Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015,this is to inform you that the Company has received an email dated 13/02/2026 from the ....
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Nova Iron & Steel Ltd has informed the stock exchange that it has received a notice from the NCLT Cuttack Bench regarding an insolvency application filed against it. The application has been filed by a financial creditor, Mr. Neelesh Prafulchandra Desai, for a default amount of ₹6.37 crore (Rupees Six Crore Thirty Seven Lakh Ten Thousand Eight Hundred Ten only). The case has been registered as C.P. (IB)/15(CB)2026 and is scheduled to be heard before the Cuttack Bench on 18 February 2026. This is the company's disclosure under Regulation 30 of SEBI LODR Regulations, 2015 for material events.
This is a negative development for shareholders. The initiation of insolvency proceedings under Section 7 of IBC poses a risk to the company's going-concern status, may affect its stock price, and could lead to significant disruption in operations or ownership changes depending on the outcome of the NCLT hearing on 18 February 2026.