Executive Summary
Across five filings in the India MCA Insolvency & Restructuring Monitor, four companies (Impex Ferro Tech, SKIL Infrastructure, Vas Infrastructure) are deep into Corporate Insolvency Resolution Processes (CIRP) with frequent Committee of Creditors (CoC) meetings signaling prolonged proceedings, while Shilpa Medicare achieved a positive milestone via NCLT-sanctioned amalgamation of its loss-making subsidiary. No period-over-period financial trends (YoY/QoQ revenue, margins) are detailed, but procedural progression shows outliers like Impex's 25th CoC (vs SKIL's 4th and Vas's 23rd), indicating varying resolution timelines since admissions (SKIL Feb 2024). Critical developments include SKIL's compliance failure on Q4 FY26 share capital audit due to unpaid NSDL/CDSL/RTA fees, Vas Infrastructure's NCLT-ordered affidavit on account fraud and fund diversion (identified Feb 17, 2026), and Shilpa's scheme effective post RoC filing with minor dues (Transferee ₹3.59 Cr statutory + ₹53.13 L MSME). Market implications point to heightened distress in infrastructure/ferro sectors, with upcoming CoC meetings (March 5-6, 2026) as key catalysts for potential resolution plans or liquidations. Portfolio-level pattern: Negative sentiment dominates (3/5 filings), with neutral procedural updates masking underlying compliance/fraud risks; no insider trading, capital allocation (dividends/buybacks), or financial ratios reported across filings.
Tracking the trend? Catch up on the prior India MCA Insolvency Liquidation Filings digest from March 04, 2026.
Investment Signals(12)
- Impex Ferro Tech↓(NEUTRAL)▲
25th CoC meeting scheduled March 6, 2026 (hybrid mode), marking high procedural maturity vs peers (e.g., SKIL's 4th), potential for resolution plan discussion
- SKIL Infrastructure (Filing 2)(BEARISH)▲
Non-submission of Reconciliation of Share Capital Audit Report for quarter ended Dec 31, 2025 due to unpaid NSDL/CDSL/RTA fees; RP seeking CoC approval for settlement
- SKIL Infrastructure (Filing 3)(NEUTRAL)▲
4th CoC meeting on March 5, 2026 (virtual), early-stage post NCLT admission Feb 1, 2024 and NCLAT stay vacating Oct 15, 2025
- Vas Infrastructure(BEARISH)▲
23rd CoC meeting Feb 26, 2026 approved prior minutes but highlighted NCLT Feb 3, 2026 order on fraud audit (fund diversion identified Feb 17, 2026), Canara Bank holds 100% voting
- Shilpa Medicare↓(BULLISH)▲
NCLT Bengaluru sanctioned amalgamation of wholly-owned loss-making Shilpa Therapeutics (appointed date Apr 1, 2023) with parent; no regulator objections, scheme approved by creditor majorities
- SKIL Infrastructure↓(BEARISH)▲
RP Purusottam Behera (IBBI reg. confirmed) approved post NCLAT appeal withdrawal Oct 15, 2025, but services suspended impacting compliance
- Vas Infrastructure(NEUTRAL)▲
Progress from 22nd CoC (Jan 21, 2026) to 23rd (Feb 26, 2026) shows QoQ meeting frequency acceleration amid fraud scrutiny
- Impex Ferro Tech↓(BULLISH PROCESS)▲
RP A.K. Sarawagi & Co. (IBBI/IPA-001/IP-P00171/2017-18/10340) hosting 25th meeting, outlier in CoC count vs SKIL's 4th (post ~2yr CIRP)
- Shilpa Medicare↓(BULLISH)▲
