Further to our letter dated 4th March 2021 we wish to inform you that Honble National Company Law Appellate Tribunal New Delhi (NCLAT) in the hearing held on 22nd March 2021 in the Company Appeal (AT) (Insolvency) No. 1012 of 2020 passed the order dated 22nd March 2021 stating that since the settlement amount has been paid both parties have agreed to withdraw all legal proceedings filed against each other.
The Honble NCLAT bench further stated that the appeal is allowed to be withdrawn as no issue survives for consideration and the Corporate Debtor i.e Jyoti Limited is released from the rigour of CIRP.
Accordingly the Company Appeal (AT) (Insolvency) No.1012 of 2020 is disposed off and all proceedings pending before the Adjudicating Authority shall stand closed.
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