Jainco Projects Faces Insolvency Proceedings Over Rs 12.63 Crore Default Claim

Jainco Projects (India) Limited, a Kolkata-based company, is facing potential insolvency proceedings as a financial creditor has filed an application to initiate the Corporate Insolvency Resolution Process (CIRP) against the company. The development, disclosed to stock exchanges on July 26, 2025, highlights the financial challenges confronting the firm.

Default Claim Details

The company has received notice of an application filed before the National Company Law Tribunal (NCLT), Kolkata, by a financial creditor. The default claim amounts to Rs 12,62,81,337.11 (approximately Rs 12.63 crore) as of July 16, 2025. This substantial sum underscores the severity of the financial situation Jainco Projects is grappling with.

Legal Proceedings

The initiation of CIRP, if approved by the NCLT, could have significant implications for Jainco Projects (India) Limited. The process, governed by the Insolvency and Bankruptcy Code (IBC), is designed to resolve insolvency in a time-bound manner, potentially leading to a resolution plan or, in some cases, liquidation of the company.

Company's Response

In compliance with regulatory requirements, Jainco Projects (India) Limited promptly informed the stock exchanges about this development. The company's Managing Director, Sumit Bhansali, signed the disclosure, adhering to the transparency norms set by the Securities and Exchange Board of India (SEBI).

Investor Impact

Shareholders and potential investors of Jainco Projects (India) Limited should closely monitor the proceedings at the NCLT. The outcome of this application could significantly affect the company's future operations and financial stability.

As the situation unfolds, stakeholders will be keenly watching for any updates on the CIRP application and its potential impact on the company's business continuity and market position.