Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 29/06/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad was hearing matter C.P.(IB)/151(AHM)2026, an insolvency petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Gujarat Enterprise (Applicant) against Ashish Infracon Private Limited (Respondent). The parties informed the tribunal that they had reached an amicable settlement outside of court proceedings. A Withdrawal Pursis was filed along with a copy of the Settlement Agreement, demonstrating the resolution of their dispute.
Final Outcome
The NCLT bench comprising Member (Judicial) Shammi Khan and Member (Technical) Sanjeev Sharma dismissed the insolvency petition as withdrawn. The tribunal noted that the Settlement Agreement provided for payment of the Principal Amount of Rs. 1,87,85,584 (One Crore Eighty-Seven Lakh Eighty-Five Thousand Five Hundred Eighty-Four Rupees) in accordance with a stipulated schedule. Since the dispute had been settled, the tribunal found no cause survived for adjudication in the case. All pending applications, if any, were also disposed of.
Topics: Insolvency Settlement, NCLT Proceedings, Debt Resolution