NCLT Approves ₹7.42 Crore Resolution Plan For Central Departmental Stores Despite ₹560 Crore Claims By Central Bank Of India
Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has approved a resolution plan of Rs 7,42,77,830 submitted by Fincare Enterprises for Central Departmental Stores Private Limited. Financial Creditor’s ₹560 Crore Claims Rejected During Resolution Process The resolution professional has rejected the admitted claims of Rs 560 crore made by the financial creditor, Central Bank of…
On July 2, 2026, the National Company Law Tribunal (NCLT) in Mumbai approved a resolution plan of Rs 7,42,77,830 for Central Departmental Stores Private Limited. The plan was submitted by Fincare Enterprises and dismissed the claims of Rs 560 crore made by the Central Bank of India. The approved resolution plan, which is in compliance with the Insolvency and Bankruptcy Code (IBC) and Corporate Insolvency Resolution Process (CIRP) Regulations, includes an upfront cash payment of Rs 1.2375 crore and future recoveries.
The Central Bank of India, as the Committee of Creditors, will receive its share after adjusting CIRP costs, with the remaining balance to be paid within seven days of the order's communication.
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