Mcleod Russel: Creditor NARCL withdraws IBC application

Mcleod Russel India Ltd has announced that National Asset Reconstruction Company Limited (NARCL), acting as the financial creditor, has sought withdrawal of its application filed under the Insolvency and Bankruptcy Code, 2016. The application, filed against an alleged default of approximately ₹444.55 crores, was withdrawn due to a sanctioned debt restructuring plan by NARCL. The National Company Law Tribunal (NCLT), Kolkata bench, has dismissed the application as withdrawn, with liberty to revive if the restructuring fails. The company received this communication on July 14, 2026.