NCLT Chennai allows withdrawal of insolvency petition against Svaryu Energy Ltd after parties settled for Rs 1.80 crore.
The settlement was approved by the NCLAT, rendering the NCLT's earlier admission order insignificant.
Corporate Insolvency Resolution Process (CIRP) is terminated, and the Interim Resolution Professional is discharged immediately.
Gemscab Industries is directed to make all due payments to the IRP until the date of discharge.