In continuation of our earlier intimations dated June 17, 2024, August 07, 2024 and September 05, 2024, wherein we had intimated the exchange and public at large, regarding the status of ....
Awaiting price reaction for this filing.
SRM Energy's wholly-owned subsidiary, SRM Energy Tamilnadu Pvt Ltd, had filed an insolvency application under Section 10 of the IBC before NCLT New Delhi, which was dismissed on August 6, 2024 on grounds of alleged malafide intent. The subsidiary challenged this at NCLAT, and on April 28, 2025, NCLAT set aside the NCLT order and remanded the matter back to NCLT for a fresh hearing. The dispute centers on a default of Rs. 43.26 crore, with SEBI's dues making up 99.85% of total claims. SEBI had opposed the insolvency petition, alleging it was filed in bad faith to avoid SEBI proceedings. The next NCLT hearing is scheduled for May 27, 2025. The NCLAT made no comment on the merits of the case itself.
Positive near-term for the subsidiary as it gets a second chance to get its insolvency case admitted, but the underlying issue of large SEBI dues (99.85% of total) and allegations of malafide intent remain unresolved. The outcome is highly uncertain and could materially affect the company's financial position depending on how the NCLT rules on remand.