Key Developments
This disclosure is in continuation of an earlier disclosure dated 28th August, 2024. The Financial Creditor, National Asset Reconstruction Company Limited (NARCL), acting through its attorney India Debt Resolution Company Limited, has sought to withdraw its application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was originally filed before the Hon'ble National Company Law Tribunal (NCLT), Kolkata bench.
Financial Details
The insolvency application was related to an alleged default amount of approximately ₹444.55 crores. The debt was originally held by HDFC Bank Limited and was subsequently assigned to NARCL.
Restructuring Agreement
The withdrawal of the insolvency application is based on a Sanction Letter dated 2nd April, 2026 issued by NARCL to the Company for restructuring of the company's debts. The sanction letter has undergone subsequent modifications, though specific details of the restructuring terms are not provided in this disclosure.
Legal Proceedings Outcome
The Hon'ble NCLT, Kolkata bench, has dismissed the insolvency application as withdrawn. The tribunal granted liberty to revive the same application in case the restructuring process fails. The company received communication of this order via email on 14th July, 2026 from its advocate. A certified copy of the order is awaited, and as of the disclosure date (15th July, 2026), the order has not been uploaded on the official website of the Hon'ble NCLT.