The National Company Law Appellate Tribunal (NCLAT) has allowed the withdrawal of an appeal filed against insolvency proceedings initiated against Oswal Overseas after a settlement with its financial creditor LH Sugar Factories.
A joint application was moved before a NCLAT bench of Justice Mohammad Faiz Alam Khan and Naresh Salecha by Oswal Overseas and its financial creditor LH Sugar Factories to inform the appellate tribunal about an amicable settlement of their dispute.
They also placed the settlement terms on record before the appellate tribunal. Moreover, a demand draft for ₹2.80 crore has already been handed over to LH Sugar Factories following the settlement between the parties.
Counsel appearing for LH Sugar Factories informed…