The National Company Law Appellate Tribunal extended an order under which the insolvency admission against BGR Energy Systems remains inoperative, allowing the engineering services company further time to conclude a settlement with its principal lender.A bench comprising Justice N Seshasayee and Jatindranath Swain continued the interim protection first granted on April 30, under which the National Company Law Tribunal’s (NCLT) admission order has not been given effect. Corporate insolvency proceedings against the company remain stayed.Counsel representing the promoter Arjun Govind Raghupathy informed the Appellate Tribunal that the stay on the NCLT order had been granted in the context of ongoing settlement negotiations. Counsel submitted that NARCL, the financial creditor, had extended an in-principle approval to the proposal and that the parties had exchanged a draft sanction letter.Settlement TalksCounsel for NARCL told the Tribunal that the company had put forward a proposal and made certain payments. In its order, the NCLAT recorded a joint statement by both parties that efforts toward an amicable settlement were underway, with proposals being exchanged and considered. Counsel representing the promoter sought four weeks to finalise the settlement process.The Tribunal accordingly listed the matter for hearing in September and directed that the interim order staying the insolvency process against the company would remain in force.Earlier, at a hearing on June 23, counsel for both sides jointly submitted that a proposal was before NARCL’s board and jointly sought time to finalise it.Canara Bank filed the Section 7 petition against the company in August 2024. The NCLT admitted the petition on April 17 and appointed an interim resolution professional.Incorporated in 1985, BGR Energy executes turnkey thermal power and balance-of-plant projects at unit sizes up to 500 MW and manufactures air-cooled heat exchangers, deaerators and oil and gas process equipment through its Product Business Division. Unit I of the 660 MW Ghatampur project, executed by BGR Energy for Neyveli Uttar Pradesh, reached commercial operation in December 2024, and the company is executing electrical and instrumentation packages at the Kudankulam, Kakrapar, and Rawatbhata nuclear stations.Published on July 31, 2026