The National Company Law Tribunal (NCLT) has allowed the withdrawal of the corporate insolvency resolution process (CIRP) against Nobility Estates, the company developing ATS Group’s Le Grandiose housing project in Sector 150, Noida, after a settlement was reached between lenders and the earlier management of the company.
The principal bench of the tribunal approved the withdrawal after the settlement proposal secured 92.52% voting support from the committee of creditors, crossing the minimum 90% threshold required under the…