settlement of administrative and civil proceedings

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....tiated under section 11, section 11b, section 11d, sub-section (3) of section 12 or section 15-i, may file an application in writing to the board proposing for settlement of the proceedings initiated or to be initiated for the alleged defaults. (2) the board may, after taking into consideration the nature, gravity and impact of defaults, agree to the proposal for settlement, on payment of such ....