India NCLT Insolvency Resolution Filings — October 10, 2026

Form A claims invitation published Oct 1, 2026 in English and Marathi dailies marks formal start of creditor claim verification under CIRP, a procedural step that moves the case toward resolution plan stage

Interim Resolution Professional Vijay P. Lulla (IBBI/IPA-01/IP-P00323/2017-18/10593) remains in control, signalling the company is still under IRP rather than a resolution-stage committee, so equity holders have no governance rights

Company is in active CIRP with no disclosed resolution plan or financial data in the filing, leaving equity value highly uncertain and exposed to wipeout under a resolution plan

Under IBC, a resolution applicant may restructure or cancel existing share capital; the filing gives no indication of the eventual equity treatment

Creditor claim volumes and admitted amounts are not disclosed in this filing, so the size of the liability stack relative to recoverable asset value cannot be gauged

The claims window opened by the Oct 1, 2026 Form A notice will eventually reveal the admitted liability base, which is a prerequisite for pricing any distressed-debt or resolution opportunity

PBA Infrastructure's CIRP is an example of leveraged infrastructure names entering IBC processes; with only one filing in this stream, a broader sector pattern cannot be confirmed from this data set and should be tracked across future filings

Track the Form A claims submission deadline and the subsequent Committee of Creditors formation; the Oct 1, 2026 publication is the starting point for these timelines

Monitor for the Expression of Interest and information memorandum issuance, which signal the transition to resolution stage and clarify equity treatment

Watch for any NCLT rulings on CIRP extension, moratorium matters, or liquidation risk that would materially change the equity outlook