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India NCLT Insolvency Resolution Filings — March 25, 2026

India Corporate Insolvency & NCLT

2 high priority15 medium priority17 total filings analysed

Executive Summary

Across 17 filings, dominant themes include routine pre-earnings trading window closures for 5 companies (ITC, IDBI Bank, ONGC, Birlasoft, ICICI implied via ESOP), signaling Q4/FY26 results in early April 2026 with no disclosed financial trends or insider trades yet. Positive developments feature L&T's ₹1,000-2,500 Cr order win strengthening Northeast infra presence, Adani Enterprises' early ₹1,950 Cr NCD redemption reducing leverage, Infosys' dual positives (Finacle deal, Forrester AI leadership), and Airtel's orderly board transition for continuity. Insolvency filings (Bloom Dekor, Unitech) highlight prolonged CIRP delays with extension requests and deferred decisions, contrasting with neutral corporate updates. No period-over-period financial metrics disclosed, but capital allocation trends show debt reduction (Adani) and ESOP allotments (ICICI), implying stable financial health amid regulatory compliance. Portfolio implications: Watch banks/energy for earnings catalysts; favor infra/IT over distressed small-caps.

Tracking the trend? Catch up on the prior India NCLT Insolvency Resolution Filings digest from March 24, 2026.

Investment Signals(11)

  • Secured significant ₹1,000-2,500 Cr water project order from Guwahati board, enhancing Northeast presence and order book in WET business

  • Early full redemption of ₹1,950 Cr NCDs (₹1,250 Cr + ₹700 Cr tranches) ahead of schedule, signaling strong liquidity and deleveraging conviction

  • Infosys(BULLISH)

    Finacle win with Producers Savings Bank for core banking upgrade, bolstering SME/retail lending via API ecosystem, decade-long partnership intact

  • Infosys(BULLISH)

    Ranked Leader in Forrester Wave AI Technical Services Q4 2025, #2 in strategy, perfect 5/5 scores in talent/global delivery/frontier AI

  • Smooth leadership transition at Airtel Africa - Sunil Mittal retires July 2026 AGM, Gopal Vittal/Shravin Mittal step up, ensuring family continuity since 2019 listing

  • ICICI Bank(BULLISH)

    Allotted 1,213,683 ESOP shares under 2000 scheme, aligning employee incentives with shareholder value via board-delegated execution

  • ICICI Bank(NEUTRAL-BULLISH)

    Redeemed all units of ICICI Strategic Investments Fund, deconsolidating non-core entity per AS 21, streamlining group financials

  • ONGC(NEUTRAL)

    Proactive multi-quarter trading window closures (Apr 2026 FY, Jul/Oct 2026 Q1/Q2), demonstrating disciplined insider compliance ahead of results

  • NCLAT appeal on 2021 CCI order adjourned to Apr 24, 2026, ongoing arguments with no adverse resolution, maintaining status quo

  • Birlasoft(NEUTRAL)

    Trading window closure Apr 1, 2026 for FY/Q4 results, standard pre-earnings discipline with board meeting pending

  • COC approved ₹60L EMD refund to Mishtann Foods post-withdrawal, but CIRP extension filed Mar 16 amid delays

Risk Flags(7)

  • 22nd COC meeting Mar 19 received Sunil Gupta plan but filed for 120-day CIRP extension + litigation exclusion to Jan 13, 2026, signaling prolonged distress

  • 7th COC Mar 24 deferred key appointments (legal/PCS/auditors) due to time constraints, despite 100% approval of RFRP/Evaluation Matrix

  • Ongoing NCLAT appeal vs 2021 CCI order adjourned multiple times since Nov 2021, next hearing Apr 24, 2026 with no resolution

  • BSE clarification on scrip 512599 volume movement purely market-driven, no management involvement, but repeated queries signal volatility watch

  • Full redemption of Strategic Investments Fund units ceases group consolidation, potential minor EPS dilution or balance sheet cleanup

