McLeod Russel India Wins NCLT Relief as Debt Resolution Application is Dismissed by Kolkata Bench
McLeod Russel India Limited has received confirmation regarding the status of its insolvency application before the National Company Law Tribunal (NCLT), following a decision by the Hon'ble NCLT, Kolkata bench. The NCLT dismissed the application filed against the company by a financial creditor, allowing for ongoing debt restructuring negotiations.The insolvency application had been initiated by Financial Creditor, National Asset Reconstruction Company Limited (NARCL), acting through India Debt Resolution Company Limited. NARCL is the assignee of debt originally held by HDFC Bank Limited. The application related to an alleged default amount of approximately Rs. 444.55 crores and was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The withdrawal of the application was sought by NARCL in view of a Sanction Letter issued on April 2, 2026, along with subsequent modifications made by NARCL to McLeod Russel India Limited concerning the restructuring of its debts.
In response to this development, the Hon'ble NCLT, Kolkata bench, dismissed the application as withdrawn. The Tribunal granted liberty for the application to be revived should the restructuring process encounter difficulties or fail.
McLeod Russel India received communication regarding the dismissal of the application on July 14, 2026, from its Advocate. A certified copy of the order has yet to be uploaded on the official website of the Hon'ble NCLT.
MCLEODRUSS Stock Price Movement
Today, Mcleod Russel India Limited shares shed 2.96% in post-market trading, settling at ₹53.16. The stock saw a trading volume of 149,030 shares during the day, having reached an intraday low of ₹52.61.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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