Intimation under regulation 30 of SEBI (KODR) 2015
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SVA India Ltd informed the stock exchange that the NCLT Mumbai Bench has dismissed the insolvency petition (CP (IB) 538/MB/2024) filed by Future Consumer Limited against Aussee Oats India Limited (a joint venture between SVA's Gupta Group and Future's Kishore Biyani group). Future Consumer had sought to initiate CIRP over an alleged default of about Rs. 1 crore (Rs. 65 lakh unpaid principal plus interest) from an inter-corporate deposit of Rs. 2 crore taken in February 2019. The NCLT ruled that no debt was actually payable, noting that the audited financials of Aussee Oats as of March 2021, signed by Future's own nominee director, showed the loan had been settled/appropriated against other receivables. The tribunal also found that the petition was not filed in genuine pursuit of insolvency resolution but reflected inter-group hostility.
Positive for SVA India shareholders — the insolvency threat against its joint venture has been quashed, removing near-term uncertainty over the JV's operations. The ruling signals that the broader SVA–Future Group dispute did not translate into a successful CIRP action, though underlying corporate tensions between the two groups remain unresolved.