NCLT grants 90 days extension to complete Resolution Plan implementation
NCLT Chennai, by order dated 12.10.2026, has extended the timeline for implementation of the Resolution Plan by 90 days.
By ScoutQuest · · 2 min read
- Timeline Extension Granted
- extended the timeline for implementation of the Resolution Plan by 90 days
- NCLT Order Date
- order dated 12.10.2026
- Exclusion Sought Not Granted
- The exclusion of 119 days sought from the implementation period was not granted
What the company informed the exchange
The company has disclosed that the Hon'ble National Company Law Tribunal (NCLT), Chennai Bench, vide its updated order dated 12.10.2026 passed pursuant to its previous order dated 13.01.2026, has extended the timeline for implementation of the Resolution Plan in respect of the company.
The extension granted is for 90 days. The company has stated that it will take the necessary steps to ensure compliance with the directions of the NCLT and to complete the implementation of the Resolution Plan within the extended timeline. A copy of the NCLT order is enclosed with the disclosure.
What the NCLT order sets out
- The order is a common order covering two applications, IA(I.B.C)/1775(CHE)2026 and IA(I.B.C)/1494(CHE)2026, in the matter of Intec Capital Ltd. versus Rajeswari Infrastructure Ltd., main petition C.P. (IB)/133(CHE)2022.
- The applicant had sought exclusion of 119 days from the computation of the implementation period under the Resolution Plan approved by order dated 13.01.2026, or, in the alternative, exclusion of at least 98 days.
- The prayer for exclusion of 119 days was not granted. Instead, the SRA has been given 90 days time to complete the plan implementation process.
- Both applications were disposed of.
Non-core assets
- The SRA has already identified the non-core assets to be disposed of in terms of the plan approval order and the approved resolution plan, para-9.1.C.
- There are two non-core assets on which Intec Capital Ltd. and Religare Finvest Ltd. have exclusive charge. These assets are to be sold and the proceeds paid to the creditors as per the approved resolution plan.
- The SRA has identified the buyer for both the non-core assets, and there is no dispute as to the valuation or price to be realised.
- The tribunal has directed the SRA to sell the non-core assets and deposit the proceeds in the respective accounts of Intec Capital Ltd. and Religare Finvest Ltd., which have been directed to release the charge or lien in respect of the non-core assets.
On the attachment by the Property Tax Department, the SRA may take up the issue with the Property Tax Department. The order notes that during the CIRP, no claim was shared by the Property Tax Department for which it made the attachment.
What a retail investor can take away
This disclosure concerns the timeline of the company's resolution process. The immediate point is that implementation of the already-approved Resolution Plan is to be completed within 90 days as per the NCLT's order dated 12.10.2026, and that the request to exclude 119 days from the implementation period was not granted.
Also from Rajeswari Infrastructure
Board meeting ends with no resolution passed as list of allottees unavailable for examination
9 Oct 2026
Board meeting on 09.10.2026 to take note of credit of equity shares as per NCLT order
6 Oct 2026
Capital Restructuring Under NCLT-Approved Resolution Plan: Public Shares To Be Consolidated 1-For-50
24 Sep 2026
More numbers
- Extension granted for implementation of the Resolution Plan90 days
- Time given by NCLT to the SRA to complete plan implementation90 days
- Exclusion from implementation period sought (not granted)119 days
- Alternative exclusion sought (not granted)98 days
- Non-core assets with exclusive charge of Intec Capital and Religare Finvesttwo
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