Settlement during pendency of proceedings before Board or Court in appeal.

Notwithstanding anything contained in the preceding sections, if during the pendency of proceedings before the Board or the Court in appeal, as the case may be, a settlement is arrived at between a debtor and all his creditors and if such Board or Court is satisfied that the settlement has been made by the debtor voluntarily and is for his benefit, such Board or Court may make an award in terms of such settlement.