Shah Metacorp Limited on Monday said the National Company Law Tribunal (NCLT) has dismissed an insolvency application filed by Tejomay Exim Corporation after the parties reached a mutual settlement.
“Based on this receipt of payment, the applicant moved to withdraw the petition. The settlement is procedural and has no material adverse impact on the financial position of the company,” said Shah Metacorp in their exchange filing.
In a regulatory filing to the stock exchanges, the company said the Section 9 petition under the Insolvency and Bankruptcy Code (IBC), 2016—filed by the operational creditor—was withdrawn following receipt of payment from the corporate debtor. The matter was pending before the National Company Law Tribunal, Ahmedabad Bench.
Shah Metacorp added that the settlement is procedural and does not have any material adverse impact on its financial position.
The company had earlier disclosed the filing of the IBC application in December 2025.
