India Steel Works Ltd (ISWL) has announced the withdrawal of its Insolvency Resolution Process (CIRP) after a successful settlement between the involved parties. The company previously entered the CIRP process through an order passed by the Hon'ble NCLT Mumbai Bench on 8th May 2024, appointing Mr. Vallabh N. Sawana as the Interim Resolution Professional (IRP). This action was triggered by a petition filed by Stecol International Pvt. Limited.

However, following an appeal, the Hon'ble National Company Law Appellate Tribunal (NCLAT) stayed the NCLT order, which led to further legal proceedings. On 25th November 2024, the IRP, Mr. Vallabh N. Sawana, filed an Interlocutory Application (IA) before the NCLT Mumbai, requesting the withdrawal of the CIRP process.

During the hearing, it was disclosed that the parties involved had settled the matter, and the consent terms were duly filed with the NCLAT. Subsequently, the NCLT Mumbai Bench allowed the application for withdrawal and disposed of the matter on the same day, 25th November 2024.

At present, the formal order from NCLT Mumbai has yet to be received by the company. The company has committed to disclosing the official order once it is in possession of the same. This development marks a significant turnaround for India Steel Works Ltd, as the withdrawal of the insolvency process allows the company to proceed with its operations without the burden of an active insolvency case.

The settlement between the parties involved has played a crucial role in resolving the matter amicably, thus avoiding further legal complications. The company's management, led by Varun S. Gupta, the Managing Director, expressed confidence in the positive outlook following the settlement. The withdrawal of the CIRP process provides India Steel Works Ltd with the opportunity to focus on its growth and financial stability.

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About India Steel Works Ltd: India Steel Works Ltd, incorporated in 1987, is a leading manufacturer of steel products, with its steel plant located in Khopoli, Maharashtra. The company has consistently contributed to India's industrial and infrastructure growth, producing a variety of steel products for different industries. With this latest development, India Steel Works Ltd can now focus on strengthening its operations and fulfilling market demand without the ongoing insolvency proceedings.

Stay tuned for further updates on this matter, and explore how India Steel Works continues to evolve in the Indian steel industry.

For more corporate and insolvency news, visit the latest updates on business resolutions and legal matters affecting key industries.

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