The insolvency resolution process of Colour Roof (India) Ltd has been reopened after the National Company Law Tribunal (NCLT), Mumbai Bench, partially allowed applications filed by a consortium led by the company’s erstwhile promoters.
In a regulatory filing, JSW Steel said its wholly owned subsidiary, JSW Steel Coated Products Ltd (JSWSCPL), is currently assessing the April 13 order passed by the NCLT and will decide its next steps accordingly.
JSWSCPL had earlier emerged as the successful resolution applicant for Colour Roof (India) Ltd after the committee of creditors (CoC) approved its resolution plan and issued a letter of intent in April 2025. The plan was submitted in July 2024 and subsequently amended in April 2025.
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However, the tribunal has now directed the inclusion of certain applicants—previously excluded from the final list of prospective resolution applicants—allowing them to submit their resolution plans. It has also permitted existing bidders to revise their financial offers upward and asked the CoC to reconsider all plans afresh before declaring the successful resolution applicant, JSW Steel said.
The NCLT order follows a challenge by a consortium led by the erstwhile promoters of Colour Roof, who had contested the CoC’s decision to reject their request for relaxation of eligibility criteria and exclude them from the final round of bidding.
JSWSCPL received a letter of intent on April 25, 2025, issued by the resolution professional of the Corporate Debtor, informing that the committee of creditors for Colour Roof India has approved the resolution plan submitted by JSWSCPL and has declared JSWSCPL as the successful resolution applicant.
Colour Roof India entered CIRP under Section 7 of the Insolvency & Bankruptcy Code, 2016, following a petition filed by Phoenix Arc Private Limited.
