Summary of Key Information:
This is a disclosure made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding a favorable judgment received from the Hon'ble High Court of Delhi.
Name of the Authority:
Hon'ble High Court of Delhi
Nature and Details of the Order:
- The Hon'ble Court dismissed the petition (O.M.P. (COMM) 362/2018) filed by McNally Bharat Engineering Company Limited under Section 34 of the Arbitration and Conciliation Act, 1996, stating it had become infructuous.
- The Court held that the claim of Metso India Pvt. Ltd. arising from an arbitral award dated 05 May 2018 stood extinguished pursuant to the approval of the Company's Resolution Plan under the Insolvency and Bankruptcy Code, 2016, as the claim was not part of the approved plan.
- The Hon'ble Court directed its Registry to release to the Company an amount of Rs. 5.52 crore deposited with the Court, along with all accrued interest from the Fixed Deposit.
Date of Receipt of Order:
The copy of the order was received by the Company on 10th August 2026. The judgment was dated 3rd August 2026.
Impact on Financial, Operational or Other Activities:
- The order is favourable to the Company.
- The claim of Metso India Pvt. Ltd. is extinguished, and no further liability survives against the Company in respect of the arbitral award.
- The Company becomes entitled to the release of approximately Rs. 5.52 crore plus accrued interest, which will accrue as an asset/cash inflow upon actual release by the Court Registry.
- There is no material adverse impact on the financial, operational or other activities of the Company.