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2020 (3) TMI 1332 - AT - Insolvency and BankruptcyPermission for withdrawal of appeal - amicable settlement between parties or not - HELD THAT - The settlement amount is agreed to be paid as provided in Para 3 of the consent terms. The consent terms, having been agreed to by the Parties, are binding on the Parties and in view of the consent terms, Respondent No. 1 is required to withdraw the application filed under Section 9 of Insolvency and Bankruptcy Code, 2016 before the Ld. Adjudicating Authority. It is deemed appropriate to invoke our inherent powers in terms of Rule 11 of the National Company Law Appellant Tribunal Rules and dispose of the Appeal as per the consent terms. Corporate Debtor is released from the rigour of Corporate Insolvency Resolution Process. The Adjudicating Authority is directed to close the case. The consent terms takes care of the fee of the Resolution Professional as also resolution costs and the IRP admits that all such fee and costs have been paid - appeal disposed off.
Issues: Settlement of dispute, consent terms, withdrawal of application under Section 9 of Insolvency and Bankruptcy Code, 2016, invocation of inherent powers under Rule 11 of the National Company Law Appellate Tribunal Rules.
Settlement of Dispute: The Appellant, represented by Mr. Arun Kathpalia, Senior Advocate, informed the Tribunal that the matter had been settled amicably with consent terms reduced to writing on 2nd March, 2020. The Respondent No.1, represented by Mr. Abhijeet Sinha, Advocate, also acknowledged the settlement through written consent terms. The agreed settlement amount was to be paid as per the terms outlined in the consent agreement. Withdrawal of Application under Section 9: The Respondent No. 1 was required to withdraw the application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, as per the consent terms agreed upon by both parties. The Tribunal directed the Adjudicating Authority to close the case in light of the settlement and withdrawal of the application. Invocation of Inherent Powers under Rule 11: In view of the consent terms and the amicable settlement reached between the parties, the Tribunal invoked its inherent powers under Rule 11 of the National Company Law Appellate Tribunal Rules to dispose of the appeal as per the terms agreed upon. This action led to the release of the Corporate Debtor from the Corporate Insolvency Resolution Process. Conclusion: The Tribunal, having reviewed the consent terms and the agreement between the parties, disposed of the appeal in accordance with the consent terms. The Resolution Professional's fees and resolution costs were addressed in the consent terms, with confirmation from the Insolvency Resolution Professional that all such fees and costs had been settled. As a result, no further directions were deemed necessary by the Tribunal or the Adjudicating Authority.
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