NCLAT pauses insolvency process as Oswal Overseas, L H Sugar Factories settle

Oswal Overseas and L H Sugar Factories have settled their dispute, placing a settlement agreement on record at NCLAT. The Tribunal noted that under Section 12A of the Insolvency Code, the parties must approach the Adjudicating Authority to formally withdraw the Corporate Insolvency Resolution Process (CIRP). NCLAT has directed the Interim Resolution Professional to take no further steps until the next hearing on 8 July 2026.