NCLT allows withdrawal of insolvency process after settlement
SUPREMEENG · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
NCLT Mumbai allowed withdrawal of CIRP against Supreme Engineering on August 6, 2026, under Section 12A of IBC. Bank of India had initiated insolvency proceedings on June 23, 2026, but the parties reached a settlement. The Committee of Creditors, including Bank of India (95.93%) and Thane Bharat Sahakari Bank (4.07%), approved the withdrawal with full majority. The company is now taken out of the insolvency process and control is handed back to the original management. Company says there is no material adverse impact.
Positive for shareholders: company exits insolvency after settling with creditors, and original management regains control.