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2020 (5) TMI 322 - AT - Insolvency and BankruptcyAdmissibility of application - pendency of the arbitration proceedings - appellant ready to pay all dues - HELD THAT:- As per the terms of settlement, both the parties agreed to share the cost and fee of the "interim resolution professional". Learned counsel for the parties state that cost and fee of "interim resolution professional" has already been paid, which is also accepted by learned counsel appearing on behalf of the "interim resolution professional". In the facts and circumstances and in exercise of inherent powers conferred upon this Appellate Tribunal under rule 11 of the National Company Law Appellate Tribunal Rules, 2016, we accept the terms of settlement and set aside the impugned order dated September 3, 2019 and release the "corporate debtor" from rigour of "corporate insolvency resolution process". The "interim resolution professional" will handover the assets and records to the "corporate debtor"/"promoter" - the order passed by the learned Adjudicating Authority appointing "interim resolution professional", declaring moratorium and all other order(s) passed by the Adjudicating Authority pursuant to impugned order and action taken by the "resolution professional" are set aside. Appeal allowed.
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