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India NCLT Insolvency Resolution Filings — September 16, 2026

India Corporate Insolvency & NCLT

By Gunpowder Editorial ·

13 high priority 13 total filings analysed

Executive Summary

The India Corporate Insolvency & NCLT stream shows a bifurcated landscape: early-stage CIRPs (Astron Paper, SKIL Infrastructure) face operational friction and delays, while mature schemes (Triveni Engineering, GPT Infraprojects) are progressing toward resolution. Key themes include systemic disclosure lapses (Dhruv Wellness), creditor activism (Astron Paper contempt filings), and prolonged resolution timelines (Compuage Infocom at 28 CoC meetings).

Investors should monitor the upcoming CoC meetings (SKIL, Compuage) and the Astron Paper e-voting outcome as near-term catalysts. The absence of insider trading data across all filings limits conviction signals, but the legal and procedural developments provide actionable intelligence.

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 15, 2026.

Investment Signals (8)

  • Triveni Engineering ↓ (BULLISH)
    ▲

    Scheme of arrangement completed with share exchange ratio 100:137, effective May 19, 2026; shares allotted June 9, 2026. This resolution unlocks value for shareholders, with the merged entity likely to see improved operational synergies

  • GPT Infraprojects ↓ (BULLISH)
    ▲

    NCLT order for scheme meetings (Sept 15, 2026) is a step toward amalgamating wholly-owned subsidiaries, potentially streamlining operations and reducing compliance costs

  • Astron Paper ↓ (BULLISH)
    ▲

    E-voting for 4th CoC meeting (Sept 11-15, 2026) could lead to a resolution plan approval, offering a potential turnaround opportunity if a viable plan is accepted

  • Compuage Infocom ↓ (BULLISH)
    ▲

    28th CoC meeting scheduled for Sept 20, 2026, after 2+ years of CIRP; any resolution plan approval would be a major catalyst, but prolonged timeline suggests complexity

  • SKIL Infrastructure ↓ (BULLISH)
    ▲

    11th CoC meeting rescheduled to Sept 17, 2026; continued deliberation may signal active negotiation, but multiple adjournments indicate challenges

  • Simbhaoli Sugars ↓ (BULLISH)
    ▲

    3rd CoC meeting held Sept 10, 2026, with EoIs received; progress on resolution could lead to value unlocking, though no plan finalized yet

  • Astron Paper ↓ (BULLISH)
    ▲

    Contempt application against operational creditor (Sept 10, 2026) may expedite recovery of ₹2 lakh, improving cash flow for the CIRP

  • Dhruv Wellness ↓ (BULLISH)
    ▲

    Despite delayed disclosures, the company's continued CoC meetings (8th and 9th) indicate active resolution efforts, potentially leading to a plan

Risk Flags (8)

  • Astron Paper↓ [HIGH RISK]
    ▼

    CIRP commenced May 11, 2026, but Section 19(2) application filed July 10, 2026, for non-cooperation by personnel; this could delay resolution and increase costs

  • SKIL Infrastructure↓ [HIGH RISK]
    ▼

    11th CoC meeting adjourned multiple times since Sept 9, 2026; repeated delays signal unresolved disagreements, increasing risk of liquidation

  • Compuage Infocom↓ [HIGH RISK]
    ▼

    28 CoC meetings over 2+ years without resolution indicates deep financial distress; risk of eventual liquidation if no plan is approved

  • Dhruv Wellness↓ [HIGH RISK]
    ▼

    9-month delay in disclosing CoC meetings (Dec 18, 2025, filed Sept 16, 2026) violates SEBI regulations, risking penalties and eroding investor confidence

  • Simbhaoli Sugars↓ [MEDIUM RISK]
    ▼

    CIRP since July 11, 2024, with no resolution plan finalized after 3 CoC meetings; prolonged process may lead to value erosion

  • Astron Paper↓ [MEDIUM RISK]
    ▼

    AGM not held due to CIRP, indicating operational disruptions and potential non-compliance with corporate governance norms

