Special Situations & Event Driven › Sub-category
Insolvency / Bankruptcy
46 articles
The Indian insolvency landscape continues to see procedural developments as numerous cases progress through the National Company Law Appellate Tribunal (NCLAT). A recurring theme is the adjournment of hearings for various appeals, including those related to Furnace Fabrica, Axiomata Elevators, Santhosh Hospitals, Kalyani Steels, Telangana Trade Corp, Madhucon Infra, Nakshatra Feeds, Concept Eduventures, Isolux Corsan India, Sasa Musa Sugar, Avani Projects, and Marathe Hospitality. While these delays reflect the complexities of insolvency resolution, the NCLAT's upholding of the liquidation order for Syska E-Retails LLP underscores the strict adherence to timelines and the limited avenues for revival post-CIRP expiry. These ongoing proceedings highlight the protracted nature of resolving distressed assets and the continued scrutiny of insolvency processes by creditors and stakeholders.
NCLAT Lists Furnace Fabrica Insolvency Appeals for December
NCLAT Chennai lists three interconnected insolvency appeals for Furnace Fabrica (India) Ltd for hearing on December 16, 2026.
The appeals involve shareholders and FF International Ltd challenging acti
NCLAT Directs Hearing on Axiomata Elevators Property Attachment
NCLAT disposes appeal by siblings challenging their impleadment in liquidation attachment proceedings.
Appellants claim property belongs to deceased father's estate and was partitioned excluding suspe
NCLAT Adjourns Santhosh Hospitals Liquidation Appeal
NCLAT Chennai adjourns IA No. 715/2021 to November 30, 2026, due to an ongoing Supreme Court stay order.
The appeal involves Dr. P. Mahalingam versus the liquidator and others of Santhosh Hospitals Pv
Kalyani Steels NCLAT Appeal Adjourned to December
NCLAT Chennai adjourns Kalyani Steels Ltd's appeal against Southern Power Distribution Company of TG Ltd to 7 December 2026.
The appeal concerns insolvency proceedings, with only the appellant's couns
NCLAT Lists Telangana Trade Corp Appeal
NCLAT Chennai lists appeal filed by Telangana State Trade Promotion Corporation against AP Gems & Jewellery Park.
Case scheduled for next hearing on November 4, 2026.
Appeal challenges previous order
Madhucon Infra NCLAT Appeal Adjourned to November
NCLAT Chennai adjourns Madhucon Infra Ltd's appeal against State Bank of India to 27 November 2026.
The appeal concerns insolvency proceedings, with the appellant represented by Advocate KVS Madhumita
Nakshatra Feeds NCLAT Appeals Adjourned to December 2026
NCLAT Chennai adjourns two insolvency appeals filed by Nakshatra Feeds India Ltd to December 18, 2026.
Appeals challenge actions of the Resolution Professional for Nexus Feeds Ltd in ongoing insolvenc
NCLAT Lists Concept Eduventures Insolvency Appeals
NCLAT Principal Bench lists two connected insolvency appeals filed by Kamal Agarwal, Monitoring Professional for Concept Eduventures Pvt. Ltd.
The appeals (Comp. App. (AT) (Ins) No. 1680 & 1703 of 202
NCLAT Adjourns Isolux Corsan India Appeal to November 2026
NCLAT Principal Bench adjourns Insolvency Appeal No. 314 of 2024 filed by Isolux Corsan India against South East U.P. Power Transmission Company.
The matter was listed for hearing on September 30, 202
NCLAT Adjourns Sasa Musa Sugar Insolvency Appeal
NCLAT adjourns Company Appeal (AT) (Insolvency) No. 727 of 2026 to November 16, 2026.
The appeal involves appellants Mahmud Ali & Ors. versus the liquidator of Sasa Musa Sugar Works.
Any existing inte
NCLAT Adjourns Avani Projects Insolvency Appeals
NCLAT adjourns multiple interconnected appeals related to Avani Projects & Infrastructure Ltd. insolvency proceedings to October 6, 2026.
Appellants include State Bank of India, Adone Hotels, and Kolk
NCLAT Adjourns Multiple Avani Projects Insolvency Appeals
NCLAT adjourns five interconnected appeals related to Avani Projects & Infrastructure Ltd's insolvency proceedings to September 29, 2026.
Appellants include State Bank of India, Adone Hotels & Hospita
NCLAT Upholds Syska E-Retails LLP Liquidation Order
NCLAT dismisses appeal against NCLT Mumbai's order liquidating Syska E-Retails LLP after CIRP expiry.
