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NCLT allowed withdrawal of CIRP against Oswal Overseas Ltd following a settlement with sole creditor SBI. Company restored after paying ₹2.80 Crore.
Oswal Overseas settled its dispute with LH Sugar Factories for Rs. 2.8 Crore. Consequently, NCLAT dismissed the insolvency appeal as withdrawn following the debt discharge.
Oswal Overseas reached an amicable settlement with L H Sugar Factories regarding insolvency proceedings. NCLAT directed the IRP to halt further steps pending withdrawal application.