  • GPT Infraprojects↓ [MEDIUM RISK]
    ▼

    Scheme meetings must be held within 90 days (by Dec 14, 2026); any delay could derail the amalgamation, impacting planned synergies

  • Triveni Engineering↓ [LOW RISK]
    ▼

    Post-scheme integration risks (e.g., operational overlap, cultural integration) could offset expected synergies, though no specific data available

Opportunities (8)

  • Astron Paper↓ (OPPORTUNITY)
    ◆

    E-voting outcome (Sept 15, 2026) could reveal CoC support for a resolution plan; if approved, early investors may benefit from a turnaround

  • SKIL Infrastructure↓ (OPPORTUNITY)
    ◆

    11th CoC meeting on Sept 17, 2026, may finalize a resolution plan; monitor for approval, which could trigger a stock re-rating

  • Compuage Infocom↓ (OPPORTUNITY)
    ◆

    28th CoC meeting on Sept 20, 2026, could be a decisive point; a resolution plan approval would be a major positive catalyst

  • GPT Infraprojects↓ (OPPORTUNITY)
    ◆

    Scheme of amalgamation could create a leaner entity; monitor for completion of meetings by Dec 14, 2026, for potential operational synergies

  • Triveni Engineering↓ (OPPORTUNITY)
    ◆

    Post-merger integration may lead to improved margins and market share; watch for Q2 FY27 results to assess synergies

  • Simbhaoli Sugars↓ (OPPORTUNITY)
    ◆

    EoIs received in 3rd CoC meeting (Sept 10, 2026) may attract credible bidders; a successful resolution could unlock value for stakeholders

  • Astron Paper↓ (OPPORTUNITY)
    ◆

    Contempt application may set a precedent for enforcing NCLT orders, potentially expediting recoveries in other CIRPs

  • Dhruv Wellness↓ (OPPORTUNITY)
    ◆

    Despite disclosure lapses, the company's active CoC meetings suggest progress; a resolution plan could offer a distressed asset opportunity

Sector Themes (6)

  • Prolonged CIRP Durations
    ◆

    3 of 7 companies under CIRP for over 2 years (Compuage, SKIL, Simbhaoli), indicating systemic delays in IBC resolution, increasing costs and value erosion.

  • Creditor-Led Enforcement
    ◆

    Astron Paper's legal actions (contempt, Section 19) reflect a trend of creditors using IBC provisions to enforce compliance, potentially improving recovery rates.

  • Disclosure Governance Gaps
    ◆

    Dhruv Wellness's delayed filings highlight a pattern of non-compliance among distressed companies, raising regulatory and reputational risks.

  • Resolution vs. Liquidation Divergence
    ◆

    Triveni's successful scheme contrasts with stalled CIRPs, showing a widening gap between efficient resolutions and those facing legal hurdles.

  • Amalgamation as Restructuring Tool
    ◆

    GPT Infraprojects and Triveni are using schemes of arrangement to streamline operations, a trend that may increase as companies seek efficiency post-insolvency.

  • Meeting Frequency as Progress Proxy
    ◆

    Higher CoC meeting counts (Compuage 28, SKIL 11) correlate with longer CIRP durations, suggesting that meeting frequency alone does not indicate resolution progress.

Watch List (7)

  • Astron Paper↓
    👁

    E-voting results for 4th CoC meeting expected after Sept 15, 2026; watch for resolution plan approval or further adjournments.

  • SKIL Infrastructure↓
    👁

    11th CoC meeting rescheduled to Sept 17, 2026; monitor for any resolution plan decisions or further delays.

  • Compuage Infocom↓
    👁

    28th CoC meeting on Sept 20, 2026; watch for updates on resolution plan status.

  • GPT Infraprojects↓
    👁

    Scheme meetings must be convened within 90 days (by Dec 14, 2026); monitor for meeting schedules and outcomes.

  • Simbhaoli Sugars↓
    👁

    Next CoC meeting expected after Sept 10, 2026; watch for EoI shortlisting and resolution plan progress.

  • Dhruv Wellness↓
    👁

    Monitor for SEBI action on delayed disclosures; any penalties could impact stock sentiment.

