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Plea filed by IRP to withdraw petition u/s 9 accepted as the matter was already settled by the parties

September 1, 2020[2020] 118 taxmann.com 420 (NCLT - Hyd.)
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IBC : Where petition under section 9 filed by operational creditor was admitted by Tribunal and corporate insolvency resolution process was also initiated against corporate debtor, however, Interim Resolution Professional reported to Tribunal that parties had settled matter, and, thus, requested Tribunal to withdraw petition under section 9, since corporate debtor made payment due to IRP towards expenses incurred for purposes of regulation 31(c) and (d) till date of application and Committee of Creditors was not yet constituted and procedure prescribed under Regulation 30A of IBBI (Insolvency Resolution Process for corporate persons), 2016 was followed, instant application filed by IRP to withdraw petition under section 9 was to be accepted

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