'Receipt of order for hearing dated March 21, 2025 passed by Hon ble NCLT Chandigarh Bench in relation to the…
As filed · Selan Exploration Technology Limited has informed the Exchange regarding 'Receipt of order for hearing dated March 21, 2025 passed by Hon ble NCLT Chandigarh Bench in relation to the Composite Scheme
DistressDeterioratingCriticalmateriality 98 out of 100
What happened
FactThe Hon’ble NCLT Chandigarh Bench conducted a joint hearing on March 21, 2025, regarding the Composite Scheme of Arrangement involving Exploration Technology Limited. The Regional Director/Income Tax Department requested additional time to file their reply, and the next hearing has been scheduled for May 01, 2025, for further consideration and approval of the Scheme.
Why it matters
CapitSignal interpretationOnce an insolvency process is admitted, control of the company passes from the board to a resolution professional and equity ranks last in any recovery.
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Fact- Admission or rejection of the application by the tribunal
- Appointment of a resolution professional
- Claims admitted against the company
Evidence
How CapitSignal classified this
- Reasoning:
- INSOLVENCY base 93; +5 quantified amount; explicit insolvency/default evidence present; matched on subject
- Matched on:
- the filing's own subject line
- Confidence in the event type:
- 75%