Honeywell Automation India settles its dispute with Premier Power Products (Calcutta)

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NCLT dismisses matter under Insolvency and Bankruptcy Code

Honeywell Automation India has concluded and signed a Settlement Agreement dated 28 February 2018, with Premier Power Products (Calcutta), towards full and final settlement of the disputed claim, and an in principle agreement to withdraw the petition filed against the Company under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Premier Power Products (Calcutta) before the Mumbai Bench of the National Company Law Tribunal.

The said matter was listed on 12 March 2018 before the Mumbai Bench of National Company Law Tribunal (NCLT). The Advocates for the parties informed the Ld. NCLT Bench that the parties had arrived at a settlement of their disputes and had entered into settlement terms. The Ld. NCLT Bench was accordingly pleased to dismiss the matter as withdrawn and has passed an order in terms thereof.

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