The Applicant, Gemscab Industries Ltd, filed a withdrawal application before the NCLT, Chennai Bench, concerning a company petition (C.P. (IB)/88(CHE)2024) that had been admitted. This withdrawal was sought because a settlement for Rs. 1.80 crore had been reached between the parties before the Hon'ble NCLAT, and a settlement memo was filed there.
An application for withdrawal, IA(I.B.C)/643(CHE)2026, was filed by Gemscab Industries Ltd (Applicant).
The main company petition is C.P. (IB)/88(CHE)2024, filed against Svaryu Energy Ltd (Respondent).
The withdrawal application was filed because the matter had been settled for Rs. 1.80 crore before the Hon'ble NCLAT.
A settlement memo was filed before the Hon'ble NCLAT.
The Hon'ble NCLAT, vide its order dated 17.03.2026, stated that the NCLT's order dated 24.02.2026 lost its significance due to the settlement.
The NCLAT dismissed the appeal consequent to the settlement.
The main company petition C.P. (IB)/88(CHE)2024 had been admitted.
The Corporate Insolvency Resolution Process (CIRP) initiated was terminated.
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Date of the NCLT order…
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The Applicant, Gemscab Industries Ltd, filed a withdrawal application before the NCLT, Chennai Bench, concerning a company petition (C.P. (IB)/88(CHE)2024) that had been admitted. This withdrawal was sought because a settlement for Rs. 1.80 crore had been reached between the parties before the Hon'ble NCLAT, and a settlement memo was filed there.
An application for withdrawal, IA(I.B.C)/643(CHE)2026, was filed by Gemscab Industries Ltd (Applicant).
The main company petition is C.P. (IB)/88(CHE)2024, filed against Svaryu Energy Ltd (Respondent).
The withdrawal application was filed because the matter had been settled for Rs. 1.80 crore before the Hon'ble NCLAT.
A settlement memo was filed before the Hon'ble NCLAT.
The Hon'ble NCLAT, vide its order dated 17.03.2026, stated that the NCLT's order dated 24.02.2026 lost its significance due to the settlement.
The NCLAT dismissed the appeal consequent to the settlement.
The main company petition C.P. (IB)/88(CHE)2024 had been admitted.
The Corporate Insolvency Resolution Process (CIRP) initiated was terminated.
…Date of the NCLT order…
Date when Hon'ble NCLAT passed an order…