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2019 (6) TMI 844 - AT - Insolvency and BankruptcyAdmissibility of application - Section 7 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In exercise of inherent powers under Rule 11 of the National Company Law Appellate Tribunal Rules, 2016, we allow the settlement and set-aside the impugned order dated 13th May, 2019. In the result, Company Petition No. IB-832(PB)/2018 filed by Sunrise 14 A/S, Denmark is disposed of as withdrawn. The Appellant, other Shareholders/ Directors of the ‘Corporate Debtor’ and Sunrise 14 A/S, Denmark will be bound by the terms of settlement. In case, the Appellant or Shareholders/ Directors or the ‘Corporate Debtor’ fails to pay the amount in terms of the settlement, it will be open to the Respondent Sunrise 14 A/S Denmark (‘Financial Creditor’) to move before this Appellate Tribunal for recall of this order and to revive the ‘Corporate Insolvency Resolution Process’ against M/s Metalore Overseas Private Limited. They may also file an application for initiation of contempt proceedings against the concerned Managing Director/ Directors and Shareholders including the Appellant. The application preferred by the Respondent under Section 7 of the I&B Code is disposed of as withdrawn - Moratorium declared.
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