Supreme Court dismisses Progfin's insolvency appeal against Ganesh Benzoplast

Ganesh Benzoplast Ltd announced that the Hon'ble Supreme Court of India, via an order dated August 18, 2026, has dismissed the appeal filed by Progfin Private Limited. Progfin had challenged the National Company Law Appellate Tribunal's (NCLAT) decision, which itself had upheld the National Company Law Tribunal's (NCLT) dismissal of Progfin's petition to initiate corporate insolvency resolution process against Ganesh Benzoplast. The original petition by Progfin was based on an alleged default in repayment of credit facilities extended to GBL Chemical Limited, a wholly owned subsidiary, for which Ganesh Benzoplast had purportedly issued a corporate guarantee. The Supreme Court's dismissal signifies a resolution to this legal challenge, with no expected financial implications or claims arising from this litigation.