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India NCLT Insolvency Resolution Filings — September 08, 2026

India Corporate Insolvency & NCLT

By Gunpowder Editorial ·

8 high priority 8 total filings analysed

Executive Summary

The 8 filings in this India Corporate Insolvency & NCLT digest reveal a market in active transition, with a clear bifurcation between companies successfully emerging from insolvency and those still navigating the resolution process.

The most critical development is the dismissal of the insolvency petition against EKI Energy Services, removing a significant legal overhang and signaling a potential turning point for the company. Conversely, the ongoing CIRP at Shivom Investment highlights the persistent compliance and reporting challenges faced by firms under resolution. A strong theme of corporate simplification via NCLT-approved amalgamations is evident, with Share India Securities and Pitti Engineering both receiving approvals to consolidate wholly-owned subsidiaries, indicating a strategic push for operational efficiency. The implementation of resolution plans is also progressing, as seen with Sab Events and Jatalia Global Ventures, though the absence of financial data in many filings limits the ability to assess the underlying health of these restructured entities. Overall, the period is characterized by legal milestones and structural changes rather than operational performance, with the next catalyst being the upcoming board meetings and AGMs scheduled for late September 2026.

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 NCLT Insolvency Resolution Filings digest from September 07, 2026.

Investment Signals (8)

  • NCLT dismissed insolvency petition, removing a contingent liability of INR 1.85 Cr. This is a major positive catalyst, removing a 50%+ overhang on the stock. The underlying contractual dispute remains, but the immediate legal risk is eliminated

  • NCLT approval for amalgamation of Silverleaf Capital Services will consolidate operations and pool resources, likely leading to cost synergies and improved operational efficiency. No shares issued, so no dilution for existing shareholders

  • NCLT approval for amalgamation of two wholly-owned subsidiaries (PIPL & DFPL) simplifies corporate structure and generates synergies. The appointed date of April 1, 2026, allows for a clean financial consolidation in FY27

  • ROC approval for merger as part of the resolution plan is a key step forward. The 436:100 share swap ratio for the transferor company's shareholders suggests a significant dilution for the incoming entity, but it marks progress in the pre-packaged insolvency process [NEUTRAL/BULLISH]

  • Appointment of three new promoter directors (Ms. Honey Baljit Singh, Ms. Upveen Harpal, Mr. Baljit Singh) signals the new management (Norfolk Technology Services) is taking control post-NCLT approval. This is a positive step for plan implementation, but the company's financial viability remains unproven [NEUTRAL/BULLISH]

  • Holding its 2nd AGM post-CIRP is a sign of normalized operations. However, the decision to not declare a dividend for FY2025-26 suggests the company is prioritizing capital retention over shareholder returns, indicating a still-fragile financial position [NEUTRAL/BEARISH]

  • The board meeting to approve backlogged results (Q4 FY25 & Q1 FY26) is a positive step toward regulatory compliance, but the fact that these results are being filed so late (over a year after the period end) highlights severe operational and reporting dysfunction under CIRP

  • The filing of the Annual Report and scheduling of the 41st AGM is a routine compliance activity. The lack of any financial performance data or forward-looking statements makes this a non-event for investors

Risk Flags (8)

  • The company is still filing backlogged financial results from FY25 and Q1 FY26, indicating a prolonged period of non-compliance and operational paralysis. The lack of any financial figures in the filing is a major red flag for investors

  • While the insolvency petition was dismissed, the underlying dispute over the Emission Reduction Purchase Agreement (worth ~INR 1.85 Cr) remains unresolved. This could lead to future litigation or financial penalties

  • The decision to skip dividends for the second consecutive year post-CIRP suggests the company's cash flows are not yet sufficient to support shareholder returns. This is a sign of a slow or incomplete turnaround

  • The 436:100 share swap ratio for the merger implies significant dilution for existing shareholders of the transferor company. While this is part of the resolution plan, it could pressure the stock price in the near term

  • The company is still in 'Plan Implementation' status. The appointment of new directors is a positive step, but the success of the resolution plan and the company's future profitability remain unproven

  • The filing of the Annual Report without any financial performance data is a concern. It suggests either a lack of material improvement or a deliberate effort to avoid scrutiny. Investors should demand more information

  • The amalgamation of Silverleaf Capital Services, while strategically positive, carries execution risk. The success of the merger depends on the smooth integration of technology and operations, which could be disruptive in the short term

  • While the amalgamation of wholly-owned subsidiaries is a positive, the fact that no shares are issued means there is no immediate value unlock for minority shareholders. The benefits will only be realized through improved operational performance

Opportunities (8)

