R. Varadharajan, Member - (1.) Ld. Counsel for Petitioner is present. It is seen from the Petition that Petitioner is invoking Sections 272 and 273 of the Companies Act, 2013 as the Respondent is unable to pay Rs.40.00 lakhs that has been advanced to the Respondent Company. However, the provisions relating to inability to pay debt under Section 272 of the Companies Act, 2013 is not available any more in view of the introduction of Insolvency and Bankruptcy Code, 2016. In the circumstances, the Ld. Counsel for the Petitioner represents that Petitioner be allowed to withdraw the Petition with liberty being granted to file afresh under the provisions of IBC.2016. The above said request made by Ld. Counsel for Petitioner is acceded to subject to the provisions of IBC.2016 and other provisions of law, if any applicable.
(2.) Let the file be consigned to records after adhering to due formalities.;