Omkar Speciality Chemicals Limited — Others, 01-08-2025: Corporate Insolvency Resolution Process

The NCLT has approved the Resolution Plan for Omkar Specialty Chemicals Ltd., with Kshitij Polyline Limited as the Successful Resolution Applicant. Kshitij Polyline will infuse Rs. 26.65 Cr, and creditors will receive Rs. 23.14 Cr, a significant reduction from the Rs. 349.65 Cr in admitted financial claims. The Tribunal dismissed objections from Axis Bank and NKGSB Co-operative Bank, affirming the Committee of Creditors' decision to distribute funds based on the value of security held by each creditor, not voting share. This means Axis Bank's security was not considered of equal rank to Bank of Baroda's. This decision finalizes the company's resolution process.