NCLT approves Rs 231.50 crore resolution plan for Quadrant Televentures
The NCLT Mumbai bench approved Fastway Transmissions' Rs 231.50 crore plan for Quadrant Televentures on 3 November 2026, 8.22% of admitted claims, the order shows.
Key points
- The NCLT Mumbai bench approved Fastway Transmissions' resolution plan for Quadrant Televentures on 3 November 2026.
- The Rs 231.50 crore plan is 8.22% of admitted claims of Rs 2,815.21 crore, according to the order.
- Promoter shares are cancelled and public shareholding falls to 5%; the order may be appealed to the NCLAT.
The Mumbai bench of the National Company Law Tribunal (NCLT) has approved a Rs 231.50 crore resolution plan by Fastway Transmissions Private Limited for Quadrant Televentures Limited, a listed telephone, internet and data services company, in an order pronounced on 3 November 2026. Under the plan, the existing share capital is reduced in the ratio of 200:1 and the promoters' shares are cancelled for nil consideration.
What Happened
The tribunal had admitted Quadrant Televentures into the corporate insolvency resolution process, the process under the Insolvency and Bankruptcy Code for rescuing a company that has defaulted, on 2 September 2025, on an application by IDBI Trusteeship Services Limited. Four resolution plans were received. After a challenge round, the order says, the financial offers rose from Rs 131 crore to Rs 231.50 crore. The committee of creditors approved Fastway's plan with a 100% vote on 12 August 2026.
According to the order, the plan amount is 8.22% of total admitted claims of Rs 2,815.21 crore, against a liquidation value of Rs 178.85 crore. Secured financial creditors are to get Rs 223.58 crore, 31.78% of their admitted claims: Rs 194.58 crore within 60 days of approval and Rs 29 crore within 14 months. Government dues get Rs 2.83 crore, 1% of admitted claims, and workmen and employees get 100% of their admitted dues of Rs 8.07 lakh. Related-party lenders get nothing.
The tribunal held that the plan meets the requirements of the Code and approved it with effect from the date of the order. The moratorium on legal action against the company ends.
What It Means
For shareholders, the plan reduces public shareholding to 5% of the company, or 30,61,301 equity shares of Rs 10 each, and Fastway will be allotted 95% of the share capital. The plan provides that the shares held by the public will be listed on the stock exchange where the company is listed now.
Claims not part of the plan stand extinguished, the order notes. A monitoring committee is to be formed within 15 days, and the plan needs Department of Telecommunications approval in due course. The NCLT's order may be appealed to the National Company Law Appellate Tribunal (NCLAT).
Source: NCLT order
Sources & Citations
- NCLT order — National Company Law Tribunal