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2020 (1) TMI 473 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate debtor failed to make repayment - pre-existing dispute or not - HELD THAT:- There is a suit pending with regard to the same claim and parties have agreed to settle the matter. In view of the fact that there was a pre-existence of dispute and parties have settled the matter before the constitution of the 'Committee of Creditors', we set aside the impugned order dated 18th October, 2019 - the 'Corporate Debtor' (company) is released from all the rigours of law and is allowed to function independently through its Board of Directors from immediate effect. The 'Interim Resolution Professional' will hand over the assets and records to the Board of Directors. Appeal allowed.
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