Announced Wed, 15 Jul · 16:25 IST
NCLT dismisses Rs.444.55 cr insolvency plea against McLeod Russel
Compliance View source PDF
MCLEODRUSS · price
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Price reaction · full curve 14 horizons · vs prior close
+4.2%1-day move
₹53.50
prior close
₹55.81
base price
After-mkt
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AI summary
NARCL, acting as assignee of HDFC Bank's debt, has withdrawn its Section 7 IBC application against McLeod Russel India after issuing a sanction letter on 2 April 2026 for restructuring of the company's debts. The NCLT Kolkata bench dismissed the petition, which related to an alleged default of about Rs.444.55 crores, as withdrawn, with liberty to revive it if the restructuring process fails.
Likely market impact
Positive step — company avoids insolvency proceedings and moves forward with debt restructuring, though the petition can be revived if restructuring fails.