New Delhi, 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 order. In the present case, the settlement was made on…