Construction firm Ahluwalia Contracts has entered into a settlement agreement and resolved the payment issues with its operational creditor, A2 Interiors Products Pvt Ltd, and is filing an application to withdraw the insolvency proceedings.
On May 5, the Delhi-based bench of the National Company Law Tribunal (NCLT) had allowed the insolvency plea filed by A2 Interiors Products Pvt Ltd, an operational creditor, against Ahluwalia Contracts claiming default of Rs 14.10 crore and had appointed an interim resolution professional (IRP).
The IRP has been informed about the development and the company has requested him not to proceed to start the Corporate Insolvency Resolution Process (CIRP),
said in a regulatory filing.
“Nevertheless, the matter…
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