In re India Glycols Limited (NCLT Allahabad)
NCLT Allahabad Sanctions India Glycols’ Demerger Of Biopharma, Spirits & Biofuel Businesses
The National Company Law Tribunal (NCLT), Allahabad Bench, considered a joint second motion petition filed under Sections 230 and 232 of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, seeking sanction of a Scheme of Arrangement involving the demerger of the Biopharma Undertaking and the Spirits and Biofuel Undertaking from India Glycols Limited into Ennature Bio Pharma Limited and IGL Spirits Limited respectively. The petition followed the first motion order dated 15.01.2026, which had dispensed with meetings of the equity shareholders of the resulting companies while directing meetings of the equity shareholders and unsecured creditors of the demerged company.
Pursuant to the first motion order, meetings of the equity shareholders and unsecured creditors of the demerged company were conducted. The Chairperson’s report dated 26.03.2026 recorded unanimous approval by the equity shareholders, with all but one vote cast in favour, and 100% approval by the participating unsecured creditors. Notices of the petition were thereafter served on the Regional Director, Registrar of Companies, Securities and Exchange Board of India, National Stock Exchange of India Limited, BSE Limited, and the Income Tax Department. Public notices were also published in the prescribed newspapers.
