NCLT Dismisses Insolvency Petition Against McLeod Russel India as Parties Reach Agreement
The National Company Law Tribunal (NCLT) has dismissed an insolvency petition filed against Mcleod Russel India Limited, following the successful negotiation and acceptance of a restructured arrangement between the parties.The tribunal issued an order that officially withdrew the relevant petitions after it was established that both the financial creditor and the corporate debtor had agreed to the proposals. The ruling granted liberty for the Corporate Petition (CP) to be revived or restored in accordance with the terms set by the agreed-upon proposals.
The proceedings, which involved National Asset Reconstruction Company Limited (NARCL), were handled under the IBC Section 7 petition against Mcleod Russel India Limited. The Financial Creditor submitted instructions seeking the withdrawal of the petition, citing an agreement reached between both parties.
A letter detailing this mutual agreement was placed before the NCLT on July 13, 2026, and the tribunal took it on record. The order subsequently dismissed C.P. (IB)/229(KB)2024, along with IA(I.B.C)/1641(KB)2025 and IA(I.B.C)/2264(KB)2024 as withdrawn.
The agreed proposals that led to the withdrawal were initially put forth on June 9, 2026, and were subsequently modified up to June 22, 2026, before being accepted by both parties.
Details of the NCLT proceedings are summarized below:
| Tribunal Case Reference | Subject Matter |
|---|---|
| C.P. (IB)/229(KB)2024 | Insolvency Petition against McLeod Russel India Limited |
| IA(I.B.C)/1641(KB)2025 | Related application before the NCLT |
| IA(I.B.C)/2264(KB)2024 | Related application before the NCLT |
The Order was made available on the official website of the National Company Law Tribunal Kolkata Bench on July 20, 2026.
MCLEODRUSS Stock Price Movement
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