Prolific Papers NCLAT Stay on Insolvency Admission

NCLAT stays insolvency admission order against Prolific Papers after parties report a pre-admission settlement of Rs 1.77 crore.
Appellant's counsel stated the settlement agreement was finalized on March 23, 2026, for a total sum of Rs 1,77,50,000.
Respondent's counsel confirmed the settlement amount has been paid and a joint withdrawal application was filed on March 25, 2026.
The Adjudicating Authority admitted the Section 9 application despite the filed withdrawal, leading to the current appeal and stay.