Key Development
The Hon'ble National Company Law Tribunal (NCLT), Chennai Bench, vide its updated order dated 12.10.2026 (pursuant to its previous order dated 13.01.2026), has extended the timeline for implementation of the Resolution Plan in respect of Rajeswari Infrastructure Limited.
Tribunal Order Details
The extension has been granted for 90 days, in accordance with the terms and directions stipulated in the NCLT order. The order was passed by the Division Bench-I, Chennai consisting of Hon'ble Shri. Sanjiv Jain, Member (Judicial) and Hon'ble Shri. Venkataraman Subramaniam, Member (Technical).
Specific Directions from NCLT
- The Successful Resolution Applicant (SRA) is directed to sell two non-core assets on which Intec Capital Ltd. and Religare Finvest Ltd. have exclusive charge
- The proceeds from the sale are to be deposited in the respective accounts of Intec Capital Ltd and Religare Finvest Limited
- The charge holders are directed to forthwith release the charge/lien in respect of the non-core assets
- Regarding attachment by the Property Tax department, the SRA may take up the issue with the Property Tax Department (noted that no claim was filed by the Property Tax Department during CIRP)
Tribunal Decision on Timeline Exclusion
The NCLT did not grant the SRA's prayer to exclude 119 days from computation of the implementation period. However, the SRA is given 90 days time to complete the plan implementation process.
Company's Commitment
The company will take the necessary steps to ensure compliance with the directions of the Hon'ble NCLT and to complete the implementation of the Resolution Plan within the extended 90-day timeline.
Financial Impact
Financial impact not quantified in the disclosure.