The National Company Law Appellate Tribunal (NCLAT) has set aside the insolvency proceedings against leading bulk tea producer McLeod Russel following a settlement between the promoter and IL&FS Infrastructure Debt Fund.
A supplementary affidavit was filed before NCLAT by the appellant (Aditya Khaitan), whereby an agreement between the parties dated May 5, 2023 was brought on record,
The financial creditors also informed the appellate tribunal they already settled the matter with the promoter Khaitans and there are no issues between the parties.
Following this, a two-member NCLAT bench closed the Corporate Insolvency Resolution Process (CIRP) initiated by the Kolkata bench of the National Company Law Tribunal (NCLT) on February 10, 2023.
“In view the aforesaid, settlement agreement is taken on record, we close CIRP initiated by order dated 10.02.2023. Order dated 10.02.2023 is set aside,” said NCLAT order, which was uploaded on the website on Tuesday evening.
During the proceedings, the financial submitted that “in the event of default, liberty be given to revive the appeal.”