Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Rejection of Resolution Plan
Awaiting price reaction for this filing.
JBF Industries Ltd, currently under the Corporate Insolvency Resolution Process (CIRP), informed stock exchanges that the Resolution Professional had submitted one Resolution Plan to the NCLT Ahmedabad Bench. On March 18, 2026, the NCLT orally pronounced an order rejecting the said Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016. The matter has been referred back to the Committee of Creditors (CoC) for further action. The company is currently undergoing insolvency proceedings and no resolution has yet been approved. This development delays any potential revival or exit from the CIRP.
Negative for shareholders — rejection of the resolution plan prolongs the insolvency process, increases uncertainty around recovery, and heightens the risk of eventual liquidation, where equity holders typically receive little to nothing.