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2019 (11) TMI 617 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIMaintainability of application - initiation of CIRP - Appellants submitted that the Appellants are willing to settle the matter and in view of statement that the ‘Committee of Creditors’ have not been constituted - HELD THAT:- Taking into consideration that the parties have reached settlement on 13th May, 2019, prior to the constitution of ‘Committee of Creditors’, in exercise of powers conferred under Rule 11 of the NCLAT Rules, 2016, we allow the prayer and set aside the impugned order dated 21st February, 2019. Application under Section 7 filed by the Respondents is disposed of as withdrawn. The parties will be bound by the terms of settlement. The application preferred by the Respondent under Section 7 of the I&B Code is disposed of as withdrawn.
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