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India MCA Insolvency Liquidation Filings — October 21, 2026

India MCA Insolvency & Restructuring Monitor

By Gunpowder Editorial ·

10 high priority 10 total filings analysed

Executive Summary

All ten filings sit squarely within the India MCA Insolvency & Restructuring Monitor scope (NCLT orders, CIRP, CoC meetings, schemes under Sections 230-232), so none are excluded. The filings are overwhelmingly procedural: five are Committee of Creditors (CoC) or NCLT-directed meeting notices, two are scheme-of-arrangement or amalgamation disclosures, and one is a fresh Section 9 admission.

Because the source excerpts contain no period-over-period financials, insider transactions, guidance, or capital allocation figures for most names, the enriched quantitative fields (YoY/QoQ comparisons, forward guidance, insider activity) are largely unavailable; this digest therefore relies on dates, procedural milestones, and governance signals rather than fabricated trend data. The dominant theme is distressed companies whose governance is impaired: Shirpur Gold Refinery cannot file four mandatory compliance reports and claims exemption from corporate governance rules under CIRP, while Gujarat Toolroom has just entered CIRP. The near-term catalyst cluster is a set of CoC meetings and shareholder votes between 22 October and 27 November 2026, with Lactose (India) record date on 2 November and the GOCL and Ganesh Housing scheme meetings in late November being the most time-sensitive items for event-driven positioning.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Insolvency

Tracking the trend? Catch up on the prior India MCA Insolvency Liquidation Filings digest from October 19, 2026.

Investment Signals (9)

  • Lactose (India) Ltd ↓ (NEUTRAL)
    ▲

    Record date 2 Nov 2026 for allotment of new shares at 0.7946 per share to Vitanosh Ingredients shareholders under NCLT-approved amalgamation (order 5 Aug 2026); share count dilution and integration are the watch items, no earnings impact disclosed

  • GOCL Corporation Ltd (NEUTRAL)
    ▲

    Equity shareholder vote on merger by absorption of Hinduja National Power on 24 Nov 2026 (e-voting 19-23 Nov, cut-off 17 Nov) under NCLT Amaravati order of 8 Oct 2026; a successful vote would consolidate a power asset into the listed entity

  • Ganesh Housing Ltd (NEUTRAL)
    ▲

    Scheme of arrangement with Gatil Properties Pvt Ltd put to equity shareholders on 27 Nov 2026, with NSE no-objection and BSE no-adverse-observations letters already received (both 6 Jul 2026), a procedural de-risking signal

  • Balkrishna Paper Mills Ltd (BEARISH)
    ▲

    Company states it has no major business operations and plans to write off Rs 52.28 crore accumulated losses and cut face value from Rs 10 to Re 1; Rs 110 crore 6.5% preference capital to be reclassified as unsecured interest-free loan, a balance-sheet restructuring that reduces redemption pressure but signals weak operating base

  • Shirpur Gold Refinery Ltd ↓ (BEARISH)
    ▲

    Four quarterly compliance filings for quarter ended 30 Sep 2026 (shareholding pattern, PCS audit, RTA certificate, governance report) cannot be submitted because depositories and RTA stopped Benpos data over unpaid erstwhile-management fees; claimed exemption from SEBI LODR governance rules compounds disclosure opacity

  • Gujarat Toolroom Ltd ↓ (BEARISH)
    ▲

    Section 9 petition admitted by NCLT Ahmedabad on 30 Sep 2026 (CP (IB) 158/2026), company now 'In CIRP' with Iqbal Singh Gandhi as Interim Resolution Professional; operational creditor-initiated process implies unresolved payment default

  • Compuage Infocom Ltd (NEUTRAL)
    ▲

    29th CoC meeting on 27 Oct 2026 at 3:00 PM under RP Gajesh Jain, appointed Apr 2024; the company has been in CIRP for over two years, so the meeting is a checkpoint on resolution-plan progress

  • Vas Infrastructure Ltd ↓ (BEARISH)
    ▲

    29th CoC meeting on 22 Oct 2026 at 4:00 PM IST under RP Bimal Kumar Agarwal (AFA valid to 30 Jun 2027); the same meeting count as Compuage suggests a long-running process with repeated deferrals and no visible resolution yet

