The National Company Law Tribunal (NCLT), the Chennai Bench, recalled its order initiating corporate insolvency resolution proceeding against water technology firm, VA Tech Wabag.
The NCLT had ordered the proceedings against Wabag in a case filed by Consolidated Construction Consortium for non-payment of dues and appointed Pathukasahasram Reghunathan Raman as the insolvency professional.
The Bench recalled its previous order after Wabag and Consolidated Construction entered into an agreement for settlement of dues and submission to that effect was made by the insolvency professional.
Wabag handed over two demand drafts for ₹2.25 crore as full and final payment of the Consolidated Construction claim. Following this, Consolidated Construction agreed to withdraw its insolvency petition.
Wabag also submitted that it will withdraw the appeal filed before the National Company Law Appellate Tribunal against the earlier insolvency proceedings order.
It said it was in a position to pay all vendors and suppliers any undisputed claims and liabilities.
