Oswal Overseas NCLAT Appeal Dismissed After ₹2.8 Cr Settlement

Oswal Overseas Ltd's appeal before the Hon'ble National Company Law Appellate Tribunal (NCLAT) was dismissed as withdrawn following an amicable settlement with LH Sugar Factories Limited, the Financial Creditor. As part of the settlement, Oswal Overseas paid ₹2.80 Crore via demand draft, and LH Sugar Factories Limited confirmed its financial debt was fully and finally discharged. The NCLAT directed that if an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, is filed, the Interim Resolution Professional (IRP) may collate claims and constitute the Committee of Creditors (CoC), but must not invite Expression of Interest (EOI) until the application is disposed of by the Adjudicating Authority. The company will continue to inform the Stock Exchange of further developments.