  • SKIL Infrastructure Ltd ↓ (BEARISH)
    ▲

    Fourteenth CoC meeting postponed from 21 Oct to 27 Oct 2026 at the request of CoC members, a delay signal that may indicate disagreement among creditors on a resolution plan

Risk Flags (8)

  • Shirpur Gold Refinery/Compliance Breakdown↓ [HIGH RISK]
    ▼

    Four mandatory quarterly filings for Sep 2026 quarter cannot be made; depositories and RTA have halted Benpos shareholding data, creating a real risk of exchange sanctions, trading restrictions, or delisting proceedings

  • Shirpur Gold Refinery/Governance Exemption Claim↓ [HIGH RISK]
    ▼

    Company invokes Regulations 15(2A) and 15(2B) of SEBI LODR to exempt itself from Regulations 17-21 and 27 while under CIRP, removing board-independence and audit-committee protections precisely when creditor oversight is most needed

  • Balkrishna Paper Mills/Capital Erosion↓ [HIGH RISK]
    ▼

    Company has no major operations, accumulated losses of Rs 52.28 crore must be written off through securities premium, and management itself states it will lack profits, reserves or liquidity to redeem Rs 110 crore preference shares in the foreseeable future

  • Balkrishna Paper Mills/Disclosure Lapses↓ [MEDIUM RISK]
    ▼

    BSE flagged the 16 Oct 2026 scheme announcement for failing the 24-hour disclosure norm and the company had to resubmit under a corrected category, indicating weak compliance discipline

  • Vas Infrastructure/Protracted CIRP↓ [MEDIUM RISK]
    ▼

    29th CoC meeting indicates a process running well beyond typical timelines with a resolution professional still managing the company; prolonged CIRP erodes recovery value for creditors and equity

  • Compuage Infocom/Protracted CIRP↓ [MEDIUM RISK]
    ▼

    29th CoC meeting under an order dated 29 Apr 2024 means more than two years in CIRP without a visible approved resolution plan in this filing set, raising liquidation risk under IBC timelines

  • SKIL Infrastructure/Creditor Discord↓ [MEDIUM RISK]
    ▼

    CoC meeting postponed at members' own request, which can signal unresolved disagreement over the plan and extends uncertainty for lenders and any bidder

  • Gujarat Toolroom/Creditor Action↓ [MEDIUM RISK]
    ▼

    Section 9 operational-creditor petition admitted with the application filed only on 8 Oct 2026, a very rapid admission cycle that leaves limited time for the board to pursue a settlement or pre-pack alternative

Opportunities (8)

  • Lactose (India)/Scheme Consolidation Event↓ (OPPORTUNITY)
    ◆

    Record date on 2 Nov 2026 for 0.7946 new shares per Vitanosh share; event-driven investors can position around the allotment and the enlarged share base, with the NCLT-approved amalgamation already final

  • GOCL Corporation/Hinduja Power Merger↓ (OPPORTUNITY)
    ◆

    Shareholder vote on 24 Nov 2026 to absorb Hinduja National Power; a successful merger could bring an operating power asset into the listed vehicle, and the NCLT-directed process has cleared the core regulatory steps

  • Ganesh Housing/Scheme Clearance Set↓ (OPPORTUNITY)
    ◆

    Both NSE and BSE have issued no-objection or no-adverse-observation letters (6 Jul 2026), and NCLT has directed the meeting for 27 Nov 2026, so the scheme is one of the more regulatorily de-risked situations in this set

  • Compuage Infocom/Resolution Milestone Watch↓ (OPPORTUNITY)
    ◆

    29th CoC meeting on 27 Oct 2026 is a potential inflection point; a CoC vote approving a resolution plan would trigger NCLT filing and could offer recovery upside for distressed-debt and equity-option investors

  • Vas Infrastructure/CoC Vote Catalyst↓ (OPPORTUNITY)
    ◆

    29th CoC meeting on 22 Oct 2026 at 4:00 PM IST; an approval of a resolution applicant or plan would be the first concrete step toward a recovery outcome and worth tracking immediately after the meeting

  • SKIL Infrastructure/Post-Postponement Vote↓ (OPPORTUNITY)
    ◆

    Fourteenth CoC meeting rescheduled to 27 Oct 2026 at 3:00 PM with physical and virtual participation; a resolution vote at this sitting would be a clear catalyst, and the RP's AFA valid to 31 Dec 2026 gives a defined window for approval

