Oswal Overseas has settled its dispute with LH Sugar Factories, resulting in the dismissal of its appeal by the National Company Law Appellate Tribunal (NCLAT). The settlement involved a payment of ₹2.8 crore, which the financial creditor confirmed fully and finally discharged the outstanding debt. The NCLAT order dated 09 July 2026 formally dismissed Company Appeal (AT) (Ins.) No. 1081 of 2026 as withdrawn following the joint submission by both parties.

Terms of the Settlement

The settlement agreement was executed between the Appellant, Oswal Overseas, and the Respondent, LH Sugar Factories. As part of the resolution, a Demand Draft of ₹2.8 crore was handed over to the creditor on 23 June 2026. The NCLAT recorded that the financial debt stood fully and finally discharged, effectively resolving the insolvency threat that had prompted the Corporate Insolvency Resolution Process (CIRP).

NCLAT Directives on CIRP Proceedings

While the appeal was dismissed, the NCLAT issued specific directions regarding the ongoing CIRP proceedings. The tribunal directed that if an application under Section 12A of the Insolvency and Bankruptcy Code, 2016 is filed before the Adjudicating Authority, the Interim Resolution Professional (IRP) is permitted to collate claims and constitute the Committee of Creditors (CoC). However, the IRP is explicitly prohibited from inviting Expression of Interest (EOI) until the Section 12A application is disposed of by the Adjudicating Authority.

Oswal Overseas Limited announced that Anoop Kumar Srivastava has resigned from his position as Director, effective July 16, 2026. The resignation was tendered due to his other professional commitments and health issues. The company received the resignation letter on July 17, 2026, and has subsequently informed the stock exchanges about this development.

The disclosure was made to BSE Limited pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the resignation is effective from the close of business hours on July 16, 2026. The intimation was signed by Lalit Kumar, the Company Secretary & Compliance Officer of oswal overseas .

Details of Resignation

The company provided specific details regarding the cessation of the director's role as required under the SEBI regulations. The table below outlines the key particulars of the change.

In his resignation letter addressed to the Board of Directors, Anoop Kumar Srivastava requested that his name be removed from the Records of the Registrar of Companies immediately. He also asked the company to acknowledge the receipt of the letter and submit the necessary forms to the Registrar of Companies. The director cited health issues and other professional commitments as the reasons for stepping down from the role.