  • The NCLT dismissal of the insolvency petition is a major positive catalyst. The stock could re-rate significantly as the legal overhang is removed. Investors should watch for the company to provide clarity on the underlying contractual dispute and future business outlook

  • The NCLT-approved amalgamation of Silverleaf Capital Services is expected to create operational efficiencies and cost savings. The company's focus on technology-driven financial services could enhance its competitive position in the broking and portfolio management space

  • The amalgamation of two wholly-owned subsidiaries will simplify the corporate structure, reduce compliance costs, and improve management focus. This could lead to better capital allocation and improved profitability in the coming quarters

  • The ROC approval for the merger is a key milestone in the pre-packaged insolvency process. If the resolution plan is successfully implemented, the company could emerge as a viable entity with a clean balance sheet

  • The appointment of new promoter directors from Norfolk Technology Services signals a fresh start. If the resolution plan is executed well, the company could see a significant turnaround. This is a high-risk, high-reward opportunity

  • The company is holding its 2nd AGM post-CIRP, indicating a return to normalcy. While no dividend was declared, the company may be reinvesting cash flow into growth. A potential dividend announcement in the next fiscal year could be a positive catalyst

  • The upcoming board meeting to approve backlogged results could be a turning point. If the results show a path to recovery, it could trigger a re-rating. However, this is a high-risk bet given the lack of data

  • The company is a stable, going concern with a long history (41st AGM). While the filing lacks financial data, the very fact that it is holding an AGM suggests it is not in immediate distress. It could be a value play if the underlying business is sound

Sector Themes (6)

  • Corporate Simplification via NCLT (THEME)
    ◆

    Two filings (Share India Securities & Pitti Engineering) involve NCLT-approved amalgamations of wholly-owned subsidiaries. This indicates a trend of companies using the NCLT framework to simplify corporate structures, reduce costs, and improve operational efficiency, without issuing new shares

  • Resolution Plan Implementation Phase (THEME)
    ◆

    Multiple filings (Sab Events, Jatalia Global Ventures, Rathi Graphic Technologies) are in the post-NCLT approval phase, focusing on plan implementation. This suggests a growing pipeline of companies emerging from insolvency, but the lack of financial data in these filings highlights the opacity of the process

  • Legal Overhang Removal as a Catalyst (THEME)
    ◆

    The EKI Energy Services filing demonstrates how the dismissal of an insolvency petition can act as a powerful positive catalyst. This theme is likely to play out for other companies facing frivolous or weak insolvency applications

  • Compliance Backlog Under CIRP (THEME)
    ◆

    The Shivom Investment filing highlights a persistent problem: companies under CIRP often fall behind on regulatory filings. The delayed approval of financial results is a red flag for investors and a sign of operational distress

  • Lack of Financial Transparency (THEME)
    ◆

    A significant number of filings (Rama Paper Mills, Rathi Graphic Technologies, Shivom Investment) lack any financial performance data. This makes it difficult for investors to assess the underlying health of these companies and creates information asymmetry

  • Pre-Packaged Insolvency Gaining Traction (THEME)
    ◆

    The Sab Events filing is a clear example of the pre-packaged insolvency route being used for a faster resolution. This mechanism is likely to become more popular for smaller companies seeking a quicker exit from distress

Watch List (8)

  • The board meeting on September 12, 2026, to approve backlogged financial results is a key event. The outcome will provide the first glimpse into the company's financial health during CIRP and could trigger a significant stock move

  • The AGM on September 30, 2026, will be watched for any management commentary on the company's post-CIRP performance, future strategy, and potential dividend policy

  • The AGM on September 30, 2026, is a routine event, but any unexpected announcements regarding financial performance or corporate actions could be a catalyst

  • The underlying dispute with Oswal Woollen Mills over the Emission Reduction Purchase Agreement remains unresolved. Any new legal filings or settlement announcements will be closely watched

  • The company is in the critical 'Plan Implementation' phase. The new management's actions, including any capital infusion or business restructuring, will be key to monitor

  • The ROC approval for the merger is a step forward, but the actual completion of the merger and the subsequent financial consolidation will be the next milestones to watch

  • The NCLT approval is a key milestone, but the market will be watching for the company's progress on integrating Silverleaf Capital Services' operations and technology platform

  • The amalgamation of PIPL and DFPL is effective from April 1, 2026. The company's Q2 FY27 results will be the first to reflect the consolidated financials and any synergies realized

Filing Analyses (8)
Share India Securities Limited Insolvency positive materiality 8/10

08-09-2026

Share India Securities Limited has received a certified true copy of the order from the Hon’ble National Company Law Tribunal, Ahmedabad Bench – I, approving the Scheme of Amalgamation of Silverleaf Capital Services Private Limited (Transferor Company) with Share India Securities Limited (Transferee Company). The Scheme, with an appointed date of October 1, 2023, aims to consolidate operations, pool resources, and leverage the Transferor Company's technology-focused financial services to enhance the Transferee Company's existing broking, trading, and portfolio management businesses. This regulatory approval marks a key milestone in the amalgamation process.

