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Informist, Wednesday, Dec. 3, 2025

 

--NCLT approves Vedanta's INR-5.45-bln resolution plan for Incab Industries

 

By Surya Tripathi

 

NEW DELHI – The Kolkata bench of the National Company Law Tribunal Wednesday approved Vedanta Ltd.'s INR-5.45-billion resolution plan for debt-ridden Incab Industries Ltd. The tribunal noted that Vedanta will contribute the total financial package of INR 5.45 billion for subscribing to 100% of the paid-up equity shares of Incab Industries. Further, Vedanta will pay the entire admitted claims of gratuity and the Employees Provident Fund Organisation, the tribunal noted. 

 

All crystallised as well as unclaimed liabilities of Incab Industries as on the date of the order shall stand extinguished on the approval of the resolution plan, the tribunal said. The deposit of INR 545 million made by Vedanta shall remain as a performance guarantee till the amount due to the creditors under the resolution plan is paid in full and the plan is implemented fully, it said.

 

In 2019, the tribunal had admitted operational creditor Jayanta Banerjee's insolvency plea against Incab Industries, which manufactured iron and steel. The financial creditors of Incab Industries include ICICI Bank Ltd., Life Insurance Corp. of India, and Pegasus Assets Reconstruction Ltd. 

 

Incab Industries had admitted dues of INR 33.43 billion from various creditors. The fair value and liquidation value of the company were INR 5.12 billion and INR 4.29 billion, respectively. In 2022, the committee of creditors of Incab Industries had approved Vedanta's resolution plan with 99.37% votes in favour.

 

Wednesday, shares of Vedanta ended 1% lower at INR 532.80 on the National Stock Exchange.  End

 

Edited by Rajeev Pai

 

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