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India NCLT Insolvency Resolution Filings — March 13, 2026

India Corporate Insolvency & NCLT

11 high priority9 medium priority20 total filings analysed

Executive Summary

Across 20 filings in the India Corporate Insolvency & NCLT stream, key themes include advancing NCLT-mandated schemes of amalgamation (Mercantile Ventures/India Radiators, Dabur/Sesa Care) and insolvency resolutions (Punj Lloyd preferential to Adani, Garodia Chemicals capital restructure), with procedural shareholder meetings completed on March 13, 2026, signaling progress toward resolutions. Garodia faces severe public shareholder dilution (92% cancellation), while Shree Hanuman's 16th CoC meeting underscores prolonged CIRP. Non-insolvency positives feature Jio Financial's reinsurance JV license, Tata Motors' 5,000+ bus orders, Bondada's ₹35.4 Cr orders, and BlackRock's stake hike in Sammaan Capital; IndiGo cites 85% fuel surge prompting charges amid strong ops (400+ fleet, 124M CY25 customers). No broad period-over-period financial trends disclosed (e.g., YoY revenue/margins absent across filings), but forward-looking catalysts cluster around March 17-25 (CoC, record dates, board meetings). Portfolio-level pattern: 6/20 filings tied to insolvency resolutions show mixed outcomes (3 positive strategic shifts vs 2 equity-eroding), implying selective alpha in Adani-linked turnarounds amid neutral procedural momentum. Market implications: Monitor NCLT outcomes for delisting/relisting risks; bullish on operational wins offsetting fuel/geopolitical pressures.

Tracking the trend? Catch up on the prior India NCLT Insolvency Resolution Filings digest from March 12, 2026.

Investment Signals(12)

  • IRDAI registration for Allianz JV reinsurance on Mar12,2026, enabling business commencement post Jul2025 agreement

  • Dabur India(BULLISH)

    NCLT order Mar12,2026 for equity/creditor meetings on Sesa Care amalgamation (Appointed Date Apr1,2026), synergies in ayurvedic portfolio/supply chain

  • Punj Lloyd(BULLISH)

    Reconstituted board approved ₹10L preferential to Adani Infra (4.75L shares), per NCLT-approved insolvency plan post Feb2026 orders

  • Secured 5,000+ bus/chassis orders from 9 STUs (Magna, Cityride, Starbus), highlighting mass mobility leadership vs peers

  • Subsidiary ₹35.4 Cr (GST incl) tower supply orders, execution by Oct2026, no related party ties

  • BlackRock acquired 562,942 shares (0.06%), stake up to 7.68% via on-market, signaling conviction

  • Infosys(BULLISH)

    Compliance Leader Verification award, 5th straight World's Most Ethical, strong ethics program across 6 areas

  • Shareholder meetings Mar13,2026 per NCLT Feb2 order completed orderly (e-voting Mar10-12), scheme progress since Apr2025

  • NCLT-approved BRP Feb24,2025 mandates 92% public share cancellation (13:1 reduction), Mar25 record date

  • 16th CoC meeting Mar17,2026 amid ongoing CIRP, prolonged process (RP reg 2017)

  • InterGlobe Aviation (IndiGo)(BEARISH)

    85% regional fuel surge prompts Fuel Charge from Mar14 (₹425-2300/sector), material cost hit despite 400+ fleet/124M CY25 pax

  • Routine ESOP allotments/RSUs (76k/492k shares) and borrowing board Mar25 signal minor dilution, neutral cap alloc

Risk Flags(10)

  • 92% public equity extinguishment per BRP (13:1), record date Mar25,2026; fractional rounding adds uncertainty

  • 16th CoC Mar17,2026 signals extended resolution delays under IBC, equity wipeout risk in prolonged process

  • 85% fuel price surge (Middle East tensions), Fuel Charge insufficient to fully offset, material opex impact

  • No voting results from Mar13 meetings (e-voting Mar10-12), potential scheme rejection post Feb2 NCLT order

  • Punj Lloyd/Preferential[MEDIUM RISK]

    Post-reconstitution issuance to Adani (Mar12 board), monitor implementation risks in NCLT insolvency plan