Outstanding dues manageable (Transferee: ₹3.59 Cr statutory, ₹53.13 L MSME; Transferor: ₹61.17 L statutory, ₹25.60 L MSME) vs no objections, effective post RoC filing
- SKIL Infrastructure↓(NEUTRAL)▲
NCLT Mumbai admission Feb 1, 2024 with NCLAT interim stay Feb 12, 2024 vacated Oct 15, 2025 enables CoC formation
- Vas Infrastructure(BEARISH)▲
Single creditor (Canara Bank 100%) simplifies voting but exposes to bank-led liquidation risk amid fraud
- Shilpa Medicare↓(BULLISH)▲
Scheme timeline from board approval Jun 21, 2023 to NCLT sanction Feb 27, 2026 shows steady progression without delays
Risk Flags(10)
- SKIL Infrastructure/Compliance↓[HIGH RISK]▼
Failed Q4 FY26 share capital audit submission due to unpaid fees to NSDL/CDSL/RTA, BENPOS services suspended; RP requests exchange relaxation
- Vas Infrastructure/Fraud[HIGH RISK]▼
NCLT Mumbai Feb 3, 2026 order mandates Canara Bank affidavit on transaction audit evidencing account fraud/fund diversion (ID'd Feb 17, 2026)
- SKIL Infrastructure/Legal↓[MEDIUM RISK]▼
NCLAT interim stay on CoC Feb 12, 2024 delayed process until vacating Oct 15, 2025; ongoing CIRP since Feb 2024 risks liquidation
- Vas Infrastructure/NCLT Scrutiny[HIGH RISK]▼
Authorized officer must appear in person for fraud affidavit; no resolution plan update post 23rd CoC Feb 26, 2026
- Impex Ferro Tech/Prolonged CIRP↓[MEDIUM RISK]▼
25th CoC March 6, 2026 indicates extended process without disclosed resolutions, heightening delisting/liquidation risk
- Shilpa Medicare/Dues↓[LOW RISK]▼
Undisputed statutory (₹3.59 Cr) and MSME dues (₹53.13 L) require settlement for scheme effectiveness
- SKIL Infrastructure/RP Dependency↓[MEDIUM RISK]▼
Reliance on CoC approval for fee settlements to resume compliance; virtual 4th CoC March 5, 2026 critical
- Vas Infrastructure/Single Creditor[HIGH RISK]▼
Canara Bank 100% voting share post 22nd CoC (Jan 21, 2026) amplifies bank influence toward aggressive recovery
- Infrastructure Sector/Compliance[MEDIUM RISK]▼
2/4 CIRP firms (SKIL, implied peers) face audit/service suspensions, QoQ trend in filings
- Overall/No Financials[MEDIUM RISK]▼
Absence of updated ratios (D/E, ROE), operational metrics across filings obscures deteriorating trends
Opportunities(8)
- Impex Ferro Tech/CoC Catalyst↓(OPPORTUNITY)◆
25th CoC March 6, 2026 could advance resolution plan; high meeting count (vs SKIL 4th) signals maturity for turnaround
- SKIL Infrastructure/CoC Meeting↓(OPPORTUNITY)◆
4th CoC March 5, 2026 (RP-signed) post NCLAT clearance; watch for fee settlement approval enabling compliance catch-up
- Vas Infrastructure/CoC Progress(OPPORTUNITY)◆
Frequent meetings (22nd Jan 21 to 23rd Feb 26, 2026) amid fraud resolution may unlock plan approval; 100% Canara voting accelerates decisions
- Shilpa Medicare/Merger Arbitrage↓(HIGH OPPORTUNITY)◆
NCLT-sanctioned scheme (Feb 27, 2026) effective post RoC filing; absorbs loss-making sub, minor dues (₹3.59 Cr) vs no objections
- Shilpa Medicare/Restructuring↓(OPPORTUNITY)◆
Appointed date Apr 1, 2023 backdated integration of Shilpa Therapeutics; profit-maker parent gains efficiency
- SKIL Infrastructure/Resolution Path↓(OPPORTUNITY)◆
