Ganesh Benzoplast Limited has informed the Exchange about Regulation 30 disclosure updates
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Awaiting price reaction for this filing.
Ganesh Benzoplast Limited informed the exchanges that the National Company Law Appellate Tribunal (NCLAT) has allowed an appeal filed by Loksevak Leasing and Investment Private Limited and restored its Section 7 application under the Insolvency and Bankruptcy Code, 2016 to the NCLT for fresh hearing. The case is against GBL Chemical Limited, the wholly owned subsidiary of the company. Earlier, the NCLT had dismissed the restoration of this application, as disclosed on September 24, 2024 and February 17, 2025. NCLAT clarified that its order does not affect the merits of the case and that NCLT will decide based on facts, evidence, and law without being influenced by this ruling.
This creates renewed legal uncertainty for GBL Chemical Limited, the wholly owned subsidiary, as the insolvency case will now be re-heard by NCLT. However, since NCLAT specifically stated the order does not impact the merits, the actual financial impact on Ganesh Benzoplast remains contingent on the NCLT's final decision.