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Water technology firm VA Tech Wabag Ltd has said that the National Company Law Tribunal (NCLT) Division Bench, Chennai, has recalled an earlier order initiating Corporate Insolvency Resolution Process (CIRP) in an application filed by Consolidated Construction Consortium Limited (CCCL). The petition was withdrawn following an agreement between both the parties.
The tribunal recalled its earlier orders in September, initiating CIRP and appointment of IRP with immediate effect and the petition filed by CCCL was dismissed as withdrawn, pursuant to an agreement between the parties and the submissions made by IRP.
Following this, the IRP has been relieved of his assignment and the powers and management of the Company is restored to its Board of Directors with immediate effect.