Bank Ltd., n. Rs. 6,00,000/- by cheque bearing No. 880633 dated 1st September 2018 drawn on Sutex Co-operative Bank Ltd., o. Rs. 6,00,000/- by cheque bearing No. 880635 dated 1st October 2018 drawn on Sutex Co-operative Bank Ltd., p. Rs. 20,00,000/- by cheque bearing No. 880621 dated 1st November 2018 drawn on Sutex Co-operative Bank Ltd., (3) Upon payment of entire amount as undertaken by the Respondent Company in clause (2) above, the parties shall have no claim against each other. (4) The Respondent Company has agreed that in the event of the Respondent Company committing default in payment of any of the installments, the present Company Petition shall without reference to this Court revive and order dated 3rd May 2017 passed in the present Petition shall stand revived accordingly Mr. Pradip Shah of P.P. Shah and Co. having his office at 218, Veena Chambers, 21 Dalai Street, Mumbai-400 001 shall be treated as appointed Insolvency Resolution Professional."
(3.) Under the circumstances, the Petitioner is seeking permission to withdraw the Petition with liberty to mention if default be for any of the Consent Terms.;