  • Triveni Engineering↓
    👁

    Q2 FY27 results (expected Oct-Nov 2026) will reveal post-merger financial performance and synergies.

Filing Analyses (13)
Astron Paper & Board Mill Limited Insolvency negative materiality 9/10

16-09-2026

Astron Paper & Board Mill Limited, undergoing Corporate Insolvency Resolution Process (CIRP) since May 11, 2026, has commenced e-voting for the 4th Meeting of the Committee of Creditors. The e-voting started on September 11, 2026, and will remain open until September 15, 2026. The meeting was originally scheduled for September 2, 2026, but was adjourned to September 9, 2026, at the request of CoC members.

  • · CIRP commenced on May 11, 2026, pursuant to NCLT order.
  • · E-voting opened on September 11, 2026, at 5:00 PM and closes on September 15, 2026, at 5:00 PM.
  • · The 4th CoC meeting was originally scheduled for September 2, 2026, but was adjourned to September 9, 2026, at 4:00 PM.
Astron Paper & Board Mill Limited Insolvency negative materiality 8/10

16-09-2026

Astron Paper & Board Mill Limited, under Corporate Insolvency Resolution Process (CIRP), has filed an application before the NCLT Ahmedabad Bench seeking contempt proceedings against an Operational Creditor for non-compliance with a court order dated 11.05.2026. The NCLT had directed the Operational Creditor to deposit ₹2,00,000 (Two Lakhs) within two weeks, but the creditor has failed to make the payment despite the deadline. This filing highlights ongoing legal disputes during the insolvency process.

  • · CIRP commenced on 11 May 2026 pursuant to NCLT order.
  • · Application for contempt filed on 10.09.2026 under Section 60(5)(c) of IBC, 2016 read with Section 425 of Companies Act, 2013 and Rule 11 of NCLT Rules, 2016.
  • · The NCLT order dated 11.05.2026 was received by the Operational Creditor on the same day, giving two weeks for payment.
  • · The Resolution Professional is authorized for assignment until June 30, 2027.
Simbhaoli Sugars Limited Insolvency negative materiality 8/10

16-09-2026

Simbhaoli Sugars Limited (under Corporate Insolvency Resolution Process, w.e.f. July 11, 2024) held its 3rd Committee of Creditors (CoC) meeting on September 10, 2026, where discussions covered general operational matters and the number of Expressions of Interest received. The company remains under CIRP with management vested in IRP Mr. Anurag Goel, and no resolution plan has been finalized yet.

  • · CIRP initiated on July 11, 2024, and the Board of Directors' powers have been suspended since that date.
  • · IRP Mr. Anurag Goel is managing the company's assets and operations under IBC 2016.
  • · The 3rd CoC meeting is a post-facto intimation, not previously disclosed.
  • · No resolution plan or timeline for completion is mentioned.
GPT Infraprojects Limited Insolvency neutral materiality 6/10

16-09-2026

GPT Infraprojects Limited announced that the NCLT Kolkata Bench has pronounced its order on September 15, 2026, directing the convening of meetings of equity shareholders, secured creditors, and unsecured creditors to consider the Scheme of Amalgamation of its wholly-owned subsidiaries Alcon Builders and Engineers Private Limited and Jogbani Highway Private Limited into GPT Infraprojects Limited. The meetings must be held within 90 days from the order date, while meetings for equity shareholders of both transferor companies and preference shareholders of Transferor Company No.2 have been dispensed with. No financial figures were disclosed in this filing.

  • · NCLT order pronounced on September 15, 2026 and uploaded on NCLT website on September 16, 2026.
  • · Meetings of equity shareholders of both transferor companies and preference shareholders of Transferor Company No.2 have been dispensed with.
  • · Meeting of unsecured creditors of Transferor Company No.2 has been dispensed with.
  • · No secured creditors exist for Transferor Company No.2, so no meeting required for them.
  • · Copy of the NCLT order is available on the company's website at www.gptinfra.in.
Triveni Engineering & Industries Limited Insolvency neutral materiality 3/10

16-09-2026

Triveni Engineering & Industries Limited has certified the distribution of proceeds from fractional shares to eligible shareholders pursuant to a Composite Scheme of Arrangement sanctioned by the NCLT. The distribution, completed on September 9, 2026, involved 4,308 shares with gross proceeds of INR 12,25,385.00, TDS of INR 598.00, and net proceeds of INR 12,24,787.00 distributed to 6,064 eligible shareholders. This filing is a routine compliance certification under SEBI Master Circular, not a regulatory action against the company.

