NCLAT Orders Insolvency Withdrawal for Mahagun Settlement
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has ordered the withdrawal of insolvency proceedings against Mahagun Realty after the company reached a settlement with its financial creditor. A two-member bench of NCLAT acknowledged the settlement agreement between Mahagun (India) and IDBI Trusteeship, dated February 12, 2026. A request was submitted by the financial creditor to the NCLAT to retract the insolvency proceedings against Mahagun. “During the pending matter before this Adjudicating Authority, the parties have entered into a settlement agreement dated 12.02.2026. The Applicant/Financial Creditor wishes to withdraw IB-112(ND)/2025,” stated the NCLAT in its order. The NCLAT subsequently…