10 , May , 2022
ATS group firm Ananda Developers has been allowed by the NCLAT to withdraw its petition against an NCLT order following the settlement of a financial dispute with Venture. The NCLT had directed to initiate insolvency proceedings against the Noida-based ATS group firm over a plea filed by ICICI Prudential Venture, claiming a due of Rs 25 crore. Ananda Divine Developers had challenged the order before the appellate tribunal.
The company informed that it has made the settlement with the financial creditor. On this ground, the appellate tribunal allowed it to withdraw its petition against the NCLT order.
An application was filed by the parties bringing on record a settlement dated April 21, 2022, before the NCLAT.
The settlement concluded that Ananda Divine Developers and ICICI Prudential Venture – shall withdraw respectfully appeal at NCLAT as well as the plea filed before the National Company Law Tribunal (NCLT) by the financial creditor to initiate insolvency proceedings.
“Considering the aforesaid, we allow take the Settlement on record and permit the appellant (Ananda Divine) to withdraw the Company Appeal … to enable the parties to approach the NCLT by filing an Application for withdrawal of Section 7 Application, said a two-member NCLAT bench.
Earlier on March 25, the Delhi bench of the National Company Law Tribunal (NCLT) had initiated insolvency proceedings against Ananda Divine Developers over a plea filed by ICICI Prudential Venture, claiming a due of Rs 25 crore.
(WITH INPUTS TAKEN FROM PTI)
