Overview

• Khan’s counsel told an NCLAT bench led by Justice Ashok Bhushan, with Technical Member Arun Baroka, that the parties had settled the matter.
• The tribunal allowed withdrawal and disposed of the appeal after noting the consent terms on record.
• Khan had sought ₹7.24 crore with 24% annual interest for alleged unpaid royalties following COVID-era revisions to payment terms.
• The Mumbai NCLT dismissed his insolvency plea in May 2025, holding only ₹1.63 crore was undisputed and terming the rest fit for recovery proceedings.
• Jerai had cited pre-existing disputes and investments tied to its X-tend and Proton product lines, issues that now remain unadjudicated due to the settlement.