Oswal Overseas Ltd Faces Insolvency Proceedings

Oswal Overseas Limited has been admitted into Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), New Delhi Bench. The application was filed by L H Sugar Factories Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLT appointed Mr. Mansij Arya as the Interim Resolution Professional (IRP). The financial creditor, L H Sugar Factories Limited, had disbursed a loan of ₹2,25,00,000/- to Oswal Overseas Limited in September and October 2024, which was due for repayment by November 30, 2024. Oswal Overseas Limited failed to repay the loan, leading to the initiation of CIRP.