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2017 (7) TMI 1452 - AT - Insolvency and BankruptcyApplication admitted u/s 9 of IBC admitted and moratorium declared - Negotiation with the settlement of dispute - HELD THAT:- The appellant submits that the appellant is negotiating with the respondent to settle the dispute. However, that cannot be a ground to interfere with the impugned order in absence of any illegality. Learned counsel appearing on behalf of the Operational Creditor next contended that the parties have, in fact, settled the dispute and payment has been made. However, it is not in dispute that the settlement has been made after admission of the application under Section 9 of the I&B Code, 2016. In view of Rule 8 of Insolvency & Bankruptcy (Adjudicating Authority) Rules, 2016, it was open to the Operational Creditor to withdraw the application under Section 9 before its admission but once it was admitted, it cannot be withdrawn even by the Operational Creditor, as other creditors are entitled to raise claim pursuant to public announcement under Section 15 read with Section 18 of the I&B Code, 2016. The appeal cannot be allowed. The prayer as made is accordingly rejected.
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