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2020 (7) TMI 833 - AT - Insolvency and BankruptcyRecording of settlement arrived at between the parties - Rule 11 of the National Company Law Appellate Tribunal Rules, 2016 - parties have amicably settled the dispute and the Corporate Debtor has agreed to accept the amount towards full and final settlement of all claims - HELD THAT:- As the parties have reached the settlement and the ‘Committee of Creditors’ was not constituted, in exercise of powers conferred under Rule 11 of the NCLAT Rules, 2016, the impugned order dated 27th May, 2020 is set aside and exit from the ‘corporate insolvency resolution process’ which is permissible in terms of the verdict of the Hon’ble Apex Court in SWISS RIBBONS PVT. LTD. AND ANR. VERSUS UNION OF INDIA AND ORS. [2019 (1) TMI 1508 - SUPREME COURT] is allowed. The matter is accordingly disposed of in terms of the ‘Settlement Agreement’ between the parties. In effect, order (s) passed by Ld. Adjudicating Authority appointing ‘Interim Resolution Professional’, declaring moratorium and all other order (s) passed by Adjudicating Authority pursuant to impugned order and action taken by the ‘Resolution Professional’ are set aside. Appeal disposed off.
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