The Hon''ble NCLT, Chennai has listed the Section 7 petition (IBC) and along with petition filed by the Company under Section 241, 242 of the Companies Act, 2013, copies of orders attached.
Awaiting price reaction for this filing.
Refex Renewables has informed the BSE that the Chennai NCLT has listed the Section 7 IBC petition filed by SILRES Energy Solutions against its step-down wholly-owned subsidiary, Sherisha Solar LLP, for an alleged default of around Rs 34.24 crore. The NCLT has clubbed this petition with a separate petition filed by Refex itself against SILRES and others under Sections 241 and 242 of the Companies Act, 2013. Both parties told the tribunal they are exploring an amicable settlement, and SILRES has undertaken to maintain status quo. The respondent was granted 45 days to file detailed arguments, and the next hearing is scheduled for March 20, 2026. This is a procedural update — the insolvency petition has not yet been admitted.
No immediate financial impact, but the matter remains a key risk for shareholders since insolvency of the subsidiary could affect consolidated results. The fact that both sides are open to settlement is a mildly positive signal, keeping the door open for an out-of-court resolution.