JSW Infrastructure's Resolution Plan for NCR Rail Infrastructure Approved by CoC.

Sajjan Jindal-owned JSW Infrastructure (JSW Infra) has received approval from the Committee of Creditors (CoC) for its resolution plan for NCR Rail Infrastructure, a logistics firm currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016.

JSW Infra confirmed the development in a note submitted to the stock exchanges on Thursday, July 10, stating that it had received a Letter of Intent (LoI) from the resolution professional on the same day.

NCR Rail Infrastructure's key asset is a Private Freight Terminal (PFT) in Khurja, Uttar Pradesh, which boasts six rail lines. This facility is strategically positioned about 90 kilometers from New Delhi and approximately 40 kilometers from the upcoming Jewar Airport. The terminal also includes two covered, fully constructed, and operational warehouses spanning around 0.2 million square feet. Furthermore, NCR Rail owns a land bank of approximately 130 acres, which, upon the execution of the resolution plan, would significantly expand JSW Infra’s existing undeveloped land bank of over 100 acres.

The approval of the plan is contingent on the terms outlined in the LoI and securing necessary clearances from the National Company Law Tribunal (NCLT), along with any other relevant regulatory authorities, courts, or tribunals as per applicable laws.

Insolvency proceedings against NCR Rail Infrastructure (formerly known as Arshiya Rail Infrastructure) commenced in March 2024, after Edelweiss Asset Reconstruction Company approached the NCLT over a default amounting to ₹71 crore. According to the NCLT order dated July 2, 2025, a total of 25 Expressions of Interest (EoIs) were received for NCR Rail Infrastructure's resolution plan, including one from Adani Group-owned Ambuja Cements.

Earlier, Lalit Singhvi, Whole-Time Director and Chief Financial Officer at JSW Infra, had indicated in an interaction with Business Standard that the company was actively seeking inorganic growth opportunities to expand its logistics business, with bids already submitted to the NCLT.