IN RE Vs. ATLAS LOGISTICS PVT LTD

JUDGEMENT

(1.) Counsel for petitioner is present. Counsel for respondent is also present. Both of them have filed a joint memo informing the Tribunal that the matter is settled outside the Tribunal where-under, the Corporate Debtor has agreed to discharge the debt by way of monthly instalments. In case the Corporate Debtor fails to pay the debt as per the memorandum of settlement, the petitioner be given liberty to file fresh application. In this case, IRP is not appointed. Therefore, permission can be granted to withdraw the petition in view of settlement between the parties with liberty to file fresh application in case the Corporate Debtor fails to comply the terms of settlement. / In the result, the petition is dismissed as withdrawn as settled outside the Tribunal with liberty to file a fresh application in the event the Corporate Debtor fails to comply the terms of settlement in discharging the debt.