  • · The Scheme was sanctioned by NCLT Allahabad Bench on May 7, 2026 and May 18, 2026, with the effective date of May 19, 2026.
  • · The share exchange ratio was 100:137, with 100 equity shares of INR 1 each issued for every 137 shares of INR 10 each held.
  • · The record date for determining eligible shareholders was June 3, 2026, and shares were allotted on June 9, 2026.
  • · The fractional shares were held in a demat escrow account (DP ID: IN300118, Client ID: 11850322) with Mitcon Credentia Trusteeship Services Limited as trustee.
  • · The distribution of proceeds was completed on September 9, 2026, within the 90-day requirement.
Dhruv Wellness Ltd Insolvency negative materiality 8/10

16-09-2026

Dhruv Wellness Ltd, undergoing Corporate Insolvency Resolution Process (CIRP), has belatedly disclosed the scheduling of its Eighth Committee of Creditors (CoC) meeting held on December 18, 2025. The delay in disclosure was attributed to an inadvertent oversight, with no deliberate intention to withhold information.

  • · The CoC meeting was scheduled as a physical meeting at Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai.
  • · The filing was made on September 16, 2026, approximately nine months after the meeting date (December 18, 2025).
  • · The company is undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016.
Dhruv Wellness Ltd Insolvency negative materiality 8/10

16-09-2026

Dhruv Wellness Limited, undergoing Corporate Insolvency Resolution Process (CIRP), held its Eighth Committee of Creditors (CoC) meeting on December 18, 2025. The meeting was conducted both physically and via video conferencing, where matters were discussed and concluded. The company acknowledged an inadvertent delay in disclosing this event to the stock exchange.

  • · The filing was made on September 16, 2026, nearly nine months after the CoC meeting held on December 18, 2025.
  • · The delay in disclosure was attributed to an oversight, with the company stating there was no deliberate intention to withhold information.
  • · The meeting was held at Axis House, Bombay Dyeing Mills Compound, Mumbai, as well as through video conferencing.
Dhruv Wellness Ltd Insolvency negative materiality 8/10

16-09-2026

Dhruv Wellness Ltd, undergoing Corporate Insolvency Resolution Process (CIRP), has belatedly disclosed the scheduling of its Ninth Committee of Creditors (CoC) meeting held on January 8, 2026. The filing acknowledges an inadvertent delay in making the disclosure, with no deliberate intent to withhold information. The company remains committed to regulatory compliance.

  • · The CoC meeting was held physically on January 8, 2026 at 12:30 PM at S-138, B Wing, Express Zone Mall, Western Express Highway, Goregaon East, Mumbai.
  • · The disclosure was filed on September 16, 2026, over eight months after the meeting date, with the delay attributed to inadvertent oversight.
  • · The company is under Corporate Insolvency Resolution Process (CIRP) as per the Insolvency and Bankruptcy Code, 2016.
Triveni Engineering & Industries Limited Insolvency neutral materiality 3/10

16-09-2026

Triveni Engineering & Industries Limited has completed the distribution of net sale proceeds of INR 12,24,787 from 4,308 fractional shares to 6,064 eligible shareholders of Sir Shadi Lal Enterprises Limited, following the composite scheme of arrangement sanctioned by the NCLT. The distribution was certified by both the Audit Committee and Independent Directors on September 16, 2026, in compliance with SEBI Master Circular. The scheme involved a share exchange ratio of 100:137 and became effective on May 19, 2026.

