Cyient Limited disclosed the dissolution of Infotech HAL Limited, its 50:50 joint venture with Hindustan Aeronautics Limited (HAL), pursuant to an order dated 17 August 2026 from the Bengaluru Bench of the National Company Law Tribunal (NCLT). The order was received by Cyient on 21 August 2026.
Background and Proceedings
Infotech HAL Limited was incorporated on 23 August 2007 with Corporate Identity Number U29200KA2007PLC043691. It had an Authorized Share Capital of ₹28.00 crore and Paid-up Share Capital of ₹4.00 crore. The company was engaged in aero-engine service work.
The NCLT admitted the company's application for Corporate Insolvency Resolution Process (CIRP) under section 10 of IBC 2016 on 22 August 2025, appointing Mr. Vasudevan Gopu as Interim Resolution Professional (IBBA/IPA-002/IPN00291/2017-18/10849). The Committee of Creditors subsequently decided on liquidation, and the NCLT ordered liquidation on 02 February 2026 in IA(Liq.) No. 01/2026, appointing Mr. Vasudevan Gopu as Liquidator.
Financial Details and Liquidation Process
At commencement of CIRP, the corporate debtor held ₹15,75,699.93 in current and fixed deposit accounts, along with receivables. During CIRP, receivables of ₹1,18,716 were realized, and CIRP expenses of ₹4,50,561 were paid, leaving a balance of ₹12,43,849.91 at liquidation commencement.
Fixed deposits were closed during liquidation, realizing ₹2,60,779.00 (including accrued interest), bringing total funds available for distribution to ₹15,04,628.91 as of 29 April 2026.
Total admitted claims aggregated to ₹5,38,39,851 from unsecured financial creditors, employees/workmen, government authorities, and provident fund dues.
Distribution and Compliance
Employees' Provident Fund Organisation (EPFO) dues of ₹10,84,635 were discharged pursuant to Section 36(4)(a)(iii) of IBC 2016, which excludes such amounts from the liquidation estate. Distributions to other creditors under Section 53 were nil due to insufficient funds.
A Stakeholder Consultation Committee was constituted on 28 April 2026 with members including:
- Asstt. Commissioner of Central Tax, South Division: ₹74,18,868 claim (73.03% voting)
- JJJ 1-ITech Pvt. Ltd.: ₹5,18,172 claim (5.10% voting)
- All Time Support: ₹12,00,000 claim (11.81% voting)
- MOJ Associates: ₹1,08,000 claim (1.06% voting)
- Chenthamarai Venkatachalam: ₹9,09,357 claim (8.95% voting)
- Employees' State Insurance Corporation: ₹4,956 claim (0.05% voting)
The SCC approved the dissolution application and distribution steps in its meeting on 11 May 2026.
Regulatory Compliance Timeline
- Liquidation commencement: 27 February 2026
- Public announcement (Form B): 07 March 2026
- Constitution of SCC: 28 April 2026
- Preliminary report filed: 13 May 2026
- Closure of accounts: 22 May 2026 (current), 29 April 2026 (FD)
- Final report and Form-H compliance certificate filed: 30 May 2026
Dissolution Order
The NCLT order dissolved Infotech HAL Limited under Section 54 of IBC 2016, finding that all realizable assets had been dealt with and the affairs completely wound up. The Liquidator was directed to inform Income Tax and GST Departments about the dissolution and surrender PAN and GSTIN. The order clarifies that dissolution does not affect creditors' rights against erstwhile directors, guarantors, or other relevant persons.
The Liquidator was discharged from duties, and the Registry was directed to serve the order to ROC Bengaluru and IBBI within 14 days.