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<h1>Operational Creditor withdraws petition following Joint Memo of Compromise. Rule 8, Insolvency & Bankruptcy Rules 2016.</h1> The National Company Law Tribunal, Hyderabad allowed the Operational Creditor to withdraw their petition based on a Joint Memo of Compromise signed by ... Application for withdrawal of the Petition - withdrawal sought on the ground that both parties have arrived at the terms of compromise mentioned therein - HELD THAT:- We perused the memo for withdrawal. The Petition is not yet admitted. Hence, permission can be granted to the Operational Creditor to withdraw the petition under Rule 8 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules 2016. Permission is granted to the Operational Creditor to withdraw the Petition - Petition is dismissed as withdrawn. The National Company Law Tribunal, Hyderabad allowed the Operational Creditor to withdraw their petition based on a Joint Memo of Compromise signed by both parties. The petition was not admitted, and permission was granted for its withdrawal under Rule 8 of the Insolvency & Bankruptcy Rules 2016. The petition was dismissed as withdrawn.