The National Company Law Appellate Tribunal (NCLAT) allows withdrawal of an insolvency-related appeal against Oswal Overseas Ltd after the company settles with its financial creditor, LH Sugar Factories. According to the reports, the parties file a joint application before the tribunal to inform it that the dispute has been resolved amicably. As part of the settlement, Oswal Overseas pays ₹2.80 crore to LH Sugar Factories through a demand draft, and the creditor informs the tribunal that its dues are cleared under a full and final settlement.
The NCLAT notes that the parties will now move an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) before the National Company Law Tribunal (NCLT) to formally withdraw the insolvency process. The tribunal also discusses procedural steps: while it allows the interim resolution professional’s work related to verifying claims and forming the Committee of Creditors to proceed, it directs that no further steps in the corporate insolvency resolution process—such as inviting expressions of interest—be taken until the NCLT decides the withdrawal application.
Separately, the reports also state that NCLAT dismisses an appeal by Paramjeet Singh, the suspended managing director of Oswal Overseas, challenging the insolvency proceedings.
