McLeod Russel India Limited has submitted a regulatory disclosure to BSE Limited and National Stock Exchange of India regarding developments in an insolvency proceeding against the company.

The disclosure is made in continuation of the company's previous letter dated 15th July, 2026 regarding withdrawal of an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by National Asset Reconstruction Company Limited (NARCL), acting through its attorney India Debt Resolution Company Limited (IDRCL).

The Order passed by the Hon'ble National Company Law Tribunal, Kolkata Bench (NCLT) has been uploaded and made available on the official website of NCLT on 20th July, 2026. A copy of the said Order is enclosed with the disclosure.

NCLT Order Details

The Order was passed on 14th July, 2026 by a Division Bench consisting of Hon'ble Member (Judicial) Smt. Bidisha Banerjee and Hon'ble Member (Technical) Ms. Rekha Kantilal Shah.

The matter involved Company Petition (IB)/229(KB)2024 along with two Interlocutory Applications: IA(I.B.C)/1641(KB)2025 and IA(I.B.C)/2264(KB)2024.

Legal Representation

  • For the Financial Creditor (NARCL): Mr. Deepanjan Dutta Roy, Adv. and Ms. Sanjana Jha, Adv.
  • For the Corporate Debtor (McLeod Russel): Mr. Joy Saha, Sr. Adv., Mr. Rishav Banerjee, Adv., Mr. Ritoban Sarkar, Adv., and Ms. Mini Agarwal, Adv.

Order Content

Learned Advocate Mr. Deepanjan Dutta Roy, appearing on behalf of the Financial Creditor, submitted that he had instructions to seek withdrawal of the Company Petition with liberty to revive and/or restore the petition in the event that the restructuring arrangement does not fructify or conclude in accordance with the agreed terms approved by NARCL/IDRCL.

Both parties have agreed to the proposals dated 9th June, 2026, as modified up to 22nd June, 2026, and accepted subsequently. A letter to this effect, dated 13th July, 2026, was placed before the Tribunal and taken on record.

Accordingly, the Tribunal dismissed IA(I.B.C)/1641(KB)2025, IA(I.B.C)/2264(KB)2024 along with C.P. (IB)/229(KB)2024 as withdrawn with liberty to get the Company Petition restored/revived in terms of the agreed terms.