Dear Sir, Enclosed herewith letter and order as per directions of BSE, in continuation of announcement dated December 10, 2025.
Awaiting price reaction for this filing.
The National Company Law Appellate Tribunal (NCLAT) has granted a stay on the NCLT's liquidation order dated December 2, 2025 for Goenka Diamond & Jewels Ltd. NCLAT ordered the Resolution Professional (Sourabh Malpani) to take full control of the company and revive it as a going concern. This follows appeals filed against the NCLT decision which had ordered liquidation despite the CoC approving promoter Navneet Goenka's resolution plan with 86.56% majority. The resolution plan offered Rs. 50.72 crore total against secured financial creditor claims of Rs. 473.38 crore, with Union Bank of India dissenting as it would receive only Rs. 3.90 crore against its Rs. 63.60 crore admitted claim (93.8% haircut). The NCLAT order was passed on December 9, 2025 in appeals 1946/2025 and 1949/2025, and copies of both NCLT and NCLAT orders have been submitted to BSE.
Positive for shareholders — the company avoids immediate liquidation and gets a chance to be revived as a going concern under the Resolution Professional. Stock may react positively, though legal challenges to the resolution plan (especially from dissenting Union Bank of India regarding extinguishment of third-party securities) remain unresolved.