  • Gujarat Toolroom/Distressed Recovery Entry↓ (OPPORTUNITY)
    ◆

    Freshly admitted CIRP with IRP Iqbal Singh Gandhi (AFA valid to 30 Jun 2027); early-stage distressed equity and claims may offer asymmetric recovery exposure if a resolution applicant emerges

  • Info-Drive Software/Ninth CoC Meeting↓ (OPPORTUNITY)
    ◆

    Ninth CoC meeting on 22 Oct 2026 at 11:00 AM IST after an admission dated 15 Oct 2019; the process is among the longest-running in the set, so a decision at this meeting could finally resolve a seven-year-old case

Sector Themes (5)

  • Procedural Density in Distressed Governance (NEUTRAL)
    ◆

    Five of ten filings (SKIL, Info-Drive, Compuage, Vas, Shirpur-related procedural notices) are CoC or compliance notices, showing that most CIRP activity this period is administrative; investors should expect slow outcomes and read meeting postponements as meaningful signals

  • Schemes of Arrangement as Restructuring Vehicle (BULLISH)
    ◆

    Three filings (GOCL, Ganesh Housing, Lactose) rely on NCLT-directed Sections 230-232 schemes, with votes or record dates clustered 2 Nov to 27 Nov 2026; the common path is merger, demerger or allotment rather than liquidation, suggesting that solvent-restructuring tools are being used alongside IBC

  • Capital Reduction as Balance-Sheet Repair (BEARISH)
    ◆

    Balkrishna Paper Mills' write-off of Rs 52.28 crore losses and face-value cut to Re 1, together with reclassifying preference capital as loans, reflects a broader pattern of shell-style companies restructuring equity to preserve listing status

  • Governance Erosion Under CIRP (BEARISH)
    ◆

    Shirpur Gold's claim of LODR governance exemption and the stopping of Benpos data show that CIRP can hollow out disclosure infrastructure, creating information asymmetry for minority holders in distressed names

  • Long-Tail CIRP Duration (BEARISH)
    ◆

    CoC meeting counts of 9 (Info-Drive, admitted 2019), 14 (SKIL, admitted Feb 2024), 29 (Compuage, Apr 2024; Vas) indicate that resolution timelines remain far beyond the IBC 330-day ceiling in several cases, a systemic risk for recovery values

Watch List (8)

Filing Analyses (10)
Gujarat Toolroom Ltd. Insolvency negative materiality 8/10

21-10-2026

Gujarat Toolroom Limited has been subjected to a Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016, after the Hon'ble NCLT Ahmedabad Bench admitted the petition by order dated 30.09.2026 in CP (IB) 158/NCLT/AHM/2026. Iqbal Singh Gandhi (IBBI reg. no. IBBI/IPA-001/IP-P-02365/2021-2022/13524) has been appointed as Interim Resolution Professional, and the company is now designated 'In CIRP'. The filing contains no financial results, monetary claim amounts, or period-over-period operating data.

  • · NCLT order dated 30.09.2026 (copy received by the IRP on 01.10.2026) admitted the Section 9 petition, application no. CCR/NCLT/2026/158/03275 filed 2026-10-08
  • · BSE Scrip Code 513337; ISIN INE145J01032
  • · IRP's AFA valid up to 30-06-2027
Shirpur Gold Refinery Ltd Insolvency negative materiality 7/10

21-10-2026

Shirpur Gold Refinery Ltd, under Corporate Insolvency Resolution Process (CIRP) since June 24, 2024, has notified the exchanges that it cannot submit four quarterly compliance filings for the quarter ended September 30, 2026: the Regulation 31 shareholding pattern, the Regulation 76 PCS share capital audit report, the Regulation 74(5) RTA compliance certificate, and the integrated filing governance report. The reason cited is non-payment of depository and RTA fees by the erstwhile management, which led NSDL, CDSL and the RTA to stop providing shareholding data (Benpos). The company also claims exemption from Corporate Governance requirements (Regulations 17 to 21 and Regulation 27) under Regulations 15(2A) and 15(2B) of SEBI LODR while under CIRP.

