Oswal Overseas Restored as NCLT Allows CIRP Withdrawal

Oswal Overseas Limited has been restored to its pre-CIRP status following an order from the National Company Law Tribunal (NCLT), New Delhi Bench. The NCLT allowed an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the company. This withdrawal was based on a settlement with the sole financial creditor, approved by the Committee of Creditors (CoC) with 100% voting. All CIRP costs have been fully paid. The moratorium is lifted, and the Interim Resolution Professional has been discharged.