NCLT Mumbai Approves ₹467 Crore JSW Infrastructure Plan For NCR Rail Revival

The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs 467.47 crore resolution plan submitted by JSW Infrastructure Limited for the revival of NCR Rail Infrastructure Limited, which operates a private freight terminal at Khurja in Uttar Pradesh.

The plan was approved after receiving 100 percent voting approval from the Committee of Creditors.

A coram of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt, in an order pronounced on January 22, 2026, held, “In view of the aforesaid discussions and the settled legal position, we are of the considered view that the Plan meets the requirements of Section 30(2) of the Code and Regulations 37, 38, 38(1A), and 39(4) of the CIRP Regulations. The Plan is not in contravention of any of the provisions of Section 29A of the Code, as undertaken by the SRA, and is in accordance with the law.”

The corporate insolvency resolution process against NCR Rail commenced on March 7, 2024, after the tribunal admitted a petition filed by Edelweiss Asset Reconstruction Company Limited under Section 7 of the Code.

Following admission, public announcements were issued inviting claims, the committee of creditors was constituted, and valuation of the corporate debtor's assets was undertaken. The process saw multiple extensions of the CIRP timeline.

Two resolution applicants, JSW Infrastructure Limited and Ambuja Cements Limited, submitted resolution plans. After a negotiation challenge mechanism, both plans received 100% voting approval. In the tie-breaking, JSW Infrastructure emerged as the successful resolution applicant.

As reflected in the final Form H, the resolution professional's statutory compliance certificate under the IBC, the approved plan envisages a total resolution amount of Rs 467.47 crore. Under the approved plan, the remaining principal debt will be converted into redeemable preference shares and sold at a consideration of Rs 34 crore.

The SRA also furnished a performance bank guarantee of Rs 25 crore to ensure implementation of the resolution plan.

The tribunal noted that the resolution plan complied with all legal requirements. However, it also clarified that any recoveries from proceedings under Section 66 of the Code would go to the corporate debtor.

With these findings, the tribunal approved the resolution plan and directed that it be implemented, bringing NCR Rail Infrastructure Limited's insolvency proceedings to a close.