  • · Insolvency application under Section 7 of the IBC was filed by Prudent ARC Ltd and admitted by the NCLT Mumbai Bench on June 24, 2024
  • · First Committee of Creditors meeting was convened on July 24, 2024; e-voting concluded September 14, 2024, appointing the IRP as Resolution Professional
  • · Depositories and the RTA stopped providing Benpos data due to unpaid fees demanded from the erstwhile management
  • · Company is claiming exemption from Corporate Governance report filing under Regulation 27 of SEBI LODR, citing Regulations 15(2A) and 15(2B)
  • · Filing is signed by Ashish Vyas, Resolution Professional, IBBI Regn. No. IBBI/IPA-001/IP-P-01520/2018-2019/12267
GANESH HOUSING LIMITED Insolvency neutral materiality 6/10

21-10-2026

Ganesh Housing Limited has filed notice of an NCLT-directed meeting of its equity shareholders (including public shareholders) to approve a Scheme of Arrangement with Gatil Properties Private Limited, under Sections 230-232 of the Companies Act, 2013. The meeting is scheduled for November 27, 2026 via VC/OAVM, with remote e-voting from November 21 to November 26, 2026 and a cut-off date of November 19, 2026. The filing is primarily procedural, with no financial figures disclosed in the excerpt provided.

  • · NCLT Ahmedabad Bench order dated October 7, 2026, with corrigendum dated October 9, 2026, directed the convening of the equity shareholders' meeting
  • · Annexures include a No Complaint Report (January 5, 2026), NSE no-objection letter and BSE no-adverse-observations letter (both July 6, 2026), and a list of ongoing adjudication, recovery, and prosecution proceedings against the company, its promoters and directors as of August 31, 2026
  • · Unaudited financial results of both Gatil Properties Private Limited and Ganesh Housing Limited for the quarter ended June 30, 2026 are annexed
SKIL Infrastructure Ltd Insolvency neutral materiality 4/10

21-10-2026

SKIL Infrastructure Limited, under Corporate Insolvency Resolution Process (CIRP) before the Hon'ble NCLT Mumbai (order dated 1 February 2024), has postponed the Fourteenth Committee of Creditors (CoC) meeting from October 21, 2026 to October 27, 2026, at 3:00 PM, at the request of CoC members. The meeting will be held in physical and virtual mode. The filing contains no financial figures, so no period-over-period performance is reported.

  • · CoC meeting venue: Jasmine Room, 1st Floor, Centre One Building, World Trade Centre, Cuffe Parade, Mumbai – 400066
  • · Filing made under Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015, referencing prior disclosures dated October 13 and October 16, 2026
  • · Resolution Professional's IBBI Authorisation for Assignment (AFA) valid till December 31, 2026
GOCL Corporation Limited Insolvency neutral materiality 6/10

21-10-2026

GOCL Corporation Limited has notified its equity shareholders of a meeting, directed by the NCLT Amaravati Bench (order dated October 08, 2026), to consider a proposed Scheme of Merger by Absorption of Hinduja National Power Corporation Limited (HNPCL) into GOCL under Sections 230-232 of the Companies Act, 2013. The meeting is scheduled for November 24, 2026 via VC/OAVM, with e-voting from November 19 to November 23, 2026, facilitated by KFin Technologies. The filing is a procedural notice of meeting; it does not itself report any financial results or deal terms.

  • · Cut-off date for e-voting is November 17, 2026
  • · Equity shareholder meeting on the scheme is on Tuesday, November 24, 2026 at 11:00 a.m. IST
  • · Notice was also sent electronically to shareholders with registered email IDs as of September 30, 2026
  • · Notice, Explanatory Statement and Annexures are available at goclcorp.com/nclt_convened_meetings
Balkrishna Paper Mills Limited Insolvency mixed materiality 6/10

21-10-2026

Balkrishna Paper Mills Limited's Board-approved and shareholder-approved scheme of reduction of share capital remains before the Mumbai NCLT, which admitted the petition on 14 October 2026 and fixed the next hearing for 21 January 2027. The NCLT order is interim and procedural (notices and newspaper publication under the Companies Act, 2013), and the company states it is not in itself a material development; the filing was a corrective resubmission under 'General Update' after BSE queried the earlier 'Announcement' classification and a delayed disclosure. The company, which says it has no major business operations, proposes to write off accumulated losses of Rs. 52,28,37,029 by adjusting Securities Premium and reducing face value of equity shares from Rs. 10 to Re. 1, and to reduce Rs. 1,10,00,00,000 of 6.5% redeemable preference share capital, with the consideration reclassified as an unsecured non-interest-bearing loan.

