 "INSOLVENCY, IBC, Companies, audit, nclt")
The National Company Law Tribunal has closed insolvency proceedings against V2 Retail after operational creditor settled payment-related dispute with the company.
A two-member bench of the NCLT allowed the application filed by the Interim Resolution Professional (IRP) of V2 Retail to withdraw the Insolvency petition against the company after the settlement with the creditor.
The NCLT approved the settlement after it perused the averments made in the application, as well as the settlement agreement enclosed with the application and IRP received his expenses.
"Under such circumstances, we think it is proper to approve the settlement. Accordingly, we hereby allow the
