NCLT initiates insolvency proceedings for Cyient's joint venture, Infotech HAL

Cyient Limited announced today that the National Company Law Tribunal (NCLT), Bengaluru bench, has admitted a petition for the corporate insolvency resolution process of Infotech HAL Limited. This action stems from a petition filed by Infotech HAL Limited itself, under Section 10 of the Insolvency and Bankruptcy Code, 2016.

The NCLT's order initiates the insolvency resolution process for Infotech HAL Limited, which is a 50:50 joint venture between Cyient and HAL. Vasudevan Gopu has been appointed as the interim resolution professional to oversee this process.

This disclosure follows an earlier announcement made by Cyient on March 20, 2024, regarding the matter. The latest development confirms the formal commencement of the resolution proceedings.