- (1.) The petition is listed before the Bench for filing objections by the Respondents. When the matter is taken up, the counsel for the Petitioner has filed a memo which reads thus: "The Applicant had filed the above petition seeking initiation of Coiporate Insolvency Proceeding against the above named corporate debtor. However, subsequent to the settlement arrived at between the Applicant and Corporate Debtor who has undertaken to pay the debt in instalment an and one in statement having been paid as on the date. Wherefore, in the light of the same, the Applicant most humbly prays that this Hon'ble Tribunal be pleased to permit the Applicant to withdraw the case with the liberty to approach this Hon'ble Tribunal in the event of default of instalments agreed to be paid by the Corporate Debtor"
(2.) The memo is taken on record, permission is granted to the petitioner to withdraw the petition in view of settlement.
(3.) Therefore, the petition is dismissed as withdrawn, with a liberty to file fresh Petition in the event of failure of Corporate Debtor to pay Subsequent instalments;