Mcleod Russel India Limited has informed the Exchange regarding 'Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
MCLEODRUSS · price
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Mcleod Russel India has informed the stock exchanges that the National Company Law Tribunal (NCLT), New Delhi, has allowed the withdrawal and dismissed a Restoration Application filed against the company. The application was filed by Techno Electric & Engineering Co. Ltd., a financial creditor, seeking to revive an older insolvency petition (TP No. 38 of 2020) against Mcleod Russel for an alleged default of Rs. 30 crore. The NCLT order, dated 15th April 2025, was received by the company on 5th May 2025. The company argued that its liability towards the creditor had been discharged through a third party, Light Beem Holdings Private Ltd., which led to the application being withdrawn and dismissed.
This is a positive development for Mcleod Russel shareholders as it closes a potential insolvency threat linked to a Rs. 30 crore claim, removing near-term legal overhang on the stock.