The disclosure pertains to the Hon'ble Supreme Court of India's order dated August 18, 2026, which dismissed the appeal filed by Progfin Private Limited ("Progfin"). This appeal was against the order passed by the National Company Law Appellate Tribunal (NCLAT), which had itself dismissed Progfin's petition.
Background of the Litigation
- The dispute originated from a Section 7 petition filed by Progfin before the National Company Law Tribunal, Mumbai Bench (NCLT).
- Progfin sought the initiation of a corporate insolvency resolution process against Ganesh Benzoplast Limited under the Insolvency and Bankruptcy Code, 2016.
- The petition was based on an alleged default in the repayment of credit facilities extended to the company's wholly owned subsidiary, GBL Chemical Limited.
- The basis for the petition was a corporate guarantee that Ganesh Benzoplast Limited had purportedly issued for these facilities.
Timeline of Legal Proceedings
1. NCLT Order (September 1, 2025): The NCLT dismissed the petition filed by Progfin.
2. NCLAT Order (June 30, 2026): Progfin filed an appeal before the NCLAT to challenge the NCLT's dismissal. The NCLAT dismissed this appeal.
3. Supreme Court Order (August 18, 2026): Progfin filed a further appeal before the Supreme Court against the NCLAT Order. The Supreme Court dismissed this appeal, citing that "Progfin does not have a good ground to appeal against the NCLAT Order."
Financial and Operational Impact
As per the disclosed annexure:
- Expected financial implications: None
- Quantum of claims: None
The disclosure is made in compliance with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.
The document was signed by Rishi Pilani, Chairman & Managing Director (DIN: 00901627).