An insolvency court in Mumbai allowed Supreme Housing and Hospitality Pvt Ltd to exit insolvency proceedings on Wednesday after it reach a settlement with lender ICICI Bank. A detailed order on the matter is awaited.
Canara Bank and ICICI Bank had taken Supreme Housing to insolvency court after the realtor defaulted on dues of more than ₹800 crore. After hearing the matter at length, a bench led by justices Ashish Kalia and Sanjeev Dutta reserved the order on 1 July. The order was in response to a petition filed by resolution professional Prashant Jain on 21 March, seeking a withdrawal of the insolvency application against the real estate company.
The withdrawal application was filed under Section 12A of the Insolvency and Bankruptcy…