<h1>Creditor Withdraws Debt Application as McLeod Russel India Limited Restructures Debts</h1>
Financial Creditor National Asset Reconstruction Company Limited (NARCL), acting through its assignee India Debt Resolution Company Limited, has initiated a resolution of the insolvency proceeding related to McLeod Russel India Limited. The creditor sought to withdraw the application that had been filed against the company before the Hon'ble National Company Law Tribunal (NCLT), Kolkata bench.
The original legal action related to an alleged default amount of approximately Rs.444.55 crores. This debt was originally held by HDFC Bank Limited, and NARCL acted as its assignee in filing the application under Section 7 of the Insolvency and Bankruptcy Code, 2016.
According to reports, the NCLT Kolkata bench has dismissed the aforementioned insolvency application. This action followed the creditor's decision to withdraw the case due to a Sanction Letter dated April 2, 2026, and subsequent modifications issued by NARCL concerning the debt restructuring of McLeod Russel India Limited.
The dismissal was communicated to the company via email on July 14, 2026. The NCLT's decision carries a liberty clause, allowing the case to be revived should the restructuring process fail. As of the current date, the certified copy of the order has not yet been uploaded onto the official website of the Hon'ble NCLT.
HDBFS Stock Price Movement
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