Settlement Commission procedure sets mandatory notice, report and hearing timelines and governs settlement terms and revival of proceedings. The substituted section prescribes that on receipt of an application under section 32E the Settlement Commission must issue a notice within seven days and, after considering the applicant's explanation, allow or reject the application by order within fourteen days, with failure to act deemed as allowance. If allowed, the Commission must call for a report from the jurisdictional Commissioner to be furnished in thirty days and may direct further investigation by the Commissioner (Investigation) if necessary. After examining records, reports and hearing parties, the Commission may pass a settlement order specifying terms, recovery mechanisms for unpaid sums, and revival procedures if the settlement is voided for fraud or misrepresentation.