CIRP expired on 14.12.2025 without resolution plan or valid extension, triggering mandatory liquid
NCLAT Adjourns Marathe Hospitality Appeals to November 2026
NCLAT adjourns two appeals filed by Marathe Hospitality against the Resolution Professional of Phadnis Resorts and Spa India Ltd.
The matters were not taken up due to paucity of time and are now liste
NCLAT Schedules VAS Infrastructure Insolvency Appeals Hearing
NCLAT lists four interconnected appeals related to VAS Infrastructure Ltd.'s insolvency for final hearing on October 9, 2026.
All respondents consented to not file replies to the appeals and agreed to
IBBI 10th Annual Day Highlights IBC Reforms and Impact
Minister Harsh Malhotra stated IBC strengthened credit discipline, improved recovery climate, and contributed to ease of doing business.
IBBI Chairperson noted IBC enabled substantial creditor recover
Mahaalaxmi Texpro 33rd AGM Voting Results Unanimous Approval
Mahaalaxmi Texpro Ltd discloses unanimous shareholder approval for all six resolutions at its 33rd AGM held via video conference on September 30, 2026.
All resolutions passed with near-unanimous 99.99
NCLAT Issues Notices in Vayam Technologies Insolvency Appeals
NCLAT consolidates two appeals (1661 & 1689 of 2026) filed against Ebix Vayam Technologies and BSNL.
Appellant challenges NCLT's direction to pay unquantified amount to Ebix Vayam, alleging violation
NCLAT Adjourns ATS Infrastructure Appeals to November
NCLAT adjourns multiple appeals against ATS Infrastructure Ltd. to November 18, 2026.
Appeals filed by Rahul Munjal and Vandana Raheja involve insolvency proceedings against the company.
The tribunal
NCLAT Adjourns Button Industries Insolvency Appeals
NCLAT adjourned three interconnected insolvency appeals involving Button Industries Pvt. Ltd. due to paucity of time.
The appeals involve Wellfin Corporation, Madhav Solar, CoC through Neurich Nutrifo
Siti Networks Discloses ₹1,206 Crore Loan Default
Siti Networks discloses ₹1,206.03 crore total default on bank loans and financial indebtedness as of September 30, 2026.
Company is under Corporate Insolvency Resolution Process since NCLT admission o
SITI Networks Defaults on ₹1,149 Crore Bank Loans
SITI Networks discloses default on term loan installments totaling ₹1,149 crore to multiple lenders including ARCIL and IDBI Bank.
The default occurred on August 31, 2026 and continues beyond 30 days
Reliance Infrastructure JV Faces $182M IBC Petition
IIFC filed NCLT petition against Reliance Infra JV MMOPL for $182M recovery.
NARCL revoked Master Restructuring Agreement with MMOPL due to unmet conditions.
MMOPL disputes claim, seeks legal advice;
NCLAT Lists Button Industries Insolvency Appeals
NCLAT Principal Bench lists three interconnected appeals concerning Button Industries Pvt. Ltd.'s insolvency resolution for hearing.
Appeals involve Wellfin Corporation, Madhav Solar, CoC member Neuri
NCLAT Lists Furnace Fabrica Insolvency Appeals for December
NCLAT Chennai lists three interconnected insolvency appeals for hearing on December 16, 2026.
Appeals involve shareholders and FF International Ltd challenging actions of Resolution Professional Alok
NCLAT Schedules Hindustan Photo Films Appeal Hearing
NCLAT Chennai schedules next hearing for an appeal filed by Indu Employees Progressive Union against the liquidator of Hindustan Photo Films Mfg. Co. Ltd.
The appeal, listed for 11 December 2026, pert
NCLAT Lists Baron Infotech Resolution Applicant Appeal
NCLAT Chennai lists an appeal filed by Vivek Kumar Ratakonda, Resolution Applicant of Baron Infotech Ltd, for hearing on 01.10.2026.
The appeal challenges actions of the Resolution Professional, Ahala
Ansal Properties FY26 Standalone Net Loss ₹162.93 Crore
Ansal Properties reported audited standalone FY26 results with a net loss of ₹162.93 crore and disclosed inability to file consolidated results due to CIRP in subsidiaries.
The Board noted it will not
Aban Offshore Q2 FY27 Results Under CIRP
Aban Offshore reported unaudited standalone net profit of ₹330.25 million for Q2 FY27 while undergoing corporate insolvency resolution process.
Auditors issued disclaimer of conclusion due to material
Winsome Yarns Q1 FY27 Loss ₹3.32 Cr Post-NCLT Resolution
Winsome Yarns reported Q1 FY27 unaudited standalone net loss of ₹3.32 crore with negative net worth, pending full implementation of NCLT-approved resolution plan.