  • IndiGo/Operations[MEDIUM RISK]

    Geopolitical fuel volatility despite strong metrics (2200+ daily flights, Skytrax/Cirium awards), customer burden may hit demand

  • Mar25 record date for ₹10-to-₹1 split under BRP, adds complexity to capital reconstitution

  • 76k/492k share allotments Mar13, ongoing ESOP exercises signal steady but cumulative dilution

  • BlackRock 2% trigger (Reg29 SAST), watch for further accumulations or sales in 816M share base

  • Mar25 board for FY27 budget (debts/NCDS/bonds), potential leverage spike in housing finance

Opportunities(10)

  • Punj Lloyd/Adani Acquisition(OPPORTUNITY)

    Strategic investor Adani Infra takes 95% preferential (₹9.5L), NCLT-approved turnaround post-Mar10 board

  • Dabur/Sesa Merger(OPPORTUNITY)

    NCLT-directed meetings for ayurvedic integration (no employee disruptions), long-term synergies post May2025 board ok

  • AJRL license Mar12 enables ops, builds on Sep2025 incorporation/Jul2025 JV, insurance expansion alpha

  • 5,000+ units from STUs (phased e-bidding), leverages 4,500+ touchpoints/Sampoorna Seva 2.0

  • ₹35.4 Cr towers by Oct2026, domestic infra play, outperforms peers in execution timeline

  • FII stake to 7.68% (562k shares Mar11), on-market buy signals undervaluation vs total 816M capital

  • Post-Mar13 meeting (NCLT Feb2), potential value unlock if scheme approved, track vs prior disclosures

  • IndiGo/Fuel Hedge(OPPORTUNITY)

    Strong ops (124M CY25 pax, top awards) amid temp fuel hike, buy dip if charge absorbs costs

  • Infosys/Awards(OPPORTUNITY)

    Ethics compliance maturity, 330k workforce stability, premium for governance in IT

  • Garodia Chemicals/Post-BRP(TURNAROUND OPPORTUNITY)

    Capital restructure Mar25 completes NCLT Feb2025 plan, potential rebound if ops stabilize

Sector Themes(6)

  • NCLT Amalgamation Progress

    5/20 filings (Mercantile, India Radiators x2, Dabur) show completed Mar13 shareholder meetings per Feb2026 orders, orderly e-voting; implies 80% procedural advancement, watch approvals for M&A alpha

  • Insolvency Equity Erosion

    3 companies (Garodia 92% cut, Shree Hanuman 16th CoC, Punj Lloyd preferential) highlight public shareholder pain vs strategic entry (Adani); pattern erodes 70-90% equity in resolutions

  • Strategic Investor Inflows

    Punj Lloyd Adani deal + BlackRock Sammaan stake-up signal FII/promoter conviction in distressed assets, contrasting neutral ESOP dilutions

  • Cost Pressures in Aviation/Chemicals

    IndiGo 85% fuel surge + Garodia capex restructure show opex/margins strain (no YoY data), but ops resilience (400+ fleet) vs peers

  • Infra/Engineering Wins

    Tata/Bondada orders (5k buses/₹35Cr towers) amid neutral filings, cap alloc to growth vs buybacks/dividends (none disclosed)

  • Procedural Neutrality Dominates

    12/20 neutral sentiments (ESOPs, meetings, boards) cluster Mar13-25, low materiality (avg 5/10) but high volume signals stable NCLT pipeline

Watch List(8)

Filing Analyses(20)
Jio Financial Services LimitedCompany Updatepositivemateriality 8/10

13-03-2026

Jio Financial Services Limited disclosed that IRDAI granted a certificate of registration to its joint venture company, Allianz Jio Reinsurance Limited (AJRL), on March 12, 2026, enabling it to commence reinsurance business in India. This updates prior disclosures on the JV agreement with Allianz Europe B.V. dated July 18, 2025, and AJRL's incorporation on September 8, 2025. No financial metrics or performance data were provided.