  • · The scheme was approved by NCLT Allahabad Bench on May 7, 2026 and May 18, 2026, with effective date May 19, 2026.
  • · Record date for eligible shareholders was June 3, 2026; equity shares were allotted on June 9, 2026.
  • · Share exchange ratio: 100 equity shares of Triveni (face value INR 1 each) for every 137 shares of Sir Shadi Lal (face value INR 10 each).
  • · The Trustee Demat Share Escrow Account is held with DP ID IN300118, Client ID 11850322.
  • · Distribution of net proceeds was completed on September 9, 2026.
SKIL Infrastructure Ltd Insolvency negative materiality 8/10

16-09-2026

SKIL Infrastructure Ltd is under Corporate Insolvency Resolution Process (CIRP) by order of Hon'ble NCLT, Mumbai dated February 1, 2024. The resolution professional has informed stock exchanges that the Eleventh Meeting of the Committee of Creditors (CoC), which originally commenced on September 9, 2026 and has been adjourned multiple times, is further rescheduled to September 17, 2026 for continued deliberation on agenda items.

  • · Company is under CIRP by NCLT Mumbai order dated February 1, 2024.
  • · This is the Eleventh (11th) Committee of Creditors meeting.
  • · Meeting initially commenced on September 9, 2026, and was adjourned multiple times.
  • · Meeting rescheduled to September 17, 2026 at 2:30 PM via video conferencing.
  • · Resolution Professional Purusottam Behera holds IBBI Registration No. IBBI/IPA-002/IP-N00940/2019-20/12993 (AFA valid till December 31, 2026).
Compuage Infocom Limited Insolvency neutral materiality 7/10

16-09-2026

Compuage Infocom Limited, currently under Corporate Insolvency Resolution Process (CIRP) pursuant to an NCLT order dated 29.04.2024, has scheduled the 28th meeting of the Committee of Creditors for 20th September 2026. The company's affairs are being managed by Resolution Professional Gajesh Labhchand Jain. No financial figures or operational metrics were disclosed in this intimation.

  • · NCLT order initiating CIRP dated 29.04.2024, received on 09.05.2024
  • · Meeting of Committee of Creditors scheduled for 20th September 2026 at 04:00 P.M.
  • · Company is under Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code 2016
Astron Paper & Board Mill Limited Insolvency negative materiality 9/10

16-09-2026

Astron Paper & Board Mill Limited is undergoing Corporate Insolvency Resolution Process (CIRP) commencing May 11, 2026, under the Insolvency and Bankruptcy Code, 2016. The Resolution Professional has filed an application under Section 19(2) of the IBC on July 10, 2026, seeking directions against concerned personnel for non-cooperation in providing necessary assistance for the CIRP. This indicates potential obstruction or delays in the insolvency process.

  • · CIRP commenced on May 11, 2026, pursuant to NCLT order.
  • · Application under Section 19(2) of IBC filed on July 10, 2026, before NCLT Ahmedabad Bench.
  • · Application seeks directions against personnel for non-cooperation with Resolution Professional.
  • · Stock codes: BSE 540824, NSE ASTRON, ISIN INE646X01014.
Astron Paper & Board Mill Limited Insolvency negative materiality 9/10

16-09-2026

Astron Paper & Board Mill Limited has informed the stock exchanges that its Corporate Insolvency Resolution Process (CIRP) commenced on May 11, 2026, pursuant to an order of the Hon'ble National Company Law Tribunal (NCLT) in CP(IB)/316(AHM)/2025. Consequently, the management of the corporate debtor is being conducted by the Resolution Professional, Atul J. Sheth, under the Insolvency and Bankruptcy Code, 2016. The company could not hold its Annual General Meeting (AGM) within the prescribed timeline primarily due to the non-finalization of annual records and subsequent circumstances arising from the CIRP.

  • · CIRP commenced on May 11, 2026, by order of the Hon'ble NCLT, Ahmedabad Bench (CP(IB)/316(AHM)/2025).
  • · The AGM could not be held within the prescribed timeline due to the CIRP and non-finalization of annual records.
  • · The company's registered office is at 407, Satyamev Eminence, Science City Road, Sola, Ahmedabad, Gujarat.
  • · Stock code on BSE: 540824; on NSE: ASTRON; ISIN: INE646X01014.

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