NCLAT dismisses insolvency appeal against the company

The National Company Law Appellate Tribunal (NCLAT) has dismissed the appeal filed by Progfin Private Limited, which had sought to initiate corporate insolvency resolution process against Ganesh Benzoplast under the IBC. The case related to an alleged default in repayment of credit facilities extended to the company's wholly owned subsidiary, GBL Chemical Limited, for which the company had purportedly issued a corporate guarantee. NCLT Mumbai had earlier dismissed Progfin's Section 7 petition on September 1, 2025, and NCLAT has now upheld that dismissal via its order dated June 30, 2026. The company reports no expected financial implications or claims from this order.