Prabhat Technologies NCLT Order Disposes Insolvency Petition Following Successful Resolution Plan Implementation

1 min read Updated on 16 Mar 2026, 04:00 PM

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Radhika SScanX News Team

AI Summary

Prabhat Technologies (India) Limited has informed BSE about the disposal of Company Petition CP (IB) No. 1874 of 2019 by NCLT Mumbai Bench on 05.03.2026. The tribunal confirmed successful implementation of the approved Resolution Plan by the Successful Resolution Applicant, as substantiated by the Resolution Plan Implementation Report dated 05.01.2026. With no pending applications, the Court disposed of Interlocutory Application IA (I.B.C.) No. 876 of 2026 and closed the Company Petition, marking the conclusion of proceedings that began in 2019.

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Prabhat Technologies (India) Limited has notified BSE Limited about a significant legal development regarding the disposal of a long-standing insolvency petition by the National Company Law Tribunal (NCLT). The company informed the exchange on March 16, 2026, about the NCLT Mumbai Bench's order disposing of Company Petition CP (IB) No. 1874 of 2019.

NCLT Order Details

The Hon'ble NCLT Mumbai Bench passed the order on 05.03.2026, confirming the successful implementation of the approved Resolution Plan by the Successful Resolution Applicant. The tribunal's decision was based on the Resolution Plan Implementation Report dated 05.01.2026, which substantiated the completion of all required procedures.

Case Details:	Information
Company Petition No.:	CP (IB) No. 1874 of 2019
Interlocutory Application:	IA (I.B.C.) No. 876 of 2026
Order Date:	05.03.2026
Implementation Report Date:	05.01.2026
Tribunal:	NCLT Mumbai Bench

Resolution Plan Implementation

The NCLT order specifically noted that the Successful Resolution Applicant has complied with all terms and conditions of the approved Resolution Plan and implementation as per schedule. The Resolution Professional's counsel confirmed to the tribunal that the approved Resolution Plan had been successfully implemented by the Successful Resolution Applicant.

The tribunal members, Hon'ble Member (Technical) Prabhat Kumar and Hon'ble Member (Judicial) Sushil Mahadeorao Kochhey, observed that there were no pending applications arising from the present Company Petition. This observation led to their decision to dispose of both the Interlocutory Application and the main Company Petition.

Case Closure

With the successful implementation confirmed and no pending matters, the NCLT found no reason to keep the Company Petition pending. The tribunal accordingly allowed and disposed of the Interlocutory Application bearing IA (I.B.C.) No. 876 of 2026, and consequently disposed of the Company Petition bearing CP (IB) No. 1874 of 2019 as closed.

Regulatory Compliance

Prabhat Technologies submitted this information to BSE pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company's Chief Financial Officer, Parag Malde, signed the disclosure letter, ensuring compliance with mandatory disclosure requirements for listed companies.

The disposal of this insolvency petition marks the conclusion of proceedings that began in 2019, with the successful implementation of the Resolution Plan bringing closure to the matter for all stakeholders involved.