Date: 15th August, 2026

Bank Guarantee Invocation Details

Background and Context:

  • The company is under Corporate Insolvency Resolution Process (CIRP) as per Hon'ble NCLT, Hyderabad Bench-I Order dated 15th May, 2026
  • Resolution Professional Ms. Medarametla Srinivasa Mano Ranjani (IBBI Reg# IBBI/IPA-001/IP-P00736/2017-2018/11235) is overseeing the process

Project History:

  • Company was awarded 133 MW Solar PV Project by MSEDCL via Letter of Award dated 25 September 2024
  • Company furnished Bank Guarantee (No. QI0IBGP242830001 dated 09.10.2024) for INR 6.65 Crore in favor of MSEDCL
  • Bank Guarantee was backed by 100% margin in form of Fixed Deposit
  • Company incorporated Parmeshi Urja Limited (PUL) as wholly owned subsidiary for project development
  • Ownership of PUL and related project assets/liabilities, including Bank Guarantee and Fixed Deposit, were transferred to IPCL Power Limited (wholly owned subsidiary) via Business Transfer Agreement dated 2 June 2025
  • The Business Transfer Agreement and related transactions are currently under review by the Resolution Professional

Invocation Details:

  • Bank Guarantee was invoked by MSEDCL on 1st April 2026 on grounds of non-achievement of Financial Closure
  • PUL obtained interim protection against encashment from Bombay High Court
  • MERC vacated the interim protection vide its Order dated 12 August 2026
  • Following MERC order, Bank Guarantee was invoked/encashed on 14 August 2026
  • Karur Vysya Bank Ltd remitted ₹6.65 crores to MSEDCL

Financial Impact:

  • Adverse financial impact of ₹6.65 crores
  • Main Petition filed by PUL before Maharashtra Electricity Regulatory Commission (MERC) remains pending
  • MERC order dated 12th August 2026 observed that if PUL ultimately succeeds in main Petition, monetary impact may be addressed through restitution of encashed amount with appropriate interest

Regulatory Compliance:

  • Intimation made under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • Reference to SEBI master circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026
  • Follows previous intimation dated 16th May 2026 regarding admission of CIRP petition

Resolution Professional Details

Name: Ms. Srinivasa Mano Ranjani (Medarametla Srinivasa Mano Ranjani)

Role: Resolution Professional for India Power Corporation Limited

IBBI Registration: IBBI/IPA-001/IP-P00736/2017-2018/11235

AFA Number: AA1/11235/02/300627/109371 (valid up to 30.06.2027)