NCLAT Dismisses Insolvency Appeal Against Ganesh Benzoplast Limited
The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has dismissed an appeal filed by Progfin Private Limited seeking the initiation of a corporate insolvency resolution process against Ganesh Benzoplast Limited.The legal proceedings were initiated by Progfin Private Limited under Section 61 of the Insolvency and Bankruptcy Code, 2016. The appellant had challenged a previous order issued by the National Company Law Tribunal (NCLT), Mumbai Bench, dated September 1, 2025. In that earlier proceeding, the NCLT had dismissed a Section 7 petition filed by Progfin.
The petition originally sought to initiate corporate insolvency resolution processes against the company based on alleged defaults in the repayment of credit facilities extended to its wholly owned subsidiary, GBL Chemical Limited. The company has maintained that these transactions were unauthorized actions undertaken by Mr. Ramakant Pilani and others.
The NCLAT's order dated June 30, 2026, effectively upholds the prior dismissal of the insolvency petition. According to the company, there are no expected financial implications, such as compensation or penalties, arising from this specific legal development, and there is no quantum of claims involved in this matter.
The details of the litigation are summarized in the table below:
| Particulars | Details |
|---|---|
| Opposing Party | Progfin Private Limited |
| Tribunal | National Company Law Appellate Tribunal (NCLAT), New Delhi |
| Nature of Dispute | Appeal against the NCLT Mumbai Bench order dated September 1, 2025, regarding a Section 7 petition for insolvency initiation |
| Financial Impact | None |
| Development Status | The NCLAT dismissed the appeal filed by Progfin on June 30, 2026 |
GANESHBE Stock Price Movement
Ganesh Benzoplast Limited shares rallied today to settle at ₹107.44, gaining 2.54% in post-market activity. The stock saw significant movement during the session with a total volume of 999,687 shares traded.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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