India Glycols NCLT Reserves Demerger Scheme Order

Date: 3rd July, 2026

The Hon'ble National Company Law Tribunal, Allahabad Bench at Prayagraj reserved the matter for final pronouncement regarding the Scheme of Arrangement
The order was dated 2nd July, 2026 and uploaded on NCLT website on 3rd July, 2026

Scheme Details:

Scheme of Arrangement amongst India Glycols Limited (Demerged Company), Ennature Biopharma Limited (Resulting Company 1), and IGL Spirits Limited (Resulting Company 2) and their respective shareholders
This is a Second Motion petition under Sections 230/232 of Companies Act 2013
Scheme involves demerger only
Meetings of secured creditors of Petitioner Company No. 1 (India Glycols) and meetings for Resulting Companies were dispensed with

Regulatory Reports:

Income Tax Department Matter:

Income Tax Department reported Rs. 27,890/- outstanding as per demand raised on 6th May, 2026
Company's counsel stated the amount was already deposited on 6th July, 2023
Income Tax Department contested this timeline, noting payment couldn't have been made in 2023 for a demand raised in 2026
Company counsel clarified it relates to interest amount, claiming no interest accrued since principal demand was paid
Company provided undertaking to be bound by any outstanding demand post sanction of the Scheme

Case Details:

CP (CAA) No.07/ALD/2026 IN CA (CAA) No.36/ALD/2025 (Second Motion)
Division Bench Item No.115
Hon'ble Members: Sh. Praveen Gupta (Member Judicial) and Sh. Ashish Verma (Member Technical)
Counsel: Sh. Rahul Agarwal (Sr. Adv.) for Applicant/Petitioner Companies, Sh. Amit Mahajan (Sr. S.C.) for Income Tax Department, Sh. Mohd. Akhtar (STA) for O.L./RoC, Uttarakhand

The order has been uploaded on company website: https://www.indiaglycols.com/wp-content/uploads/NCLTOrder272026.pdf
Further information will be submitted to exchanges in due course
This disclosure is in continuation of earlier intimation dated 21st May, 2026 bearing letter no: IGL/SE/2026-27/14