  • Trading windows closed Apr 1, 2026 till post-FY results, heightened pre-earnings uncertainty without guidance

  • CS Tushar Donda resigned Nov 19, 2024; new auditors appointed for ₹60k amid CIRP delays

Opportunities(8)

  • L&T/Order Win(OPPORTUNITY)

    ₹1-2.5k Cr Guwahati water project (intake/WTP/distribution/O&M) expands Northeast footprint, track order inflows for infra re-rating

  • ₹1,950 Cr NCD early redemption (ISINs INE423A07294/07302) frees cash for growth, undervalued vs peers on deleveraging

  • Forrester #2 strategy score, Topaz AI strengths in frontier models/IoT, position for AI services tailwinds Q2 2026+

  • July 2026 AGM transition maintains Mittal family control at Airtel Africa (FTSE100), stability amid Africa growth

  • ICICI Bank/ESOP(OPPORTUNITY)

    1.2M shares allotted Mar 25 signals employee confidence, monitor FY results for deposit/loan trends post-window

  • 100% COC approval of resolution plan request/matrix to PRAs, potential turnaround if bids materialize by RP expiry Jun 30, 2026

  • Banks/Earnings Catalyst(OPPORTUNITY)

    ITC/IDBI/ICICI/ONGC/Birlasoft windows close Apr 1 for FY26 results, alpha from beats on no disclosed guidance

  • Maruti/NCLAT(OPPORTUNITY)

    Apr 24 hearing could resolve 2021 CCI appeal, positive outcome lifts auto sector sentiment

Sector Themes(6)

  • Pre-Earnings Blackouts in BFSI/Energy(NEUTRAL IMPLICATION)

    5/17 filings (ITC, IDBI, ONGC, Birlasoft, ICICI ESOP) close windows Apr 1, 2026 for FY/Q4 results, uniform discipline signals sector-wide caution, watch for NIM/ARPU beats

  • IT Services Momentum(BULLISH)

    2/17 Infosys wins (Finacle Philippines upgrade + Forrester AI Leader), highlighting digital banking/AI strengths vs neutral peers, margin tailwinds from API/Topaz

  • Conglomerate Deleveraging(BULLISH)

    Adani ₹1,950 Cr NCD redemption + L&T ₹1-2.5k Cr order, capex discipline + infra execution outperforms, 2x materiality vs avg

  • Insolvency Delays in Midcaps(BEARISH)

    Bloom Dekor/Unitech COC meetings deferrals/extensions (120 days sought, RFRP approved), 100% voting but no recoveries, small-caps lag largecaps

  • Leadership Stability Telecom(BULLISH)

    Airtel Africa transition (Jul 2026) ensures continuity post-2019 listing, family-led model vs governance risks elsewhere

  • Neutral Compliance Wave

    7/17 new filings routine (windows, clarifications), low materiality (avg 3/10) but high volume pre-Apr results, low conviction trades likely

Watch List(8)

  • Trading window reopen 48hrs post-FY26 results (exp early Apr 2026), monitor insider buys/sells for conviction [Apr 2026]

  • NCLT decision on 120-day extension + litigation exclusion filed Mar 16, Sunil Gupta plan due diligence [Pending NCLT]

  • 8th meeting for deferred legal/auditor appointments, RFRP to PRAs, RP expiry Jun 30, 2026 [Next CoC soon]

  • Appeal hearing continuation on 2021 CCI order, potential resolution [Apr 24, 2026]

  • Post-clarification monitoring for scrip 512599 volatility, any further BSE queries [Ongoing]

  • Virtual CLSA group call [Mar 30, 2026], gauge FY guidance from public docs

  • Airtel Africa leadership changes, Sunil Mittal retirement [Jul 2026]

  • L&T/Project Execution
    👁

    Guwahati water O&M starts post-construction, order upgrades [5-year horizon]

Filing Analyses(17)
ITC LimitedInsider Trading / Sastneutralmateriality 3/10

25-03-2026

ITC Limited notified stock exchanges of the closure of the trading window for purchasing, selling, or dealing in company shares by designated employees and their immediate relatives, effective from April 1, 2026, in compliance with the ITC Code of Conduct for Prevention of Insider Trading. The trading window will reopen 48 hours after the announcement of the audited financial results for the financial year ending March 31, 2026. This is a standard pre-earnings blackout period with no financial metrics or performance data disclosed.

