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2024 (3) TMI 1238 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI - LBAdmission of Section 7 application under IBC - CIRP initiated against the Corporate Debtor, Personal Guarantor and the Corporate Guarantors - OTS proposal has been accepted by the Bank - HELD THAT:- The settlement agreement is taken on record and the CIRP proceedings against the Corporate Debtor, Corporate Guarantors as well as proceedings under Section 95 against the Personal Guarantors is closed. The orders impugned in these appeals dated 04.07.2023, 08.12.2023 and 06.12.2023 are set aside. CIRP is closed and Corporate Debtor, Corporate Guarantors and Personal Guarantors are freed from CIRP. Liberty is reserved to the Bank to make an application. Learned counsel for the Bank submits that with regard to the Appeals of the Personal Guarantors amount of Rs.2 Lakhs each has been paid to the IRP - In view of the aforesaid amount having been paid, no further amount have to be paid to the IRP. Amount of Rs.5 Lakhs as required to be paid, if not already paid, shall be paid by the Appellant within two weeks. Amount deposited by the Appellant in Company Appeal shall now be handed over to the Bank of India as per the Settlement Terms - appeal disposed off.
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