The Hi-Tech Gears Limited has informed the Exchange about Corporate Insolvency Resolution Process - Updates
HITECHGEAR · price
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The Hi-Tech Gears Limited informed the exchanges about the latest update on the ongoing Corporate Insolvency Resolution Process (CIRP). The National Company Law Appellate Tribunal (NCLAT) heard the matter on July 28, 2025 and adjourned it to October 14, 2025 for the next hearing. The NCLAT also directed that the interim stay on the CIRP process, originally granted on September 3, 2024, will continue. The appeal was filed by the company's Company Secretary and Shareholder, Naveen Jain, against Happy Forgings Ltd. and another respondent. The application before NCLAT was for vacation of stay, but the appellant's counsel sought time to file a reply within three weeks.
The continuation of the interim stay is positive in the short term as the company is not yet dragged into active insolvency proceedings, allowing normal business operations to continue. However, prolonged legal uncertainty remains, with the next hearing scheduled for October 14, 2025, which keeps risk overhang on the stock.