NCLT allows withdrawal of insolvency proceedings against realtor Nirmal Lifestyle

The National Company Law Tribunal (NCLT) has allowed withdrawal of insolvency proceedings against real estate development firm Nirmal Lifestyle. NCLT has also lifted a moratorium on the company. Nirmal Lifestyle has entered into a settlement agreement with its financial creditor. NCLT had admitted the company under the Corporate Insolvency Resolution Process (CIRP) last year based on a petition filed by IDBI Trusteeship Services, on behalf of Altico Capital, after the company defaulted on its dues worth INR 286 crore.