Sayaji Hotels Reaches Settlement Agreement in NCLT Insolvency Petition Case
Sayaji Hotels (Indore) Limited has successfully reached a settlement agreement in the insolvency petition case filed by Ujaas Energy Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The mutual settlement deed provides for full and final resolution of all claims and disputes, with Ujaas Energy Limited set to file for withdrawal and dismissal of the petition before the NCLT Indore Bench. The company will continue to update the exchange on further developments in this matter.
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Sayaji Hotels (Indore) Limited has reached a settlement agreement in the insolvency petition case filed against it under the Insolvency and Bankruptcy Code, 2016. The company informed BSE Limited on February 27, 2026, about this significant development that resolves all outstanding claims and disputes with the petitioner.
Settlement Agreement Details
The settlement involves both parties mutually agreeing to enter into a Settlement Deed on a mutually agreed settlement amount. This agreement represents a full and final settlement of all claims and disputes raised by Ujaas Energy Limited, the corporate debtor who had filed the petition.
| Parameter: | Details |
|---|---|
| Settlement Type: | Full and final settlement |
| Parties Involved: | Sayaji Hotels (Indore) Limited and Ujaas Energy Limited |
| Legal Framework: | Section 9 of Insolvency and Bankruptcy Code, 2016 |
| Tribunal: | Hon'ble National Company Law Tribunal, Indore Bench |
Case Background and Timeline
The original petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 was filed by Ujaas Energy Limited against Sayaji Hotels (Indore) Limited before the Hon'ble National Company Law Tribunal, Indore Bench. The company had initially informed the Bombay Stock Exchange about this petition on August 21, 2025.
Next Steps and Withdrawal Process
Following the settlement agreement, Ujaas Energy Limited will file an appropriate application before the Hon'ble NCLT, Indore Bench for withdrawal and dismissal of the petition. The company has committed to keeping the exchange informed about the status of the withdrawal and dismissal proceedings, as well as any further material developments in this matter.
Corporate Communication
The update was communicated to BSE Limited through a formal letter signed by CS Aaditya Kasera, Company Secretary & Compliance Officer, ensuring compliance with disclosure requirements. The settlement represents a positive resolution that avoids prolonged litigation proceedings and allows both parties to move forward.
