Oswal Overseas Ltd & L H Sugar Factories Ltd Settlement Approved

Oswal Overseas Ltd and L H Sugar Factories Limited have reached an amicable settlement in a case before the National Company Law Appellate Tribunal (NCLAT). The NCLAT noted the settlement agreement and consent terms placed on record. While the NCLAT observed that parties must approach the Adjudicating Authority for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the IBC, it directed the Interim Resolution Professional (IRP) not to take further steps pending the next hearing on July 8, 2026. The NCLAT is disposing of the appeal on merits, allowing the IRP to file a reply.