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Latest filing: 2026-09-30 22:47
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NCLT Approves Withdrawal of Insolvency Process (CIRP) Following One-Time Settlement
The Hon'ble NCLT Indore Bench approved the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Owais Metal and Mineral Processing Limited vide order dated 23-09-2026. The CIRP was initially admitted on 13-08-2026 under Section 7 of the IBC by Hinduja Leyland Finance. Following a One Time Settlement (OTS) Agreement dated 25-08-2026, 96.52% of voting creditors (including Hinduja Leyland Finance with 94.05%) approved the withdrawal under Section 12A. Operational control and board authority have now been fully restored to the company.
Confidence: HIGH
What changedThe company has formally exited insolvency proceedings and returned to normal management control under its Board of Directors.
Why it mattersAverts the existential threat of corporate liquidation and removes insolvency restrictions, enabling normal commercial operations and customer/supplier relationships to resume.
CoC approval for withdrawal: 96.52%Majority creditor voting share (Hinduja Leyland Finance): 94.05%CIRP admission date: 13-08-2026CIRP withdrawal order date: 23-09-2026
📅 Short termRemoves immediate regulatory and insolvency overhang, which is likely to stabilize operational sentiment in the near term.
📈 Long termAllows management to refocus on business scaling, though investors will monitor cash flows to ensure liquidity constraints that caused the default do not recur.
⚠ Risk flags
- Underlying liquidity conditions that caused the initial default to lenders
- Execution of OTS payment terms and their cash flow impact
Key Highlights
NCLT approved withdrawal of CIRP under Section 12A vide order dated 23-09-2026
CIRP withdrawal approved by 96.52% of voting creditors (94.05% Hinduja Leyland Finance, 2.47% Canara Bank)
OTS Agreement executed on 25-08-2026 between the company and primary creditor Hinduja Leyland Finance
CIRP costs and professional fees paid directly to the IRP by the suspended management
👀 What to Watch
Track the resumption of normal business operations and review forthcoming quarterly financial statements to verify financial stability following the settlement.
NCLT Admits CIRP Against Owais Metal Over ₹117.29 Cr Debt; Settlement Withdrawal Filed
The NCLT Indore Bench has admitted an application under Section 7 of the IBC filed by Hinduja Leyland Finance against Owais Metal and Mineral Processing Limited, initiating Corporate Insolvency Resolution Process (CIRP). The insolvency claim alleges a default of ₹117.29 Cr across 8 credit facilities sanctioned in 2024, an amount exceeding the company's net worth of ₹113 Cr. An Interim Resolution Professional (IRP) has been appointed, and a moratorium under Section 14 is in effect. However, company management stated that an amicable settlement has been reached with the creditor, who has filed an application for the withdrawal of insolvency proceedings.
Confidence: HIGH
What changedNCLT Indore has formally initiated CIRP and imposed a moratorium against Owais Metal, while management claims to have settled and filed for withdrawal.
Why it mattersThe alleged default of ₹117.29 Cr is critical as it surpasses the company's net worth (₹113 Cr); failing formal withdrawal by NCLT, operational control remains with the IRP.
Claimed default amount: ₹117,28,79,394.89Sanctioned loan amount: ₹1,10,00,00,000/-Claim vs Net worth: ~104%Order pronouncement date: 13/08/2026
📅 Short termSevere stock volatility and credit risk perception until NCLT formally passes an order closing CIRP and dismissing the case.
📈 Long termExposes substantial cross-borrowing and co-guarantee risks across group entities that could weigh on future balance sheet strength.
⚠ Risk flags
- Corporate Insolvency Resolution Process (CIRP) initiated
- Section 14 moratorium imposed
- Claim of ₹117.29 Cr exceeds company net worth of ₹113 Cr
- Interconnected group company borrowing exposure
Key Highlights
NCLT Indore Bench admitted Section 7 IBC application on August 13, 2026, received by the company on August 25, 2026.
Hinduja Leyland Finance claimed default of ₹117,28,79,394.89 against total sanctioned facilities of ₹1,10,00,00,000.
Mr. Rajesh Lohia has been appointed as the Interim Resolution Professional (IRP) to take charge of the company's management.
Management clarified that a settlement has been arrived at and the creditor has filed a withdrawal application before the IRP/NCLT.
👀 What to Watch
Track the upcoming NCLT hearing dates to verify whether the tribunal officially accepts the creditor's withdrawal petition and terminates the CIRP.
NCLT Admits CIRP Against Owais Metal; Settlement Reached and Withdrawal Filed
The Hon'ble NCLT Indore Bench admitted an insolvency application against Owais Metal and Mineral Processing Limited under the IBC, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) vide order dated August 13, 2026 (received on August 25, 2026). However, the management clarified that an amicable settlement has been reached with the concerned creditor. Pursuant to this settlement, the creditor has already filed a requisite withdrawal application before the Interim Resolution Professional (IRP) and NCLT.
Confidence: HIGH
What changedNCLT initiated insolvency proceedings against the company, but a settlement was subsequently reached, leading to a formal withdrawal application.
Why it mattersCIRP initiation temporarily suspends board powers and transfers management control to the IRP; successful approval of withdrawal will restore regular operational control.
NCLT Order Date: August 13, 2026Order Receipt Date: August 25, 2026Total Debt (FY Context): Rs 30 Cr
📅 Short termShort-term volatility is likely until NCLT formally disposes of the insolvency application and validates the withdrawal.
📈 Long termIf the withdrawal is approved without lingering financial distress or operational disruption, structural business operations should proceed normally.
⚠ Risk flags
- Delay or rejection of the withdrawal application by the NCLT
- Operational disruption during the tenure of the Interim Resolution Professional (IRP)
Key Highlights
NCLT Indore Bench admitted IBC application on August 13, 2026, commencing CIRP and appointing an IRP.
The company officially received the certified copy of the NCLT order on August 25, 2026.
Management reached an amicable settlement with the concerned creditor following the order.
Creditor has submitted an application for withdrawal of the insolvency proceedings before the IRP/NCLT.
👀 What to Watch
Track the upcoming NCLT hearing dates and regulatory filings for the formal tribunal order accepting the withdrawal application and closing the CIRP.
