NCLAT orders NCLT to decide Epic Yarns” insolvency withdrawal plea within 15 days after a settlement with Uma Exports, citing IBC Section 12A implications.
New Delhi, Aug 24 (PTI) Appellate insolvency tribunal NCLAT has directed the Mumbai bench of NCLT to decide within 15 days on an application seeking withdrawal of insolvency proceedings against Epic Yarns Pvt Ltd, following a settlement between the company and its operational creditor.
A three-member NCLAT bench noted that the entire claim by Epic Yarns’ operational creditor was paid and a settlement deed was drawn even before the company was admitted to CIRP (Corporate Insolvency Resolution Process).
” In fact, even an application was filed before the NCLT before pronouncement of the…