Nitin Fire Protection Industries Limited has informed the Exchange about General Updates
Awaiting price reaction for this filing.
Nitin Fire Protection Industries, which was admitted into insolvency in October 2018 and moved into liquidation in January 2022, has received a significant NCLT order dated June 3, 2025. The tribunal has allowed the application of the successful bidder — a consortium of Silver Stallion Limited, Vikasa India EIF I Fund, and AIG Direct LLC — and granted clean slate status, meaning all prior liabilities of the company stand extinguished as per the IBC waterfall mechanism. The company was already sold as a going concern, with a Sale Certificate issued on October 3, 2024. A new Board of Directors will now be appointed to take over daily operations, and the new management plans to explore fresh business opportunities to revive the company and generate revenue.
This is a major positive development for shareholders — the company is effectively getting a fresh start with old liabilities wiped clean and a new management team taking charge. The revival path could lead to resumption of operations and potential recovery of value, though past equity holders' claims have been extinguished under the IBC process.