Intimation of commencement of Insolvency Resolution Process of Diksha Greens Limited vide order dated 02.07.2025, passed by the Hon''ble NCLT Kolkata Bench. Copy of order received ....
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Awaiting price reaction for this filing.
The NCLT Kolkata Bench has admitted a Section 7 insolvency petition filed by Punjab and Sind Bank against Diksha Greens Limited, initiating the Corporate Insolvency Resolution Process (CIRP). The company had defaulted on credit facilities worth ₹22.45 crore sanctioned in 2018, with outstanding dues growing to ₹46.90 crore as of September 2024. The loan account was classified as a non-performing asset on 22 February 2019. The company argued that the NPA classification was unfair and tied to a 2018 factory fire, but the tribunal rejected this defence. Pankaj Khaitan has been appointed as the Interim Resolution Professional, a moratorium has been imposed, and the management of the company now vests with the IRP.
This is a highly negative development for shareholders. Trading in the stock is likely to face restrictions and the share price typically drops sharply on insolvency admission. Equity holders may end up with little to no value as financial creditors (Punjab and Sind Bank holding ₹46.9 crore in dues) and other creditors are paid first during the resolution process.