"cirp"

Legal experts said the amended Insolvency and Bankruptcy Act, 2026 requires proof of both debt and default before the NCLT admits insolvency cases. The amendments also introduce changes to resolution processes, liquidation rules and Competition Commission approval requirements

The move paves the way for IndusInd International Holdings Ltd (IIHL), the Hinduja Group firm, to acquire the company.

The promoters also contended that singling out of guarantors was violative of the fundamental right to equality.

The Dhoot family -- erstwhile promoters of the group -- expects a final decision on the settlement offer by the end of this year, provided the lenders and the National Company Law Tribunal (NCLT) agree to it.

The DCHL is currently under the Corporate Insolvency Resolution Process (CIRP) process in which a resolution plan for only Rs.400 crore has been approved by the NCLT.