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2020 (2) TMI 1328 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - time limitation - HELD THAT:- As we find that the parties have been negotiating and almost reached a final settlement and on merit the Appellant has also raised certain issues, taking into consideration that the 'Corporate Debtor' is an Infrastructure Housing Company on which a large number of allottees are dependant and if the 'Corporate Debtor' goes on 'Corporate Insolvency Resolution Process', then it may delay the completion, we in exercise of powers conferred under Rule 11 of the National Company Law Appellate Tribunal Rules, 2016 accept the settlement reached between the parties and allow Mr. Rajeev Shetty to withdraw the application under Section 9. The Appellant is directed to comply with the Terms of Settlement dated 5th February, 2020, as recorded in the Indian Non-Judicial paper on 5th February, 2020. The Appellant will ensure that the cheques are encashed. On failure, this Appellate Tribunal may initiate Contempt Proceeding against Mr. Dhiraj Prabhu and may also direct to re-initiate the 'Corporate Insolvency Resolution Process'. This order is passed in the presence of Mr. Dhiraj Prabhu, who is present in person. It will also be open to the Appellant to prepone the payment by way of Draft and may take back the post-dated cheques. The 'Corporate Debtor'- 'M/s. Skyline Construction & Housing Pvt. Ltd.' is released from the rigours of 'Corporate Insolvency Resolution Process'. The 'Interim Resolution Professional' will handover the records and assets of the 'Corporate Debtor' to the Promoters - Appeal allowed.
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