
India Steel Works Limited has successfully resolved a legal dispute with Kotak Mahindra Bank Limited, leading to the dismissal of a corporate appeal by the National Company Law Appellate Tribunal (NCLAT). This marks the conclusion of a case that initially sought to initiate a Corporate Insolvency Resolution Process (CIRP) against the company.
The issue began when Kotak Mahindra Bank filed a petition with the National Company Law Tribunal (NCLT), Mumbai Bench, earlier this year. On February 7, 2024, the petition was dismissed by the NCLT. Dissatisfied with the ruling, Kotak Mahindra Bank filed an appeal with the NCLAT on May 8, 2024, to challenge the decision.
The appeal, listed for hearing on November 19, 2024, saw a major development when the NCLAT was informed that the matter had been amicably resolved between the parties. A joint application for withdrawal of the appeal was submitted, and the tribunal subsequently recorded Kotak Mahindra Bank’s statement. Following this, the NCLAT officially dismissed the appeal as withdrawn.
In a regulatory filing with the Bombay Stock Exchange (BSE), India Steel Works Limited assured stakeholders of the positive resolution and compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Managing Director of India Steel Works Limited, Mr. Varun Gupta, expressed satisfaction over the resolution, emphasizing the company’s commitment to addressing disputes amicably.