  • ·Filing date: March 25, 2026
  • ·Addresses sent to NSE, BSE, SEC, and Luxembourg Stock Exchange
IDBI Bank LimitedInsider Trading / Sastneutralmateriality 3/10

25-03-2026

IDBI Bank Limited has announced the closure of the trading window for dealing in its securities by all Designated Persons and their immediate relatives, effective from April 1, 2026, until 48 hours after the disclosure of Audited Financial Results for the quarter and year ending March 31, 2026. This measure complies with the Bank's Code of Conduct for Prevention of Insider Trading and Regulation 30 of SEBI (LODR) Regulations, 2015. The date of the Board meeting for consideration and approval of these financial results will be intimated separately.

Oil & Natural Gas Corporation LimitedInsider Trading / Sastneutralmateriality 3/10

25-03-2026

Oil and Natural Gas Corporation Limited (ONGC) has intimated NSE and BSE regarding the closure of the Trading Window for Designated Persons and Insiders during FY 2026-27, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The closures commence on April 1, 2026 for audited FY 2025-26 results, July 1, 2026 for Q1 results, October 1, 2026 for Q2 results, and January 1, 2027 for Q3 results, each lasting until 48 hours after declaration of respective financial results. Additional closures may be notified as required.

  • ·Trading Window closure for audited 4Q and FY 2025-26 results: commences 01.04.2026
  • ·Q1/2026-27 results closure: commences 01.07.2026
  • ·Q2/2026-27 results closure: commences 01.10.2026
  • ·Q3/2026-27 results closure: commences 01.01.2027
ICICI Bank LimitedCompany Updateneutralmateriality 3/10

25-03-2026

ICICI Bank Limited disclosed under Regulation 30 of SEBI LODR a schedule of investor meets, including a virtual group call with CLSA Investor Group on March 30, 2026. The Bank finalized its participation on March 25, 2026, and will refer to publicly available documents during discussions. No financial or performance data was shared in this disclosure.

ICICI Bank LimitedCompany Updateneutralmateriality 5/10

25-03-2026

ICICI Venture Funds Management Company Limited, a wholly owned subsidiary of ICICI Bank Limited, has redeemed all residual units of the ICICI Strategic Investments Fund on March 25, 2026. As a result, the Fund ceases to be a Group entity of the Bank, and its financials will no longer be consolidated with the Bank's under Accounting Standard 21. This disclosure is made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

  • ·Disclosure copied to New York Stock Exchange (NYSE), SIX Swiss Exchange Ltd., Singapore Stock Exchange, and Japan Securities Dealers Association.
Adani Enterprises LimitedCompany Updateneutralmateriality 3/10

25-03-2026

Adani Enterprises Limited issued a clarification to BSE Limited on March 25, 2026, stating that the observed movement in share volume (scrip code: 512599) is purely due to market conditions and market-driven, with no involvement, control, or knowledge from the company management. The company reaffirmed its commitment to making disclosures in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015, and stock exchange agreements. The letter was signed by Jatin Jalundhwala, Company Secretary & Joint President (Legal).

  • ·Scrip Code: 512599
  • ·Reference: BSE email dated March 25, 2026
  • ·CIN: L51100GJ1993PLC019067
Maruti Suzuki India LimitedCompany Updateneutralmateriality 4/10

25-03-2026

Maruti Suzuki India Limited provided an update under Regulation 30 of SEBI LODR on the ongoing NCLAT appeal against a 2021 CCI order, which has seen multiple adjournments since November 2021. The matter was heard on March 25, 2026, with further arguments continued, and adjourned to April 24, 2026. No resolution or financial impact disclosed.

