NCLT approves Kalinga Allied Industries' resolution plan for Bindals Sponnge
This story was originally published at 18:23 IST on 26 November 2025
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NEW DELHI – The Delhi bench of the National Company Law Tribunal Wednesday approved Kalinga Allied Industries India Pvt. Ltd.'s INR-502.10-million resolution plan for debt-ridden Bindals Sponnge Industries Ltd. Bindals Sponnge Industries had admitted dues of INR 2.53 billion.
According to the plan, the existing equity share capital of Bindals Sponnge Industries shall stand cancelled. The plan states that fresh 382.10 million equity shares having face value of INR 1 each shall be issued to Kalinga Allied Industries, which is involved in the manufacturing of steel.
In 2018, the tribunal had admitted Oriental Bank of Commerce's insolvency plea against Bindals Sponnge Industries. Oriental Bank of Commerce had merged with Punjab National Bank in 2020. The committee of creditors of Bindals Sponnge include Punjab National Bank, Indian Overseas Bank and others.
Wednesday, the shares of Punjab National Bank ended 1.6% higher at INR 124.99 on the National Stock Exchange and the shares of Indian Overseas Bank ended 1.8% higher at INR 39.52. End
Reported by Surya Tripathi
Edited by Akul Nishant Akhoury
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