The National Company Law Appellate Tribunal (NCLAT) has extended the interim stay on the Corporate Insolvency Resolution Process (CIRP) against The Hi-Tech Gears Ltd, offering temporary relief to the auto components manufacturer in its ongoing legal battle with Happy Forgings Ltd.
At a hearing held on May 9, 2025, the Principal Bench of NCLAT, comprising Justice Yogesh Khanna and Indevar Pandey, directed that the interim stay originally granted on September 3, 2024, will continue until further notice. The appellate tribunal has scheduled the next hearing for May 22, 2025, to deliberate further on the matter.
The company formally informed the stock exchanges—BSE and NSE—of the NCLAT’s latest order via a regulatory filing on Tuesday. “We would like to inform that the Hon’ble NCLAT heard the matter on May 09, 2025, and fixed up next date of hearing on May 22, 2025. Further, Hon’ble NCLAT has also directed the continuation of interim STAY on CIRP process,” the filing stated.
The continuation of the stay means that resolution professionals will not take control of Hi-Tech Gears’ operations at this stage, preserving the current management’s authority until the next hearing.
