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2021 (2) TMI 1344 - AT - Insolvency and BankruptcyApplication for revival of Corporate Insolvency Resolution Process (CIRP) rejected - CIRP stands terminated and Moratorium withdrawn - HELD THAT:- A settlement was arrived at between the parties, in pursuance whereof the Appellants received some post dated cheques. It appears that it was at the instance of the parties that CIRP was sought to be terminated. The Adjudicating Authority banking upon the judgment of the Hon’ble Apex Court in Swiss Ribbons Pvt. Ltd. & Anr. V. Union of India & Ors. [2019 (1) TMI 1508 - SUPREME COURT] allowed the Appellants- Financial Creditors to withdraw the application and terminated the CIRP. It further emerges from the order that neither the settlement terms were filed nor the same were brought on record and incorporated in the order of the Adjudicating Authority with liberty to revive/ restore the CIRP in the event of the Corporate Debtor not adhering to the terms of the settlement or post dated cheques issued to Appellants being dishonored. In view of this position, it cannot be said that the Settlement Terms not incorporated in the order of the Adjudicating Authority assumed the character of the decree of the Court, breach whereof would entitle the Appellants- Financial Creditors to come back and seek restoration/ revival of CIRP. There are no legal infirmity in the impugned order - the appeal being devoid of any merit, cannot be allowed - appeal dismissed.
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