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DB Realty: NCLAT sets aside insolvency plea as co agrees to pay dues

Economic Times  

The National Company Law Appellate Tribunal (NCLAT) has set aside an insolvency resolution process against property developer DB Realty (renamed Valor Estate), after the company and its lender Bank of India reached a settlement, with the firm agreeing to pay the dues of INR 703.35 crore.NCLAT, in an oral order, allowed applications filed by the company’s promoters Vinod Goenka, Shahid Balwa and Asif Balwa to set aside the tribunal’s order.