Article 142 settlement accepted, with pending company proceedings directed to stand disposed of.

The Supreme Court exercised its constitutional power under Article 142 to accept the settlement reached between the parties, despite noting that the appellate order was otherwise correct. On that basis, the pending proceeding before the National Company Law Tribunal was directed to stand disposed of. The operative effect was that the settlement was given judicial effect and the live proceedings were brought to an end.

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Issues: Whether the settlement entered into between the parties should be accepted in exercise of power under Article 142 of the Constitution of India, and whether the pending proceedings should be disposed of accordingly.

Analysis: The order records that the appellate order was otherwise correct, but the Court exercised its constitutional power to accept the settlement placed before it between the parties. On that basis, the pending proceeding before the National Company Law Tribunal was directed to stand disposed of.

Conclusion: The settlement was accepted and the pending proceeding was disposed of.

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