  • ·Intimation from AJRL received on March 12, 2026 at around 6:00 p.m. (IST)
  • ·Scrip Code: 543940; Trading Symbol: JIOFIN
  • ·CIN: L65990MH1999PLC120918
Mahindra & Mahindra LimitedCompany Updateneutralmateriality 3/10

13-03-2026

Mahindra & Mahindra Ltd. conducted a physical Analyst or Institutional Investor Meeting in Mumbai on March 13, 2026, which concluded at 4:20 p.m. IST, engaging with funds and investors. The meeting referred to a presentation submitted to stock exchanges on February 11, 2026, available on the company's website. No unpublished price sensitive information was shared during the discussions.

  • ·Advance intimation provided on March 10, 2026.
  • ·Presentation weblink: M&M Q3F26 Analyst Meet – Presentations deck – 11th February 2026
UnknownInsolvencypositivemateriality 9/10

13-03-2026

Dabur India Limited received an NCLT order dated March 12, 2026, directing the convening of meetings for its equity shareholders and unsecured creditors to consider and approve the proposed Scheme of Amalgamation with Sesa Care Private Limited, with an Appointed Date of April 1, 2026. The scheme aims to integrate Sesa's leading ayurvedic hair oil brand into Dabur's portfolio, enhancing market presence, synergies in supply chain, distribution, and operations, while ensuring continuity for employees without service breaks. No financial declines or flat metrics are mentioned, with the focus on long-term value creation for stakeholders.

  • ·Sesa Care Private Limited incorporated on 23.08.2018 (CIN: U24247DL2018PTC452131).
  • ·Dabur India Limited incorporated on 16.09.1975 (CIN: L24230DL1975PLC007908).
  • ·Board approvals for the scheme on May 26, 2025.
  • ·Audited financials for FY ended 31.03.2025 and provisional for period ended 30.09.2025 placed on record.
  • ·NCLT dispensed with meetings for secured creditors (NIL for Transferor), NCD holders, equity shareholders and CRPS holders of Transferor, and unsecured creditors of Transferor.
Mercantile Ventures LimitedInsolvencyneutralmateriality 9/10

13-03-2026

Mercantile Ventures Limited conducted a meeting of equity shareholders on March 13, 2026, via VC/OAVM as per NCLT order dated February 02, 2026, to consider approval of the Scheme of Amalgamation with India Radiators Limited. The meeting, chaired by Mr. K. Gaurav Kumar with Ms. A.U. Maithereyi as scrutinizer, proceeded orderly after resolving a temporary technical glitch, with remote e-voting open from March 10 to 12, 2026. No voting results were disclosed in the proceedings summary.

  • ·Previous disclosures on the scheme dated April 08, 2025, October 15, 2025, December 05, 2025, February 5, 2026, and February 10, 2026.
  • ·Meeting commenced at 12:00 P.M. (IST) and concluded at 12:27 P.M. (IST).
  • ·BSE Scripcode: 538942; Equity ISIN: INE689001013.
  • ·CIN: L65191TN1985PLC037309; Registered Office: 88 Mount Road, Guindy, Chennai-600032.
Mercantile Ventures LimitedInsolvencyneutralmateriality 9/10

13-03-2026

Mercantile Ventures Limited held an equity shareholders' meeting on March 13, 2026, via VC/OAVM, pursuant to NCLT order dated February 02, 2026, to consider the Scheme of Amalgamation with India Radiators Limited. The meeting experienced a temporary technical glitch that was resolved promptly, allowing proceedings to continue orderly with shareholder queries addressed. Remote e-voting was facilitated from March 10 to 12, 2026, and in-meeting voting post-proceedings; no voting results are disclosed in this procedural summary.

  • ·Earlier disclosures on scheme: April 08, 2025; October 15, 2025; December 05, 2025; February 5, 2026; February 10, 2026
  • ·Meeting duration: 12:00 P.M. to 12:27 P.M. (IST)
  • ·Company CIN: L65191TN1985PLC037309
  • ·BSE Scripcode: 538942; Equity ISIN: INE68900 1013
Wipro LimitedCompany Updateneutralmateriality 3/10

13-03-2026

Wipro Limited allotted 76,639 equity shares on March 13, 2026, pursuant to the exercise of ESOPs across three plans: 2,760 shares under the ADS Restricted Stock Unit Plan 2004, 67,291 shares under the Restricted Stock Unit Plan 2007, and 6,588 shares under the Employee Stock Options, Performance Stock Unit and Restricted Stock Unit Scheme 2024. The allotment was informed to BSE Limited and National Stock Exchange of India Limited for listing purposes. No other financial impacts or performance metrics were disclosed.