  • · Company states it currently has no major business operations and is evaluating new opportunities including real estate-related activities
  • · Company's own rationale states it will lack profits, reserves or liquidity to redeem preference shares in the foreseeable future
  • · BSE flagged the 16 October 2026 scheme-of-arrangement announcement for failing to disclose within 24 hours; company submitted this correction citing inadvertent classification
  • · Creditor notice process: three-month window for creditor objections after notice; Regional Director, RoC, SEBI, stock exchanges and Income Tax authorities to be served with a three-month window for representations
  • · Preference share consideration to be discharged only when adequate funds become available; until then treated as an unsecured non-interest-bearing loan
Info-Drive Software Ltd Insolvency neutral materiality 4/10

21-10-2026

Resolution Professional Sumeet Surendra Chimbalkar has notified BSE that the 9th meeting of the Committee of Creditors (CoC) of Info-Drive Software Limited will be held on Thursday, October 22, 2026 at 11:00 A.M. IST via video conferencing. The company remains under the Corporate Insolvency Resolution Process (CIRP), admitted by the NCLT in CP-1000/IB/2018 by order dated October 15, 2019. The filing is a procedural prior intimation and contains no financial results or quantitative figures.

  • · A prior intimation of the earlier CoC-related notice was dated September 09, 2026, referring to the RP's appointment
  • · The NCLT admission order was issued by the Hon'ble NCLT in CP-1000/IB/2018, dated October 15, 2019
  • · Filing made under Regulation 30 read with sub-clause 16(g) of Para A of Part A of Schedule III of SEBI LODR, 2015
Compuage Infocom Limited Insolvency neutral materiality 5/10

21-10-2026

Compuage Infocom Limited, currently under the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016, has informed exchanges that the 29th meeting of its Committee of Creditors is scheduled for Tuesday, 27 October 2026 at 3:00 PM. The company's affairs are being managed by Resolution Professional Gajesh Labhchand Jain, appointed by the Hon'ble NCLT order dated 29 April 2024 (received 9 May 2024). The filing is a procedural intimation with no financial results or deal terms disclosed.

  • · Meeting date and time: Tuesday, 27 October 2026 at 3:00 PM
  • · NCLT order dated 29 April 2024, received by the Resolution Professional on 9 May 2024
  • · Security code 532456 (BSE) and symbol COMPINFO (NSE)
Lactose (India) Ltd. Insolvency neutral materiality 4/10

21-10-2026

Lactose (India) Ltd's board, at its October 21, 2026 meeting, fixed November 02, 2026 as the Record Date for allotting new equity shares to shareholders of Vitanosh Ingredients Private Limited under the NCLT-approved amalgamation scheme (order dated August 05, 2026). Shareholders of the transferor will receive 0.7946 equity shares of Lactose (India) Ltd (face value INR 10/-) for every 1 share held. The filing is a procedural BSE disclosure with no financial results, dividend, or quantified earnings impact disclosed.

  • · Scheme approved by NCLT Ahmedabad Bench via order dated August 05, 2026, under Sections 230-232 of the Companies Act, 2013
  • · Board meeting held 11:00 AM to 11:15 AM IST on October 21, 2026
  • · Filing made under Regulations 30 and 42 of SEBI (LODR) Regulations, 2015
Vas Infrastructure Ltd Insolvency neutral materiality 4/10

21-10-2026

Vas Infrastructure Limited has notified BSE that the 29th meeting of its Committee of Creditors will be held on Thursday, 22 October 2026 from 4:00 PM IST, under the supervision of Resolution Professional Bimal Kumar Agarwal. The filing is a routine procedural intimation under Regulation 30 of the LODR and does not disclose any financial results, resolution outcomes, or quantitative data.

  • · The meeting is the 29th Committee of Creditors meeting held in the insolvency process
  • · Meeting scheduled for 4:00 PM IST on Thursday, 22 October 2026
  • · Resolution Professional holds IBBI registration IBBI/IPA-001/IP-P01409/2018-2019/12186 and AFA validity until June 30, 2027

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