Authority: National Company Law Tribunal, Kolkata Bench (Court I)
Order Date: 16th June 2026
Case Overview
This matter pertains to Company Petition (IB)/229(KB)2024, an insolvency petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Financial Creditor, National Asset Reconstruction Company Limited (formerly HDFC Bank Limited), initiated proceedings against the Corporate Debtor, McLeod Russel India Limited. During the hearing on 16th June 2026, the legal representatives for both parties were present. Mr. Joy Saha, Senior Advocate representing the Corporate Debtor (McLeod Russel), submitted to the bench that the parties had arrived at a settlement. The sanction letters for this settlement have been issued. The fulfilment of the conditions stipulated in the settlement is required to be completed by 30th June 2026.
Final Outcome
The NCLT bench, comprising Member (Judicial) Smt. Bidisha Banerjee and Member (Technical) Ms. Rekha Kantilal Shah, listed the matter for further consideration on 6th July 2026. The final admission or dismissal of the insolvency petition is contingent upon the successful fulfilment of the settlement conditions by the stipulated deadline.
Topics: Insolvency, Settlement, NCLT