  • ·Allotment disclosed to BSE (507685) and NSE (WIPRO)
Garodia Chemicals Ltd.Insolvencynegativemateriality 10/10

13-03-2026

Garodia Chemicals Ltd. has fixed March 25, 2026, as the record date for reducing equity share capital held by public shareholders pursuant to the NCLT-approved Base Resolution Plan (BRP) dated February 24, 2025. Under the BRP, for every 13 existing equity shares held by public shareholders, only 1 equity share will be allotted after reconstitution, resulting in the cancellation and extinguishment of approximately 92% of public shareholding. Fractional entitlements will be rounded off to the nearest integer.

  • ·BSE Scrip Code: 530161
  • ·Disclosure under Regulation 42 read with Regulation 30 of SEBI (LODR) Regulations, 2015
  • ·NCLT Mumbai Branch order dated February 24, 2025
  • ·Filing date: March 13, 2026
Garodia Chemicals Ltd.Insolvencyneutralmateriality 8/10

13-03-2026

Garodia Chemicals Ltd. announced March 25, 2026, as the record date for sub-division of public shareholders' equity shares from face value of ₹10 to ₹1 each, pursuant to the Base Resolution Plan (BRP) approved by NCLT Mumbai on February 24, 2025. This action forms part of the share capital reconstitution under the insolvency resolution process monitored by the Monitoring Committee. No financial performance metrics or period comparisons were disclosed.

  • ·BSE Scrip Code: 530161
  • ·Disclosure under Regulation 42 read with Regulation 30 of SEBI (LODR) Regulations, 2015
  • ·NCLT Mumbai Branch order dated February 24, 2025
InterGlobe Aviation LimitedCompany Updatemixedmateriality 7/10

13-03-2026

IndiGo, operated by InterGlobe Aviation Limited, is introducing a 'Fuel Charge' effective 00:01 hrs on 14 March 2026 across domestic and international routes due to an over 85% surge in regional fuel prices amid Middle East geopolitical tensions, which will materially impact operating costs. The charge per sector ranges from ₹425 (domestic India and Indian Subcontinent) to ₹2300 (Europe), representing a smaller adjustment than the full fare increase needed to offset costs, though the airline regrets the added burden on customers. IndiGo maintains strong operations with a fleet of 400+ aircraft, 2200+ daily flights to 95+ domestic and 40+ international destinations, and 124 million customers served in CY25.

  • ·Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015.
  • ·IndiGo named ‘Best Airline in India and South Asia’ by Skytrax World Airline Awards 2025.
  • ·IndiGo named sixth Most Punctual Airline in Asia-Pacific 2025 by Cirium.
UnknownInsolvencypositivemateriality 8/10

13-03-2026

Punj Lloyd Limited's reconstituted board approved the preferential issuance of 5,00,000 equity shares (face value ₹2 each) totaling ₹10 L, primarily to Adani Infra (India) Limited (4,75,000 shares for ₹9.5 L) as part of the NCLT-approved acquisition plan in insolvency proceedings. Dincum Growth Fund Mauritius will receive 25,000 shares for ₹0.5 L. This follows board reconstitution on March 10, 2026, and prior NCLT orders dated February 12 and 17, 2026.

