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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Awaiting price reaction for this filing.
McLeod Russel India informed the exchanges that the NCLT New Delhi Special Bench, via its order dated 15th April 2025, 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, under the Insolvency and Bankruptcy Code, seeking restoration of an earlier insolvency petition (TP No. 38 of 2020 in CP (IB) No. 1071/KB/2019) related to an alleged default of Rs. 30.00 crores. The company had earlier disclosed this development on 26th September 2024. With this order, the legal threat from this particular proceeding stands resolved in the company's favour.
Positive for shareholders — a potential insolvency-related legal action against the company over a Rs. 30 crore alleged default has been withdrawn and dismissed, removing that overhang on the stock. The development signals legal relief but does not address the company's broader financial situation.