NCLAT Orders Release of Rs 1.18 Cr Deposit to Financial Creditor

The NCLAT allowed an application for the release of Rs 1.18 crore to the financial creditor, Shresth Builders, in an insolvency settlement.
The amount was deposited by the appellant during an appeal against insolvency and was held in a fixed deposit by the NCLAT registry.
The release follows a settlement between the parties and an NCLT order under Section 12A of the IBC, 2016.