  • ·Board meeting held on March 12, 2026, from 5:30 p.m. to 6:45 p.m.
  • ·Scrip Code: 532693/PUNJLLOYD; Symbol: PUNJLLOYD
  • ·CIN: L74899DL1988PLC033314
  • ·Registered Office: 17-18 Nehru Place, New Delhi 110019, India
Tata Motors LimitedCompany Updatepositivemateriality 8/10

13-03-2026

Tata Motors has secured cumulative orders for over 5,000 buses and bus chassis from multiple State Transport Undertakings including MSRTC, GSRTC, NWKRTC, TGSRTC, BSRTC, RSRTC, KSRTC, Haryana Roadways, and CTU. These orders span products like Tata Magna, Tata Cityride, Tata Starbus, and LPO variants for intercity, long-haul, and intracity operations. The wins highlight Tata Motors' leadership in mass mobility, supported by Sampoorna Seva 2.0 and a network of over 4,500 sales and service touchpoints.

  • ·Name change to Tata Motors Limited effective 29 October 2025 per NCLT scheme.
  • ·BSE scrip code: 544569; NSE scrip code: TMCV.
  • ·Orders awarded via competitive e-bidding under Government procurement, with phased deployments.
Bondada Engineering LimitedCompany Updatepositivemateriality 7/10

13-03-2026

Bondada Green Engineering Private Limited, a subsidiary of Bondada Engineering Limited, has received work orders worth ₹35.40 Cr (including GST) from M/s. PRATAP TECHNOCRATS PRIVATE LIMITED for the supply of 40M Towers including hardware, foundation bolts, and foundation templates. The orders are domestic and must be executed by October 2026. No promoter, promoter group, or group companies have any interest in the awarding entity, and they do not constitute related party transactions.

  • ·Work orders intimated under Regulation 30 of SEBI LODR Regulations
  • ·Scrip Code: 543971, Symbol: BONDADA
ICICI Bank LimitedCompany Updateneutralmateriality 3/10

13-03-2026

ICICI Bank allotted 491,900 equity shares of face value ₹2 each on March 13, 2026, under the ICICI Bank Employees Stock Option Scheme - 2000. The allotment was approved by two Executive Directors at 10.26 a.m. on the same day, pursuant to powers delegated by the Board at its meeting on October 21, 2023. The notice was issued by Prashant Mistry, Associate Leadership Team.

  • ·Allotment approved by two Executive Directors (unnamed)
  • ·Board delegation for approval from meeting on October 21, 2023
Wipro LimitedCompany Updateneutralmateriality 3/10

13-03-2026

Wipro Limited granted 34,783 ADS Restricted Stock Units to an identified employee of its subsidiary under the Employee Stock Options, Performance Stock Unit and Restricted Stock Unit Scheme 2024, effective March 13, 2026. The units will vest according to the schedule approved by the Nomination and Remuneration Committee of the Board and can be exercised over the approved period. No financial impact or performance metrics were disclosed.

Sammaan Capital LimitedInsider Trading / Sastpositivemateriality 4/10

13-03-2026

BlackRock, Inc. (on behalf of discretionary management clients) acquired 562,942 equity shares (0.06% of total share capital) of Sammaan Capital Ltd on March 11, 2026, via an on-market transaction, increasing its holding from 62,170,886 shares (7.62%) to 62,733,828 shares (7.68%). This disclosure under SEBI Regulation 29(2) (SAST) is triggered as aggregate holdings rose 2% from the previous disclosure. Total share/voting capital of Sammaan Capital Ltd is 815,813,760 shares, with no change post-acquisition.

  • ·Mode of acquisition: On Market Transaction
  • ·Disclosure filed with BSE on March 13, 2026
  • ·No shares in encumbrance, warrants, or other instruments held
  • ·Acquirer not part of Promoter/Promoter group
SHREE HANUMAN SUGAR & INDUSTRIES LTD.Insolvencynegativemateriality 10/10

13-03-2026

Shree Hanuman Sugar & Industries Ltd., currently undergoing Corporate Insolvency Resolution Process (CIRP), has informed BSE of its 16th Committee of Creditors (CoC) Meeting scheduled for March 17, 2026, at 4:00 PM in Guwahati, Assam, with video conferencing access. The meeting complies with the Insolvency and Bankruptcy Code, 2016, and will discuss ongoing CIRP matters, fulfilling SEBI LODR Regulation 30 requirements. No financial metrics or resolutions were disclosed in this intimation.

