McLeod Russel India Ltd has received relief after the National Company Law Tribunal (NCLT), Kolkata Bench, allowed the withdrawal of an insolvency petition filed against the company, following a debt restructuring arrangement with the National Asset Reconstruction Company Ltd (NARCL).
In a regulatory filing on Wednesday, the Company said NARCL, acting through its attorney India Debt Resolution Company Ltd (IDRCL), sought to withdraw the insolvency application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, in view of a sanction letter issued on April 2, 2026, and subsequent modifications approving the restructuring of the company’s debt.
The debt was originally held by HDFC Bank before being assigned to NARCL. The insolvency application pertained to an alleged default of approximately ₹444.55 crore and had been pending before the NCLT, Kolkata Bench.
The tribunal has dismissed the application as withdrawn while granting liberty to the financial creditor to revive the proceedings if the restructuring process fails, the company said.
