Nectar Lifesciences Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
NECLIFE · price
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Nectar Lifesciences has informed exchanges that the Central GST Commissioner Ludhiana has unblocked Input Tax Credit (ITC) of Rs. 16,61,81,454 (about Rs. 16.62 crore) in the company's favour on June 30, 2025. This ITC was earlier blocked under Rule 86A of the CGST Act, prompting the company to file a writ petition at the Punjab and Haryana High Court. The unblocking is linked to a favourable order by the Commissioner (Appeal) on May 27, 2025 in a related matter. The company will withdraw the writ petition if the credit is not re-blocked on any other grounds. The matter now stands effectively resolved in the company's favour.
Positive for shareholders — recovery of Rs. 16.62 crore in blocked ITC improves the company's working capital and GST cash flows. This is a favourable resolution and removes a significant tax-related overhang, though the writ petition is technically still pending until formal withdrawal.