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2019 (7) TMI 1706 - Tri - Insolvency and BankruptcySettlement between the Parties i.e. the Corporate Debtor and the 1CICI Bank being a sole Financial Creditor on 24.05.2019 - One Time Settlement (OTS) as has been accepted and reduced in writing by way of a deed of settlement - section 60(5) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It is settled legal position that the RP and CoC are legally expected to explore and make every step for bringing resolution and revival of the company which is a rule, while liquidation thereof can only be a last consequence. Further, in the present matter, this Adjudicating Authority has not yet passed a formal liquidation order. Therefore, there can be no impediment for accepting such settlement even during the process of liquidation as the liquidator has been empowered under the Regulation 32 of the IBBI Liquidation Process Regulation, 2016 that he can sell the assets of the company under liquidation as a going concern. Since, the settlement has been arrived at between the Corporate Debtor and the sole Financial Creditor with 100% majority of the CoC, no further requirement to keep continue of the CIRP. Hence, it is hereby recalled in the light of the settlement arrived between the Corporate Debtor and the sole Financial Creditor. Consequently, the moratorium declared in respect of the Corporate Debtor Company shall cease to have effect.
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