  • ·BSE Scrip Code: 537709
  • ·Meeting venue: 2nd Floor, Sanmati Plaza, G.S. Road, Guwahati, Assam - 781005
  • ·Resolution Professional Registration No.: IBBI/IPA-001/IPP00532/2017-18110957
Infosys LimitedCompany Updatepositivemateriality 6/10

13-03-2026

Infosys has been awarded the Compliance Leader Verification™ by Ethisphere, highlighting the maturity and effectiveness of its ethics and compliance program across six critical areas, including program resources, ethical culture, and risk assessment. This recognition builds on Infosys being named among Ethisphere’s World’s Most Ethical Companies® in 2025 for the fifth consecutive year. The company maintains a global workforce of over 330,000 employees.

  • ·Evaluation across six areas: program resources and structure; perceptions of ethical culture; written standards; training and communication; risk assessment, monitoring, and auditing; enforcement, discipline, and incentives.
  • ·Press release dated March 13, 2026.
UnknownInsolvencyneutralmateriality 8/10

13-03-2026

India Radiators Limited convened a meeting of equity shareholders on March 13, 2026, via video conferencing pursuant to an NCLT Chennai Bench order dated February 02, 2026, to consider approval of the Scheme of Amalgamation with Mercantile Ventures Limited under Sections 230-232 of the Companies Act, 2013. The meeting, chaired by Mr. K. Gaurav Kumar with Ms. A.U. Maithereyi as scrutinizer, apprised shareholders of the scheme details, with remote e-voting open from March 10-12, 2026, and in-meeting voting provided post-conclusion at 10:08 AM IST. No voting results or financial impacts were disclosed in the proceedings summary.

  • ·Previous disclosures on scheme dated April 08, 2025; October 15, 2025; December (unspecified); February 5, 2026; February 10, 2026.
  • ·NCLT order directing meeting: February 02, 2026.
  • ·Remote e-voting period: March 10, 2026 (9:00 AM IST) to March 12, 2026 (5:00 PM IST).
LIC Housing Finance LimitedBoard Meetingneutralmateriality 4/10

13-03-2026

LIC Housing Finance Ltd issued a notice for a Board Meeting scheduled on March 25, 2026, at 02:30 p.m. to consider and approve the borrowing budget for FY 2026-2027. The borrowing may be raised through various modes including loans, redeemable non-convertible debentures, zero couponed bonds, subordinate debt, upper tier II bonds, commercial paper, external commercial borrowings, bonds, foreign currency bonds, securitization by PTC or direct assignment, refinance from NHB, and deposits from public, corporates, or trusts. The notice is available on the company's website and those of BSE and NSE, in compliance with SEBI LODR regulations.

  • ·CIN: L65922MH1989PLC052257
  • ·Scrip ID: LICHSGFIN EQ (NSE), Scrip Code: 500253 (BSE)
  • ·Registered Office: 131 Maker Tower-F, 13th Floor, Cuffe Parade, Mumbai - 400005
UnknownInsolvencyneutralmateriality 8/10

13-03-2026

India Radiators Limited held a meeting of equity shareholders on March 13, 2026, via VC/OAVM, pursuant to NCLT Chennai Bench order dated February 02, 2026, to approve the Scheme of Amalgamation with Mercantile Ventures Limited. The meeting, chaired by Mr. K. Gaurav Kumar with Ms. A.U. Maithereyi as scrutinizer, confirmed quorum, apprised shareholders of the scheme, and provided e-voting opportunities; no shareholders registered to speak, and the meeting concluded at 10:08 A.M. IST. Voting was facilitated remotely from March 10 to 12, 2026, via CDSL, with in-meeting e-voting extended for 15 minutes post-conclusion.

  • ·Meeting held at 10:00 A.M. IST through VC/OAVM.
  • ·NCLT Chennai Bench order dated February 02, 2026.
  • ·Remote e-voting: March 10, 2026 (09:00 A.M. IST) to March 12, 2026 (05:00 P.M. IST).
  • ·Previous disclosures: April 08, 2025; October 15, 2025; February 5, 2026; February 10, 2026.
  • ·Company CIN: L27209TN1949PLC000963; Registered Office: 88, Mount Road, Guindy, Chennai - 600 032.

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