Hi-Tech Gears received an update from the National Company Law Appellate Tribunal (NCLAT) regarding its Corporate Insolvency Resolution Process (CIRP). The tribunal has directed the continuation of the interim stay on the CIRP proceedings, providing temporary relief from the insolvency resolution timeline.

NCLAT Order Details

On October 7, 2026, the NCLAT in New Delhi was scheduled to hear the matter concerning Company Appeal (AT) (Ins) No. 1734 of 2024. The appeal was filed by Naveen Jain, a shareholder and former company secretary of Hi-Tech Gears, against Happy Forgings Ltd. and others.

During the listing, the tribunal noted that due to paucity of time, the matter could not be taken up for hearing. Consequently, the next date of hearing has been fixed for November 6, 2026, to consider the stay vacation application.

Status of Interim Stay

The tribunal explicitly directed that the interim order granted on September 3, 2024, remains in effect until the next listing date. This means the CIRP process against Hi-Tech Gears remains suspended, preventing any immediate operational or financial restructuring actions mandated by the insolvency code.

Key Proceedings Summary

The company informed stock exchanges that a copy of the NCLAT order was uploaded on October 13, 2026. This development follows an earlier intimation dated October 6, 2026, regarding the same subject matter.

Hi-Tech Gears received an order from the Office of the Deputy/Assistant Commissioner of Customs, I.C.D. Concor, Kathuwas, Alwar, on October 1, 2026. The order disallows drawback of ₹13.58 lakh and RoDTEP of ₹8.77 lakh, along with applicable interest and a penalty of ₹1 lakh.

The customs authority also dropped demands for drawback amounting to ₹73.78 lakh and RoDTEP of ₹43.37 lakh. The action stems from short or delayed realization of export proceeds against certain shipping bills within the prescribed period.

Impact and Company Response

The company stated there is no material impact on its financial or operational activities due to this order. Hi-Tech Gears is considering filing an appeal with the appropriate authority to seek further relief regarding the disallowed amounts.

Breakdown of Customs Order

The disclosure was made under Regulation 30 read with Schedule III of the SEBI (LODR) Regulations, 2015, and the SEBI Master Circular dated January 30, 2026.