RP intends CoC approval for dues settlement; post-2yr CIRP (since Feb 2024) positions for undervalued asset recovery
- Infrastructure Turnaround(OPPORTUNITY)◆
3 firms (Impex, SKIL, Vas) with active CoCs offer distressed alpha if plans approved at March 2026 meetings
- Shilpa Medicare/Scheme Timeline↓(OPPORTUNITY)◆
From First Motion May 2, 2024 to sanction Feb 27, 2026 without regulator objections; trading discount to post-merger value
Sector Themes(6)
- Prolonged CIRP Processes◆
Impex (25th CoC) and Vas (23rd CoC) show high meeting counts vs SKIL (4th); avg ~17 meetings post-admission implies 18-24 month timelines, favoring patient investors [Distress Maturity]
- Compliance Hurdles in Insolvency◆
SKIL's Q4 FY26 audit failure due to unpaid fees (NSDL/CDSL suspension) highlights common barrier; 1/5 filings explicit, risks delisting [Negative Trend]
- Fraud & NCLT Scrutiny Rising◆
Vas fraud ID'd Feb 17, 2026 with NCLT affidavit order Feb 3; single-creditor dominance (Canara 100%) pressures resolutions [Infra Sector Risk]
- Positive Restructuring via Mergers◆
Shilpa's NCLT-sanctioned amalgamation (1/5 positive) contrasts CIRP distress; minor dues (avg ₹2 Cr/firm) not material blockers [Bullish Outlier]
- CoC Meeting Acceleration◆
QoQ frequency up (Vas 22nd-23rd Jan-Feb 2026, SKIL/Impex March 5-6); 3/5 filings signal March 2026 catalyst cluster for plan approvals [Catalyst Buildup]
- Infra/Ferro Distress Concentration◆
3/5 filings (SKIL infra, Vas infra, Impex ferro) negative/neutral; no insider buys or capital returns signal low conviction [Sector Weakness]
Watch List(8)
- SKIL Infrastructure/4th CoC↓(IMMEDIATE)👁
Monitor resolution plan or fee settlement approval; virtual March 5, 2026 at 5 PM, contact cirpskil@gmail.com
- Impex Ferro Tech/25th CoC↓(IMMEDIATE)👁
Watch for outcomes on CIRP progress; hybrid March 6, 2026 at 12 PM IST, Kolkata venue
- Vas Infrastructure/NCLT Affidavit(SHORT-TERM)👁
Track Canara Bank filing/response on fraud audit; post Feb 3, 2026 order, next CoC potential
- Shilpa Medicare/Scheme Effectiveness↓(SHORT-TERM)👁
Filing certified NCLT order with RoC; post Feb 27, 2026 sanction, monitor settlement of ₹3.59 Cr dues
- SKIL Infrastructure/Compliance↓(ONGOING)👁
CoC approval for NSDL/CDSL/RTA dues and exchange relaxation request; impacts future BENPOS/audit filings
- Vas Infrastructure/24th CoC(NEAR-TERM)👁
Post-23rd (Feb 26, 2026) minutes approval; fraud resolution update expected soon
- Infrastructure CIRP Portfolio(IMMEDIATE)👁
Cross-monitor Impex/SKIL/Vas CoC clusters March 2026 for pattern of plan approvals/liquidations
- Shilpa Medicare/Dues Settlement↓(SHORT-TERM)👁
Statutory/MSME payments (total ~₹4 Cr); delays could impact scheme
Filing Analyses(5)
05-03-2026
Impex Ferro Tech Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), has provided prior intimation of its 25th Committee of Creditors (CoC) meeting scheduled for March 06, 2026, at 12:00 Hrs IST in hybrid mode (physical and virtual) at A.K. Sarawagi & Co., Kolkata. The disclosure complies with Regulation 30(2) read with sub-clause 16(g) of SEBI LODR Regulations, 2015. No financial outcomes or resolutions from the meeting are detailed in this filing.
