Article 162. Special Considerations with respect to Concluding Settlement Agreement in Insolvency Proceedings

The decision to conclude a settlement agreement on the part of the debtor shall be adopted during the monitoring and judicial rehabilitation procedures by the head of the debtor, and in the event of their removal from the performance of duties, by the judicial manager.

If the settlement agreement is a transaction for the debtor, which, in accordance with the legislation or the debtor's constituent documents, shall be made by decision (approval) of the debtor's management bodies, the decision to conclude a settlement agreement on behalf of the debtor may be taken after the appropriate decision (approval). When concluding a settlement agreement in the procedures of external management and liquidation proceedings, such a decision (approval) shall not be required.

When concluding a settlement agreement with the participation of third parties who are interested in relation to the debtor, the judicial manager or the creditor, the settlement agreement must contain information that it is a transaction in which there is an interest, indicating the nature of such interest. The settlement agreement extends to the claims of creditors, the due date for which has come on the date of the introduction of the relevant insolvency procedure, with the exception of obligations that have arisen after the initiation of an insolvency case.