Pursuant to Reg 30 of SEBI (LODR), Regulations 2015-Update on Final Order passed by Hon''ble Supreme Court of India allowing the appeals filed by the Company and declaring the Company to ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Cosmic CRF Ltd has won a major legal battle at the Supreme Court level. The Hon'ble Supreme Court, in its order dated 14-05-2026, allowed the company's appeals and set aside two earlier NCLAT orders that had declared the company ineligible under Sections 29A(c) and 29A(j) of the Insolvency and Bankruptcy Code, 2016. The Supreme Court held that the company and its connected persons, including Managing Director Aditya Vikram Birla, do not suffer from any disqualification. The NCLAT had wrongly relied on the company's past connection to Cosmic Ferro Alloys Ltd (CFAL), which was resolved in 2018, six years before Cosmic CRF submitted its resolution plan. The Supreme Court also set aside the fresh Form-G publication and all consequential actions. The company is now declared eligible to participate in the CIRP of Amzen Transportation Industries Pvt Ltd, and its Resolution Plan will be processed further by the Committee of Creditors.
This is a significant positive development for shareholders as the company can now proceed with its resolution plan for Amzen Transportation Industries. The Supreme Court ruling removes a major legal hurdle and opens the path for the company to participate in the insolvency resolution process, potentially creating value from this acquisition.