  • ·Appeal originates from CCI order dated November 22, 2021
  • ·Next NCLAT hearing: April 24, 2026
Larsen & Toubro LimitedCompany Updatepositivemateriality 8/10

25-03-2026

Larsen & Toubro Limited's Water & Effluent Treatment (WET) business has won a significant order valued between ₹1,000-2,500 Cr from Guwahati Metropolitan Drinking Water & Sewerage Board for a 24×7 water management project in South-East Guwahati, including design, supply, installation, construction, and 5-year operation & maintenance. The project scope covers barge-mounted intake system, water treatment plant, reservoirs, booster pumping station, distribution network, and SCADA system. This order strengthens L&T's presence in India's northeast region.

  • ·Order classification: Significant (₹1,000-2,500 Cr)
  • ·Project aimed at safe and continuous water supply to households in South-East Guwahati
  • ·L&T has leadership in major lines of business for eight decades
Infosys LimitedCompany Updatepositivemateriality 5/10

25-03-2026

Infosys Finacle, part of EdgeVerve Systems (a wholly-owned subsidiary of Infosys), announced that Producers Savings Bank Corporation in the Philippines will upgrade to the latest Finacle Core Banking Solution and implement the Finacle Origination Solution to scale lending for SMEs, retail customers, and priority segments like teachers. This initiative strengthens the bank's digital foundation, enhances operational resilience, enables faster loan processing, and supports financial inclusion via API integrations with the fintech ecosystem. The decade-long partnership was highlighted by executives from both organizations as key to future growth and innovation.

BIRLASOFT LIMITEDInsider Trading / Sastneutralmateriality 3/10

25-03-2026

Birlasoft Limited announced the closure of its trading window from April 1, 2026, until 48 hours after the declaration of financial results for the quarter and year ended March 31, 2026, pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's Code of Conduct. The Board meeting date for approving these results will be intimated separately. This is a routine compliance measure with no financial metrics disclosed.

  • ·Scrip ID: BSOFT; Symbol: BSOFT; Scrip Code: 532400; Series: EQ
  • ·Membership No.: A9678
ICICI Bank LimitedCompany Updateneutralmateriality 4/10

25-03-2026

ICICI Bank Limited allotted 1,213,683 equity shares of face value ₹2 each on March 25, 2026, under the ICICI Bank Employees Stock Option Scheme-2000. The allotment was approved by two Executive Directors at 11:31 a.m., based on powers delegated by the Board on October 21, 2023. No other financial impacts or comparisons were disclosed.

  • ·Approval time: 11.31 a.m. on March 25, 2026
  • ·Board delegation date: October 21, 2023
Adani Enterprises LimitedCompany Updateneutralmateriality 1/10

25-03-2026

BSE sought clarification from Adani Enterprises Limited (512599) on March 25, 2026. No specific details regarding the subject of the clarification, company response, or any corporate actions are disclosed. This is a standard exchange query with no quantitative or operational metrics provided.

Bharti Airtel LimitedCompany Updatepositivemateriality 7/10

25-03-2026

Bharti Airtel Limited announces board changes at its subsidiary Airtel Africa plc: Sunil Bharti Mittal will retire as Chair at the July 2026 AGM, with Gopal Vittal appointed as Non-Executive Chair and Shravin Bharti Mittal as Deputy Chair from the same date. Annika Poutiainen will also retire at the AGM after over seven years of service. The transitions emphasize continuity with the founding family and positive leadership handover, with no adverse impacts noted.