  • · The Scheme of Amalgamation has an appointed date of October 1, 2023.
  • · The NCLT order was pronounced on August 20, 2026, and the certified copy was received on September 7, 2026.
  • · The Transferor Company (Silverleaf Capital Services) is a private limited company incorporated on September 10, 2011, with authorized capital of ₹5,00,000 and paid-up capital of ₹88,040.
  • · The Transferee Company (Share India Securities) was originally incorporated on July 12, 1994, and has an authorized share capital of ₹50,00,00,000 and paid-up capital of ₹43,76,51,060.
  • · The rationale for amalgamation includes business synergy, consolidation, pooling of resources, and leveraging the Transferor Company's technology for improved operating efficiency and profit margins.
  • · The Transferee Company has a wholly-owned subsidiary, Share India Algoplus Pvt Ltd, which is a registered broker providing automated algo trading solutions.
  • · The Transferee Company is also engaged in the business of trading shares and derivatives through its wholly-owned subsidiary Share India Global Pvt Ltd.
  • · The Transferor Company's focus on technology and innovation is expected to foster a culture of continuous improvement and innovation for the combined entity.
  • · Shareholders of the listed Transferee Company are expected to benefit from stronger technology, improved operating efficiency, better profit margins, and higher growth post-amalgamation.
  • · The merger is expected to have a beneficial impact on both companies, their shareholders, employees, and other stakeholders.
Shivom Investment & Consultancy Ltd Insolvency neutral materiality 5/10

08-09-2026

Shivom Investment & Consultancy Ltd has scheduled a Board Meeting on September 12, 2026, to approve backlogged financial results for Q4 FY25 (audited) and Q1 FY26 (unaudited), covering periods during its Corporate Insolvency Resolution Process (CIRP). The company is addressing delayed financial reporting, which is a positive step toward regulatory compliance, but the filing does not include any financial figures or performance data.

  • · Board meeting scheduled for September 12, 2026 at the Corporate Office in Ahmedabad.
  • · Agenda includes approval of audited financial results for Q4 and year ended March 31, 2025, and unaudited results for Q1 ended June 30, 2025.
  • · The company is under CIRP, and these results cover the non-submission period during CIRP.
EKI Energy Services Limited Insolvency positive materiality 8/10

08-09-2026

EKI Energy Services Limited announced that the National Company Law Tribunal (NCLT), Indore Bench, has dismissed the insolvency application filed by Oswal Woollen Mills Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The NCLT order dated September 3, 2026, disposed of the petition, which sought initiation of Corporate Insolvency Resolution Process (CIRP) against EKI Energy over an alleged operational debt of INR 1,85,27,709.69. The dismissal removes a significant contingent liability and legal overhang for the company, though the underlying contractual dispute regarding the Emission Reduction Purchase Agreement remains unresolved.

  • · Application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 on CP(IB)/56(MP)2025.
  • · Dispute centered on an Emission Reduction Purchase Agreement dated 12 April 2022, with two compliance periods: CP1 (13,748 CERs at USD 1.0/CER) and CP2 (56,337 CERs at USD 2.5/CER).
  • · Delivery of CERs occurred on 13 January 2023; payment due by 28 January 2023.
  • · EKI Energy invoked Clause 2.14(m) of the ERPA on 29 March 2023, proposing revised prices of USD 0.40/CER for CP1 and USD 1.35/CER for CP2, citing market collapse.
  • · Oswal Woollen Mills rejected the revised pricing and insisted on original rates.
  • · Statutory demand notice under Section 8 of IBC was served on 22 April 2024; response from EKI on 15 May 2024 raised multiple defenses including pre-existing dispute, non-crystallization of debt, non-issuance of GST invoice, and inflated claim.
  • · NCLT found the dispute to be real, pre-existing, and substantial; entered no finding on merits of the clash.
Sab Events & Governance Now Media Limited Insolvency neutral materiality 8/10

08-09-2026

SAB Events & Governance Now Media Limited has informed the exchanges that the Registrar of Companies, Mumbai-I, has approved the Form INC-28 for the merger of Sri Adhikari Brothers Digital Network Private Limited into the company as part of the Resolution Plan approved by the NCLT on July 10, 2026. Under the plan, shareholders of the transferor company will receive 436 equity shares of SAB Events for every 100 shares held. This marks a key step in the implementation of the pre-packaged insolvency resolution process.

