The National Company Law Tribunal (NCLT), Kolkata bench, has dismissed the insolvency application filed by National Asset Reconstruction Company Limited (NARCL) against McLeod Russel as withdrawn, granting the creditor liberty to revive the plea if the debt restructuring process fails. The withdrawal follows a sanction letter dated April 2, 2026, issued by NARCL to the company for restructuring debts amounting to approximately Rs.444.55 crores. The company received communication regarding the NCLT order via email on July 14, 2026, from its advocate, while a certified copy of the order remains awaited and has not yet been uploaded on the official NCLT website as of the date of disclosure.

NARCL, acting through its attorney India Debt Resolution Company Limited, had filed the application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The entity was the assignee of the debt originally held by HDFC Bank Limited, with the alleged default of approximately Rs.444.55 crores forming the basis for the filing before the tribunal.

Restructuring Details

The decision to withdraw the application was driven by the restructuring terms outlined in the sanction letter and subsequent modifications issued by NARCL. The development provides temporary relief to the tea major as it navigates the restructuring of its financial liabilities. The liberty to revive the application ensures that insolvency proceedings can be reinstated should the restructuring efforts not succeed.

The key entities involved in the proceedings are outlined below:

Mcleod Russel India Limited has received shareholder approval to re-appoint Aditya Khaitan as Managing Director for a period of three years effective from May 17, 2026. The company also secured approval for the appointment of Pradip Bhar as Whole-Time Director for three years from April 27, 2026, along with the payment of remuneration for both positions. These decisions were ratified through a postal ballot process, with the results declared on June 27, 2026.

The postal ballot sought approval for four resolutions, including the re-appointment of Mr. Khaitan and the appointment of Mr. Pradip Bhar as a Director and subsequently as a Whole-Time Director. The voting process was conducted via remote e-voting, managed by the National Securities Depository Limited (NSDL). The Scrutinizer's Report, dated June 30, 2026, confirmed that all resolutions were passed with the requisite majority.

Voting Results Summary

The resolutions were put to vote among 61,400 shareholders eligible as on the record date of May 22, 2026. The total number of votes polled across all resolutions exceeded 19 million, representing approximately 18.25% of the total outstanding shares. The detailed voting patterns for the key resolutions are outlined below.

Key Appointments and Remuneration

The re-appointment of Mr. Aditya Khaitan (DIN: 00023788) ensures continuity in the company's leadership for the next three years. Alongside his re-appointment, shareholders authorized the payment of remuneration for his tenure. The company also inducted Mr. Pradip Bhar (DIN: 01039198) into its leadership team, first as a Director and then as a Whole-Time Director with effect from April 27, 2026. The approval for Mr. Bhar's role included the necessary remuneration package for the three-year term.

Procedural Details

The remote e-voting process was open from May 29, 2026, to June 27, 2026. Atul Kumar Labh, Practicing Company Secretary and Proprietor of M/s. A. K. Labh & Co., served as the Scrutinizer for the process. The report confirms that the results were downloaded and unblocked in the presence of independent witnesses. The voting results and the Scrutinizer's Report have been made available on the company's website and the NSDL e-voting portal.