The Hi-Tech Gears Limited has informed the Exchange about Corporate Insolvency Resolution Process - Updates
HITECHGEAR · price
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The Hi-Tech Gears Limited informed the exchanges that the National Company Law Appellate Tribunal (NCLAT) heard the matter related to the Corporate Insolvency Resolution Process (CIRP) on May 22, 2025, and adjourned it to July 28, 2025. NCLAT has directed that the interim stay on the CIRP process, originally granted on September 3, 2024, shall continue. The case involves Naveen Jain (Company Secretary/Shareholder) as the appellant versus Happy Forgings Ltd. & Anr. as the respondent. The order copy was uploaded on the NCLAT website on June 7, 2025. Essentially, the insolvency proceedings against the company remain paused pending the next hearing.
Positive for shareholders in the short term — the insolvency process remains on hold, giving the company more time to defend against the CIRP. However, uncertainty persists as the next hearing is scheduled only for July 28, 2025, and the outcome of the appellate proceedings remains unknown.