Rajeswari Infrastructure Receives 90-Day Resolution Extension

NCLT Chennai Bench has granted a 90-day extension for the resolution plan implementation.
The tribunal denied a request to exclude 119 days but ordered the sale of non-core assets.

Reader Takeaway: The resolution process gains a 90-day cushion, though specific asset sale mandates remain critical for creditors.

What just happened

The National Company Law Tribunal (NCLT), Chennai Bench, has provided relief to Rajeswari Infrastructure Ltd regarding its ongoing resolution process. While the tribunal rejected the Successful Resolution Applicant's (SRA) request to exclude 119 days from the implementation schedule, it granted a fresh 90-day window to complete the plan, which was originally approved on January 13, 2026.

Asset Sale and Creditor Directions

A core focus of the NCLT order involves the disposal of identified non-core assets. Intec Capital Ltd and Religare Finvest Ltd currently hold exclusive charges over these specific assets. The tribunal has explicitly directed the SRA to sell these assets and deposit the proceeds directly into the accounts of these creditors. Once these payments are processed, the creditors are required to release their liens on the properties. The tribunal also clarified that issues regarding Property Tax department attachments should be handled independently, noting that the department failed to file a claim during the earlier CIRP stage.

Why this matters

This order provides a definitive timeline for the completion of the insolvency resolution process. For stakeholders, the mandate to sell non-core assets and settle dues with Intec Capital and Religare Finvest clarifies the path forward for asset liquidation and debt servicing under the approved plan.

What to track next

Investors should monitor the progress of the non-core asset sales and whether the company meets the new 90-day deadline for full plan implementation.