India Ratings Withdraws Credit Rating for Ballarpur Industries NCD Following Debt Settlement
India Ratings & Research Pvt. Ltd. has withdrawn its credit rating assigned to the Non-Convertible Debentures (NCDs) of Ballarpur Industries Limited, effective July 17, 2026. The decision followed the full settlement and extinguishment of all dues payable to Debenture Holders in terms of an approved resolution plan.The NCDs, bearing ISIN INE294A07125, were part of a debt structure that had been addressed following the company's admission into the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC).
The resolution plan submitted by the Successful Resolution Applicant received approval from the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, through an order dated March 31, 2023. This approval granted statutory finality to the plan, making it binding on the Corporate Debtor and all stakeholders, including both secured and unsecured Financial Creditors.
In accordance with the approved resolution plan, all dues owed to Debenture Holders of the 11.75% Rated, Listed, Secured, Redeemable Non-Convertible Debentures (NCDs) bearing ISIN INE294A07125 were settled and extinguished on March 31, 2023, following the NCLT order.
India Ratings & Research Pvt. Ltd. executed the withdrawal of the credit rating for the said NCDs with effect from July 17, 2026, upon receipt of confirmation regarding these settlements.
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