1. CIRP resolution restart - The NCLT orally rejected the CoC-approved resolution plan on 18 March 2026 and referred the matter back to the CoC, after 10 plans were received and one was put to vote following a Swiss Challenge round. A fresh plan, once approved by the CoC and NCLT, would restructure ₹2,530 crore of admitted default and bring in a new controlling shareholder, resetting the company’s capital structure and removing the overhang that has kept operations suspended.
2. Secured asset sale finality - All secured assets were taken over by CFM ARC in November 2021 and sold under SARFAESI to Madelin Enterprises, which now holds the company’s erstwhile plant, inventory, and investments. Completion of the share transfer for JBF Global Pte (still in the company’s name pending transfer) would sever the last legal tie to legacy liabilities and clarify the residual entity’s net worth ahead of any resolution.
3. TMBL claim dismissal - Tamilnad Mercantile Bank’s SARFAESI demand of ₹32.94 crore plus interest was challenged, and its interlocutory application before the NCLT was dismissed as of May 2026. Removing the last active secured-creditor litigation reduces a distraction that could otherwise delay CoC consensus on a new resolution plan.
4. Corporate guarantee standstill - The company has denied invocation of the USD 463.86 million corporate guarantee issued to lenders of step-down subsidiary JBF Petrochemicals, which was taken over by GAIL through its own CIRP. No provision has been made, so any formal release or expiry of that guarantee would eliminate a contingent liability that dwarfs the company’s current scale.
5. Government-dues resolution - Of ₹2,113 crore in government claims received, only ₹258 crore were admitted; the largest single claim (₹1,720 crore from JNCH Nhava Sheva) was not admitted because 120 of 120 advance authorisations have been redeemed from DGFT and bond cancellations for 109 are complete. Closing the remaining 11 bond cancellations would remove the last large disputed operational claim, de-risking the balance sheet for any incoming resolution applicant.