The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved Rs 502-crore resolution plan submitted by Evonith Holdings Pvt. Ltd. for Topworth Urja & Metals Limited, marking a significant step in the corporate insolvency resolution process (CIRP) of the company. The order, pronounced on May 26, 2025, by a bench of Member (Judicial) Justice VG Bisht (Retd.) and Member (Technical) Sh. Prabhat Kumar, brings an end to the CIRP initiated by Bank of Baroda in 2018.
Key Highlights of the Resolution Plan Approval:
- Successful Resolution Applicant (SRA): Evonith Holdings Pvt. Ltd., a private limited company incorporated under the Singapore Companies Act, is the successful resolution applicant.
- CoC Approval: The…
