NCLAT dismisses Progfin's insolvency appeal against Ganesh Benzoplast

Ganesh Benzoplast Ltd announced that the National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by Progfin Private Limited seeking to initiate corporate insolvency resolution process against the company. The appeal was related to alleged default in repayment of credit facilities extended to Ganesh Benzoplast's wholly owned subsidiary, GBL Chemical Limited, for which the company had issued a corporate guarantee. The NCLAT order dated June 30, 2026, upholds the earlier decision of the National Company Law Tribunal (NCLT) which had also dismissed Progfin's petition. The company has disclosed the NCLAT order after receiving its certified true copy.