The National Company Law Appellate Tribunal (NCLAT) has ordered the withdrawal of insolvency proceedings against NCR-based real estate developer Mahagun after the company reached a settlement with its financial creditor.
Mahagun (India) Pvt Ltd had earlier been admitted into the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT) following a Section 7 application filed by IDBI Trusteeship Services Limited. The petition alleged a default of ₹256.48 crore related to…