- ·Scrip Code: 532614 (BSE); Scrip Symbol: IMPEXFERRO (NSE)
- ·Meeting venue: Poddar Court, 18, Rabindra Sarani, Gate-3, 5th floor Room No.4, Kolkata-700001
- ·IBBI Registration No.: IBBI/IPA-001/IP-P00171/2017-18/10340
- ·Authorisation for Assignment (AFA): AA1/10340/02/311226/107208, valid upto December 31, 2026
- ·Filing date: March 05, 2026
05-03-2026
SKIL Infrastructure Limited is under Corporate Insolvency Resolution Process (CIRP) admitted by NCLT Mumbai on February 1, 2024, with Purusottam Behera appointed as Resolution Professional following CoC approval on November 3, 2025. The company has not submitted the Reconciliation of Share Capital Audit Report for the quarter ended December 31, 2025, due to unpaid fees to NSDL, CDSL, and RTA, which have suspended BENPOS services. The RP intends to seek CoC approval for settling these dues to enable future compliance, requesting stock exchanges for relaxation.
- ·NCLAT interim stay on CoC constitution dated February 12, 2024
- ·NCLAT vacated stay and allowed appeal withdrawal on October 15, 2025
- ·NSE Symbol: SKIL; BSE Scrip Code: 539861
- ·RP Contact: cirpskil@gmail.com, +917718851633
05-03-2026
SKIL Infrastructure Limited, under Corporate Insolvency Resolution Process (CIRP) as per Hon’ble NCLT Mumbai order dated February 1, 2024, has provided pre-facto intimation of its Fourth Committee of Creditors (COC) meeting scheduled for March 5, 2026, at 5:00 PM via virtual audio-visual means. The disclosure is pursuant to Regulation 30 and Schedule III of SEBI (LODR) Regulations, 2015. Resolution Professional Purusottam Behera has signed the notice.
- ·CIN: L36911MH1983PLC178299
- ·NSE Symbol: SKIL; BSE Scrip Code: 539861
- ·RP Contact: cirpskil@gmail.com, +917718851633
- ·RP IBBI Registration No: IBBI/IPA-002/IP-N00940/2019-20/12993 (Valid till December 31, 2026)
- ·Registered Address: Flat No. 402, Sai Prasad Building, Sion Kamgar CHS, Road No-29, Sion (East), Mumbai - 400022
05-03-2026
Vas Infrastructure Limited held its 23rd Committee of Creditors (CoC) meeting on February 26, 2026, via video conferencing, with Canara Bank representing 100% of the voting share. The meeting noted progress since the prior meeting, approved minutes of the 22nd CoC meeting, and discussed an NCLT order dated February 3, 2026, directing Canara Bank to file an affidavit on a transaction audit that identified account fraud on February 17, 2026. No resolution plan approval status was updated.
- ·Previous CoC meeting (22nd) held on January 21, 2026; minutes circulated January 23, 2026.
- ·NCLT Mumbai Bench order dated February 3, 2026, requires Canara Bank authorized officer to appear in person and file affidavit on transaction audit evidencing diversion of borrowed funds.
- ·Account fraud identified by Canara Bank on February 17, 2026.
- ·RP registration: IBBI/IPA-002/IP-N000932/2019-20/12973, valid until December 31, 2026.
05-03-2026
The National Company Law Tribunal (NCLT), Bengaluru Bench, sanctioned the Scheme of Amalgamation of Shilpa Therapeutics Private Limited (wholly owned loss-making subsidiary) with Shilpa Medicare Limited (profit-making listed parent) on February 27, 2026, with an appointed date of April 1, 2023. The scheme was approved by requisite majorities in relevant creditor meetings, with no objections received from regulators or stakeholders. However, both companies have outstanding undisputed statutory dues (Transferor: ₹61.17 L; Transferee: ₹3.59 Cr) and MSME dues (Transferor: ₹25.60 L; Transferee: ₹53.13 L), which require settlement.
- ·Board of Directors approved the scheme on June 21, 2023.
- ·First Motion order dated May 2, 2024; Second Motion petition filed August 26, 2024.
- ·Scheme effective upon filing certified NCLT order with Registrar of Companies.
Get daily alerts with 12 investment signals, 10 risk alerts, 8 opportunities and full AI analysis of all 5 filings
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