Oswal Overseas

The National Company Law Appellate Tribunal dismissed the corporate insolvency appeal of Oswal Overseas as withdrawn on 9 July, after the sugar manufacturer amicably settled its dispute with financial creditor L H Sugar Factories Limited. The appeal was withdrawn after Oswal Overseas handed over a demand draft of ₹2.80 crores to the creditor, which confirmed before the tribunal that its financial debt stood fully and finally discharged. In its order, the NCLAT directed the interim resolution professional to collate claims and constitute a committee of creditors but barred him from inviting expressions of interest until the formal withdrawal application under Section 12A of the Insolvency and Bankruptcy Code is disposed of by the National Company Law Tribunal. The settlement marks a critical step towards pulling the Bareilly-based company out of the insolvency process, which was triggered in early June over a ₹2.25 crore default. The company said it will keep the stock exchange informed of further developments in the matter.

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The National Company Law Appellate Tribunal has stayed proceedings in the corporate insolvency resolution process of Oswal Overseas after the company reached a settlement with its creditor, L H Sugar Factories Limited. The order, passed on 24 June, directs the Interim Resolution Professional not to take any further steps until the next hearing. The NCLAT noted the settlement but said the parties must approach the National Company Law Tribunal under Section 12A of the IBC for withdrawal of CIRP. The IRP informed the tribunal it had received two claims since the CIRP was ordered. The matter is listed for further hearing, with the tribunal permitting replies from the IRP and creditor. The stay offers temporary relief to the sugar maker, which was placed under insolvency in early June over a ₹2.25 crore default.

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July 16 (Reuters) - Oswal Overseas Ltd OSWO.BO:

• CO AND L H SUGAR FACTORIES REACH AMICABLE SETTLEMENT

Source text: ID:nBSE2yx6Dr

Further company coverage: OSWO.BO

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Oswal Overseas Ltd., a sugar manufacturer with a market capitalisation of roughly ₹158 crores, has been placed under the Corporate Insolvency Resolution Process by the National Company Law Tribunal, New Delhi Bench. The order, issued on June 8, 2026, admitted a petition filed by L H Sugar Factories Ltd. under Section 7 of the Insolvency and Bankruptcy Code over an unpaid debt of ₹2.25 crores plus interest. The tribunal appointed Mr. Mansij Arya as the Interim Resolution Professional and declared a moratorium under Section 14 of the IBC, freezing all legal proceedings, asset transfers, and recovery actions against the company. Oswal Overseas, which reported chronic losses and had its sugar mill attached by local authorities for non-payment of cane prices, had opposed the petition arguing the money was an acquisition advance. The NCLT rejected that defence, noting the absence of an executed share purchase agreement and the acknowledgement of the debt in both parties' books.

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Sept 3 (Reuters) - Oswal Overseas Ltd OSWO.BO:

• AIJAZ AHMAD RESIGNS AS CFO

Source text: ID:nBSE69x5NQ

Further company coverage: OSWO.BO

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