MUMBAI, Dec. 26 -- Honest Shelters Pvt. Ltd., the developer of Mumbai's long-delayed Palais Royale tower, which is touted to be India's tallest residential skyscraper once completed, has settled a dispute with an operational creditor that had moved the Mumbai bench of the National Company Law Tribunal (NCLT) seeking recovery of unpaid dues.

As per an NCLT order dated 27 October and reviewed by Mint, Honest Shelters has agreed to pay Interscape, a Mumbai-based architecture and interior decoration firm, Rs.4.8 crore against total dues of Rs.5.21 crore. The developer had already paid Rs.1.05 crore prior to the settlement and committed to clearing the remaining amount in instalments by 31 December.

The order records that Saloni Sulakhe of l...