Sayaji Hotels (Indore) Limited has successfully concluded its insolvency proceedings before the National Company Law Tribunal (NCLT) Indore Bench. The Hon'ble NCLT disposed of the petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, on March 11, 2026, following an amicable settlement between the parties.

Case Background and Resolution

The insolvency petition was originally filed by Ujaas Energy Limited as the operational creditor against Sayaji Hotels (Indore) Limited as the corporate debtor. The case was registered as CP(IB)/60(MP)2025 before the NCLT Indore Bench. Following negotiations between both parties, a settlement agreement was reached, leading to the resolution of the dispute.

NCLT Proceedings and Timeline

The matter was heard and reserved for orders on February 18, 2026. Ujaas Energy Limited filed an application for withdrawal of the main petition on February 27, 2026, which was processed as IA/131(MP)/2026. The NCLT accepted this withdrawal application and disposed of it on March 09, 2026, after both parties confirmed that the matter had been amicably settled.

The final order was pronounced on March 11, 2026, by the Hon'ble Members Brajendra Mani Tripathi (Judicial) and Man Mohan Gupta (Technical). The company received the disposal order on March 14, 2026, and promptly informed the BSE about the conclusion of proceedings.

Regulatory Compliance and Disclosure

Sayaji Hotels (Indore) Limited maintained transparency throughout the process by providing regular updates to the stock exchange. The company had previously submitted intimations to BSE on August 21, 2025, February 27, 2026, and February 28, 2026, regarding the ongoing proceedings.

Case Conclusion

With the NCLT's acceptance of the withdrawal application and the disposal of the main petition, all proceedings initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016, have been concluded. The settlement demonstrates the company's ability to resolve disputes through negotiation and maintain its operational continuity. The matter now stands fully resolved with no further legal proceedings pending in this regard.

Sayaji Hotels (Indore) Limited has received confirmation that Ujaas Energy Limited has filed a formal withdrawal application for the insolvency petition case under the Insolvency and Bankruptcy Code, 2016. The company informed BSE Limited on February 28, 2026, that the operational creditor submitted the withdrawal application on February 27, 2026, following the execution of a settlement deed between both parties.

Withdrawal Application Details

Ujaas Energy Limited filed the withdrawal application under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Rule 11 of the NCLT Rules, 2016 before the Hon'ble National Company Law Tribunal, Indore Bench. This formal step follows the settlement agreement reached between the parties as communicated in the company's previous intimation dated February 27, 2026.

Case Timeline and Background

The original petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 was filed by Ujaas Energy Limited against Sayaji Hotels (Indore) Limited before the Hon'ble NCLT, Indore Bench. The company had initially informed the Bombay Stock Exchange about this petition on August 21, 2025, followed by the settlement agreement announcement on February 27, 2026.

Current Status and Next Steps

The order of the Hon'ble NCLT for withdrawal and dismissal of the petition is currently awaited. The company has committed to keeping the exchange informed regarding the outcome of the withdrawal application and any further material developments in this matter. This represents the final procedural step in resolving the insolvency proceedings following the mutually agreed settlement between both parties.

Corporate Compliance

The latest update was communicated to BSE Limited through a formal letter signed by CS Aaditya Kasera, Company Secretary & Compliance Officer, ensuring continued compliance with disclosure requirements. The withdrawal application filing marks significant progress toward the complete resolution of the insolvency petition case.