New Delhi, July 30 -- An insolvency court in Mumbai allowed Supreme Housing and Hospitality Pvt Ltd to exit insolvency proceedings on Wednesday after it reach a settlement with lender ICICI Bank. A detailed order on the matter is awaited.

Canara Bank and ICICI Bank had taken Supreme Housing to insolvency court after the realtor defaulted on dues of more than Rs.800 crore. After hearing the matter at length, a bench led by justices Ashish Kalia and Sanjeev Dutta reserved the order on 1 July. The order was in response to a petition filed by resolution professional Prashant Jain on 21 March, seeking a withdrawal of the insolvency application against the real estate company.

The withdrawal application was filed under Section 12A of the Inso...