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2017 (7) TMI 1328 - Tri - Insolvency and BankruptcyAfter the commencement of the Insolvency Resolution Process whether a Petitioner can be allowed to withdraw the Petition? HELD THAT:- Once a Settlement Deed is on record wherein the Debtor has agreed to make the impugned payment of ₹ 35 lakhs, it is hereby decided to allow the Petitioner to withdraw the Petition. Side-by-side it is hereby directed to the Respondent to make the payment of the professional charges of the IRP as already decided in clause (b) of the Settlement Deed that within two days of signing of the Consent Terms, the Respondent shall pay the fees, cost and expenses of IRP appointed by NCLT. In the case of LOKHANDWALA KATARIA CONSTRUCTION PRIVATE LIMITED VERSUS NISUS FINANCE AND INVESTMENT MANAGERS LLP [2017 (7) TMI 1274 - SUPREME COURT] this question was addressed by invoking the provisions of Article 142 of Indian Constitution and held that the settlement between the parties is to be considered by invoking Article 142 to pass such order as is necessary for doing complete justice. The Hon'ble Court has held that even after a Petition has been filed and admitted in NCLT it is worthy to allow out-of- court bilateral settlement between the Borrower and the Creditor.
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