  • · The NCLT order approving the Resolution Plan was dated July 10, 2026.
  • · Prior disclosures were made on July 10, 11, and 21, 2026.
  • · The merger is being implemented via Form INC-28 approved by the Registrar of Companies, Mumbai-I.
Rathi Graphic Technologies Ltd Insolvency neutral materiality 5/10

08-09-2026

Rathi Graphic Technologies Ltd has filed its Annual Report for FY2025-26, convening the 2nd AGM post-completion of the Corporate Insolvency Resolution Process (CIRP) on September 30, 2026 via video conferencing. The company is not declaring any dividend for the year ended March 31, 2026. The filing indicates the company has emerged from insolvency and is now holding its second post-CIRP AGM, but no financial performance metrics (revenue, profit, etc.) are disclosed in this notice.

  • · The company's 2nd AGM post-CIRP is scheduled for September 30, 2026 at 3:30 PM IST via VC/OAVM.
  • · No dividend is declared for FY2025-26.
  • · The cut-off date for determining voting rights is September 23, 2026.
  • · The company has appointed NSDL to provide VC/OAVM and e-voting facilities.
  • · The Board of Directors includes four members: Nikunj Daga (Chairman & MD), Jyoti Jha, Gagninder Kumar Gandhi, and Sukesh Thirani.
  • · The registered office is in Ghaziabad, Uttar Pradesh, with a correspondence address in South Delhi.
Pitti Engineering Limited Insolvency positive materiality 7/10

08-09-2026

Pitti Engineering Limited (PEL) received NCLT approval on September 8, 2026 for the amalgamation of its wholly-owned subsidiaries Pitti Industries Private Limited (PIPL) and Dakshin Foundry Private Limited (DFPL) into PEL, effective from the appointed date of April 1, 2026. The scheme will consolidate similar businesses, simplify corporate structure, and generate synergies. No shares will be issued as the subsidiaries are wholly owned; their shares will be cancelled. The scheme becomes operative upon filing the certified order with the Registrar of Companies.

  • · The scheme was approved by the NCLT Hyderabad Bench-II on September 8, 2026, with the order to become effective from the appointed date of April 1, 2026.
  • · PIPL and DFPL are wholly-owned subsidiaries of PEL; hence no shares will be issued, and their shares will be cancelled.
  • · The amalgamation will lead to dissolution of the two subsidiaries without winding up.
  • · The scheme was approved by the boards of all three companies on February 5, 2026.
  • · PIPL changed its name from Bagadia Chaitra Industries Private Limited on September 17, 2024.
  • · Both subsidiaries shifted their registered offices from Karnataka to Telangana, with approvals from the Regional Director in November 2025 and registration in December 2025 and February 2026 respectively.
  • · The scheme is subject to filing the certified order with the Registrar of Companies to become operative.
Rama Paper Mills Limited Insolvency neutral materiality 2/10

08-09-2026

Rama Paper Mills Limited submitted its Annual Report for FY 2025-26 to BSE and scheduled its 41st Annual General Meeting (AGM) for September 30, 2026, via video conferencing. The company also announced a book closure period from September 23 to September 30, 2026, for the AGM. No financial results or performance metrics were disclosed in this filing.

  • · The 41st AGM is scheduled for September 30, 2026, at 5:00 PM via VC/OAVM.
  • · Book closure period is from September 23, 2026, to September 30, 2026.
  • · The Annual Report is available on the company's website at www.ramapaper.com.
Jatalia Global Ventures Ltd Insolvency neutral materiality 5/10

08-09-2026

Jatalia Global Ventures Limited, which is under a resolution plan implementation following an NCLT order dated July 9, 2026, has appointed three new directors to its board: Ms. Honey Baljit Singh, Ms. Upveen Harpal, and Mr. Baljit Singh. The appointments are effective from July 9, 2026, the date the NCLT approved the resolution plan submitted by Norfolk Technology Services Limited. This filing is a routine disclosure under SEBI LODR regulations and does not contain any financial performance data.

  • · The resolution plan was approved by NCLT New Delhi Bench II on July 9, 2026, in CP No. IB-263/ND/2023.
  • · The company is currently under 'Plan Implementation' status.
  • · The new directors are categorized as 'Promoter' in the DIR-12 form.
  • · Mr. Baljit Singh holds significant shareholding in other entities: 99.8% in SASCO INTERNATIONAL CONSULTANTS PRIVATE LIMITED and 48.8% in ACCLOUD INDIA PRIVATE LIMITED.

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