India, Feb. 23 -- Appellate tribunal NCLAT has directed the withdrawal of insolvency proceedings against realty firm Mahagun after it has arrived at a settlement with its financial creditor.

A two-member bench of the National Company Law Appellate Tribunal (NCLAT) took on record the Settlement between Mahagun (India) and IDBI Trusteeship dated February 12, 2026. An application was moved by the financial creditor of Mahagun before a two-member bench of NCLAT to withdraw the insolvency proceedings against the realty firm.

"It is submitted that during the pendency of the matter before this Adjudicating Authority, the parties have entered into a settlement vide settlement agreement dated February 12, 2026. The Applicant/Financial Creditor s...