Authority: National Company Law Tribunal Kolkata Bench (Division Bench P-101, Court I)
Order Date: 16th June 2026
Case Overview
The National Company Law Tribunal (NCLT) Kolkata Bench heard matters related to Corporate Insolvency Resolution Process (CIRP) petition CP (IB)/167(KB)2023 filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The case involves National Asset Reconstruction Company Limited (formerly State Bank of India) as the Financial Creditor versus McLeod Russel India Limited as the Corporate Debtor. The hearing also addressed three Interlocutory Applications: IA(I.B.C)/1131(KB)2024, IA(I.B.C)/1640(KB)2025, and IA(I.B.C)/413(KB)2024.
During the hearing, Senior Advocate Mr. Joy Saha, representing the Corporate Debtor (McLeod Russel India Limited), submitted that settlement terms have been arrived at between the parties. Sanction letters for the settlement have been issued, and the conditions required to fulfill the settlement are to be completed by 30th June 2026.
Final Outcome
The NCLT Bench comprising Hon'ble Member (Judicial) Smt. Bidisha Banerjee and Hon'ble Member (Technical) Ms. Rekha Kantilal Shah listed the matter for further consideration on 6th July 2026. The outcome of the settlement and fulfillment of conditions will be reviewed on that date.
Topics: Insolvency Settlement, NCLT Proceeding