NCLT approves Kshitij Polyline's resolution plan for Omkar Specialty
This story was originally published at 18:54 IST on 1 August 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal has approved Kshitij Polyline Ltd.'s INR 231.4-million resolution plan for debt-ridden Omkar Specialty Chemicals Ltd. The tribunal dismissed Axis Bank's plea to return the resolution plan to the committee of creditors of Omkar Speciality and rejected NKGSB Co-operative Bank Ltd.'s contention that the plan could not have been modified by Kshitij Polyline.
In 2022, the tribunal admitted Ela Enterprises' plea to start insolvency proceedings against Omkar Specialty. The debt-ridden company had dues of INR 3.5 billion from Bank of Baroda, Axis Bank, and NKGSB Co-operative Bank.
Thereafter, in 2024, the committee of creditors approved Kshitij Polyline's resolution plan with 83% favourable votes. Meanwhile, Axis Bank and NKSGB Co-operative Bank filed applications objecting to the manner of distribution of resolution plan amount and the repeated modifications to the resolution plan made by the successful resolution applicant.
Omkar Specialty has been engaged in the manufacture and sale of specialty chemicals and intermediates for chemical and allied Industries. It is associated with leading organisations in India and abroad and has expanded the existing product range and developed new molecules as per the specific requirements of its valued customers.
Kshitij Polyline is engaged in manufacturing and distribution of various products such as smart identity cards, binding and lamination equipment, and related material and accessories, along with stationery products. Kshitij Polyline has developed and launched more than 250 products and has a state-of-the-art manufacturing facility in Silvasa.
On Friday, shares of Kshitij Polyline ended 2.5% higher at INR 3.29 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Ashish Shirke
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