FAITH MERCANTILE PVT LTD Vs. SIMBHAOLI SUGARS LTD

JUDGEMENT

(1.) Sh. Adesh Kumar Shrivastava appears as a proxy on behalf of Advocate Sh. Rahul Chaudhary for petitioner. Sh. Amit Gupta, PCS appears on behalf of the respondent company.

(2.) The petitioner company through its Advocate files a memo for withdrawal I (dated 20.11.2017) stating inter-alia that present petition has now become I infructuous. In view of the statutory changes took place in the relevant provision of the Companies Act, 2013 as per the I & B Code, 2016 to initiate a Corporate I Insolvency Resolution Process (CIRP) has also come into effect w.e.f 01/12/2016. | Therefore, he seeks withdrawal of the present petition with liberty to file appropriate I one in accordance with law.

(3.) Having heard the submission of learned counsel Sh. Adesh Shrivastava and I learned PCS Sh. Amit Gupta, we are of the view that the present memo/application I deserves to be allowed. Hence, it is allowed in terms of its prayer clause.