NCLT Chandigarh approved ₹162.90 cror
CMI Limited FY26 Audited Results with Qualified Opinion
CMI Limited reported audited FY26 results under CIRP, with a net loss of ₹113.58 crore and a qualified audit opinion.
The Resolution Professional approved results showing revenue decline to ₹553.41 cr
Shivom Investment CIRP Exit Regularizes Backlogged Results
Board approved audited financial results for Q4 FY25 and Q1 FY26 to clear backlog from CIRP period.
NCLT approved resolution plan on 18-Aug-2025 cancels existing capital, issues new shares to creditor
Nova Iron Steel Q1 FY27 Loss with Material Uncertainty
Nova Iron & Steel reported a standalone net loss of ₹85.87 lakh for Q1 FY27, with auditors qualifying their review due to unrecorded interest costs.
The company faces material uncertainty as a going c
Shree Ram Proteins Reports Severe Losses, Defaults
Board approved unaudited Q1 FY27 results showing a net loss of ₹6.36 crore and audited FY26 results with a net loss of ₹101.09 crore.
Auditors issued an adverse opinion citing material uncertainty ove
SIP Industries Q2 FY26 Net Loss ₹3 Lakhs
SIP Industries board approved unaudited Q2 FY26 results showing a net loss of ₹3.01 lakhs with negative net worth of ₹603.71 lakhs.
Auditors highlighted material uncertainty on going concern due to ac
Nova Iron Steel FY26 Net Loss ₹1596.91 Lakhs
Nova Iron Steel reported audited FY26 net loss of ₹1596.91 lakhs with negative net worth of ₹2706.48 lakhs.
Auditors issued qualified opinion citing five material issues including non-compliance with
Nova Iron Steel FY26 Net Loss ₹1596.91 Lakhs
Nova Iron Steel reported FY26 net loss of ₹1596.91 lakhs with auditors issuing qualified opinion over multiple compliance and disclosure issues.
Company disposed charged assets to lender Shree Balaji
Starlite Components FY26 Net Loss ₹7.09L Amid CIRP
Starlite Components filed its FY25-26 annual report, disclosing a net loss of ₹7.09 lakhs on sharply declined revenue of ₹186.32 lakhs.
The company's Corporate Insolvency Resolution Process concluded
Oasis Tradelink FY26 Reports Nil Revenue, ₹20.12L Loss
Oasis Tradelink Limited filed its Integrated Annual Report for FY 2025-26 and notice for its 30th AGM to be held on September 29, 2026 via VC/OAVM.
The company reported zero revenue and a net loss of
Williamson Magor FY26 Net Loss ₹12.54 Crore Amid Defaults
Williamson Magor reported a net loss of ₹12.54 crore for FY26 with negative net worth of ₹21.59 crore, primarily from provision write-backs and asset write-offs.
RBI cancelled the company's NBFC regis
Maxgrow India 33rd AGM Notice and FY26 Results
Maxgrow India convenes 33rd AGM on September 28, 2026, to adopt FY26 financial statements and appoint directors/auditors.
Company reports consolidated revenue of ₹22,426.34 crore and profit of ₹450.28
Gayatri Projects Exits CIRP with ₹2,047 Crore PAT
Gayatri Projects exited Corporate Insolvency Resolution Process (CIRP) in September 2025 via NCLT-approved withdrawal under Section 12A of IBC, resulting in a dramatic financial turnaround.
The compan
Galada Power 54th AGM Notice and FY26 Results
Galada Power to hold 54th AGM on September 30, 2026, to adopt FY26 accounts and reappoint director Thiyagarajan Loganathan.
Company reported FY26 net profit of ₹1216 lakhs versus ₹36 lakhs in FY25, pr
VVIP Infratech FY26 Profit Declines 16.7% to ₹30.07 Crore
VVIP Infratech reported consolidated net profit decline of 16.7% to ₹30.07 crore with revenue down 6.5% to ₹346.49 crore for FY26, while maintaining strong order book of ₹756 crore.
The company secure
Colinz Laboratories Open Offer for 26% at ₹54/share
Saffron Capital issued a reminder advertisement for an open offer by Annjana Dugar, Likhitta Dugar, and Antariksh Dugar with PAC Padam Dugar to acquire 654,966 shares (26%) of Colinz Laboratories at ₹
Radha Madhav Promoter Allotment 1.12 Cr Shares
• Radha Madhav Corp discloses promoter allotment of 1.12 crore shares under SEBI Takeover Regulations.
• Plug & Play Retail and Vijay Patel's holding increases to 69.30% post-allotment from 94.91% pre