  • ·Sunil Bharti Mittal served as Chair since 2019 listing; Gopal Vittal appointed non-executive director in October 2024.
  • ·Relationship agreement dated 17 June 2019 between Airtel Africa, Bharti Airtel, Airtel Africa Mauritius Limited, and Bharti Telecom.
  • ·Airtel Africa acquired in 2010; listed in 2019 and now in FTSE100.
Adani Enterprises LimitedCompany Updatepositivemateriality 8/10

25-03-2026

Adani Enterprises Limited has completed early full redemption of unlisted, secured, unrated NCDs totaling ₹1,950 Cr on March 25, 2026, following approval by the Management Committee on March 24, 2026. This includes 1,25,000 NCDs (ISIN INE423A07294) issued on July 11, 2023, for ₹1,250 Cr and 70,000 NCDs (ISIN INE423A07302) issued on October 11, 2023, for ₹700 Cr, each with a face value of ₹1 Lakh. The payment has been made to debenture holders and the trustee.

  • ·Scrip Codes: 512599 (BSE), ADANIENT (NSE)
  • ·CIN: L51100GJ1993PLC019067
  • ·Prior intimation dated March 24, 2026
Bloom Dekor Ltd.Insolvencynegativemateriality 9/10

25-03-2026

The 22nd Committee of Creditors (COC) meeting for Bloom Dekor Limited, currently in Corporate Insolvency Resolution Process (CIRP), was held on March 19, 2026, where a resolution plan from Dr. Sunil Gupta was received by the deadline of March 16, 2026, and presented to members. The COC approved a ₹60 Lakh EMD refund to Mishtann Foods Limited following its withdrawal, authorized due diligence on the resolution applicant under Section 29A, and appointed B. T. Vora & Co. as internal auditors for ₹60,000 plus GST; however, an application for 120-day CIRP extension and litigation period exclusion was filed due to ongoing delays. No financial recovery or positive operational metrics were reported amid the prolonged insolvency process.

  • ·CIRP extension application filed on March 16, 2026, seeking exclusion of litigation period until January 13, 2026, and additional 120 days.
  • ·CS Tushar Dineshbhai Donda resigned w.e.f. November 19, 2024.
  • ·Company CIN: L20210GJ1992PLC017341.
Unitech International LtdInsolvencymixedmateriality 8/10

25-03-2026

The 7th Meeting of the Committee of Creditors (CoC) for Unitech International Ltd was held on March 24, 2026, via video conferencing, where key agenda items on appointing legal counsel, PCS firm for compliances, ratifying RP expenses under Regulation 34, fees for Accountant Mr. Rohit Sharma, and statutory auditor fees were all deferred to the next meeting due to paucity of time. However, the resolution to approve the Request for Resolution Plan (RFRP) and Evaluation Matrix for the Corporate Debtor to Prospective Resolution Applicants (PRAs) was passed unanimously with 100% voting rights. This disclosure was filed on March 25, 2026, in compliance with SEBI LODR Regulation 30.

  • ·Scrip Code: 531867, Name: UNITINT
  • ·RP IBBI Registration: IBBI/IPA-002/IP-N00828/2019-2020/12629, AFA Valid Till: June 30, 2026
Infosys LimitedCompany Updatepositivemateriality 7/10

25-03-2026

Infosys has been recognized as a Leader in the inaugural Forrester Wave™: AI Technical Services, Q4 2025, ranking second highest in the strategy category and earning perfect 5/5 scores in criteria such as Talent Strategy, Global Delivery Strategy, Frontier Model, and AI Workloads Optimized for Infrastructure. The report highlights Infosys' strengths in frontier AI models, AI workload optimization, edge/IoT integration, and end-to-end AI lifecycle management, supported by its Infosys Topaz™ AI-first offering. Infosys employs over 330,000 people across 63 countries, enabling enterprise-scale AI transformation.

  • ·Over four decades of experience in managing global enterprises
  • ·Report authored by Alvin Nguyen, noting Infosys' AI-infused service lines for operational complexity reduction

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India NCLT Insolvency Resolution Filings — March 25, 2026 | Gunpowder Blog