The NCLT has recalled the order following an agreement between VA Tech Wabag and Consolidated Construction Consortium.The Chennai bench of the National Company Law Tribunal (NCLT) on Friday recalled its earlier order initiating the corporate insolvency resolution process against VA Tech Wabag, the pure play water technology major.
The NCLT has recalled the order following an agreement between VA Tech Wabag and Consolidated Construction Consortium (CCCL) and submissions made by the interim resolution professional (IRP) while dismissing the petition filed by CCCL for insolvency as withdrawn, post settlement of dues.
Consequent to the order, the IRP has been relieved of his assignment and powers and management of the compan…
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