New Delhi, Appellate tribunal NCLAT on Monday allowed closure of the Corporate Insolvency Resolution Process (CIRP) against Shalfeyo Industries Pvt Ltd on account of the settlement of all creditors’ claims.
A three-member bench held that all creditors’ claims stood settled or were in the process of being settled. The bench noted that Shalfeyo Industries’ suspended director has made full payment to its financial creditor, Axis Bank, and is willing to make a payment of Rs 17 lakh to the Operational Creditor as full and final settlement.
“We are of the view that in the peculiar circumstances of the present case, continuation of the CIRP…