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India NCLT Insolvency Resolution Filings — October 21, 2026

India Corporate Insolvency & NCLT

By Gunpowder Editorial ·

10 high priority 10 total filings analysed

Executive Summary

All ten filings fall within India's insolvency and restructuring landscape, though the enriched data is thin: none of the filings carries period-over-period financial results, insider trading data, guidance, or capital allocation figures, so the synthesis rests mainly on procedural events, timelines, and governance signals rather than quantified trends.

The dominant theme is the CIRP pipeline: four companies (Gujarat Toolroom, Shirpur Gold Refinery, Info-Drive Software, Compuage Infocom, plus SKIL Infrastructure and Vas Infrastructure) are in or entering Committee of Creditors (CoC) processes, with several CoC meetings clustered between October 22 and October 27, 2026. A second cluster is NCLT-directed scheme activity (Ganesh Housing, GOCL, Lactose India, Balkrishna Paper Mills), where shareholder meetings and record dates in November 2026 create the nearest hard catalysts. The most material development is Gujarat Toolroom's newly admitted Section 9 CIRP (materiality 8/10), while Shirpur Gold Refinery's inability to file four quarterly compliance reports signals acute governance breakdown in a company already in CIRP. Market implication: near-term price action is likely to be driven by CoC outcomes and scheme record dates rather than fundamentals, and the absence of financial disclosure in most filings itself limits investors' ability to value recoveries.

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 October 19, 2026.

Investment Signals (10)

  • Lactose (India) Ltd ↓ (NEUTRAL)
    ▲

    Record date of November 02, 2026 fixed for allotment of 0.7946 new shares per Vitanosh Ingredients share under NCLT-approved amalgamation (order Aug 5, 2026); a defined, dated corporate action with no earnings impact disclosed

  • GOCL Corporation ↓ (NEUTRAL)
    ▲

    Equity shareholder meeting on Scheme of Merger by Absorption of Hinduja National Power on November 24, 2026 with e-voting Nov 19-23; approval would consolidate a power asset into GOCL, but no deal valuation or swap ratio is disclosed in the filing

  • Ganesh Housing ↓ (BULLISH)
    ▲

    NCLT-directed equity shareholder meeting on Gatil Properties scheme set for November 27, 2026 (cut-off Nov 19); NSE no-objection and BSE no-adverse-observations letters (both July 6, 2026) are already in hand, which lowers regulatory approval risk

  • Gujarat Toolroom ↓ (BEARISH)
    ▲

    Section 9 CIRP admitted by NCLT Ahmedabad on 30.09.2026 with IRP Iqbal Singh Gandhi appointed; company now designated 'In CIRP', a formal insolvency trigger with no resolution plan yet visible

  • Shirpur Gold Refinery ↓ (BEARISH)
    ▲

    Cannot file four quarterly compliance reports for quarter ended Sept 30, 2026 (shareholding pattern, PCS audit, RTA certificate, governance report) after depositories stopped Benpos data over unpaid fees

  • Balkrishna Paper Mills ↓ (MIXED)
    ▲

    Scheme to write off accumulated losses of Rs 52.28 crore via securities premium and cut face value Rs 10 to Re 1; Rs 110 crore 6.5% preference shares to be reclassified as unsecured loan; next NCLT hearing January 21, 2027

  • Info-Drive Software ↓ (NEUTRAL)
    ▲

    9th CoC meeting on October 22, 2026 at 11:00 AM IST (CIRP admitted under CP-1000/IB/2018); the first of several near-term CoC events and a time-sensitive watch point

  • Compuage Infocom ↓ (NEUTRAL)
    ▲

    29th CoC meeting on October 27, 2026 at 3:00 PM under RP Gajesh Jain (NCLT order April 29, 2024); a mature CIRP still cycling through creditor meetings after roughly two years

  • Vas Infrastructure ↓ (NEUTRAL)
    ▲

    29th CoC meeting on October 22, 2026 at 4:00 PM IST under RP Bimal Kumar Agarwal; the 29th meeting count suggests a long-running process with limited visible progress in the filing

  • SKIL Infrastructure ↓ (NEUTRAL)
    ▲

    14th CoC meeting postponed from October 21 to October 27, 2026 at 3:00 PM at creditor request, indicating unresolved scheduling or substantive agenda items

Risk Flags (8)

  • Shirpur Gold Refinery/Governance Breakdown↓ [HIGH RISK]
    ▼

    Four mandatory quarterly filings (Reg 31, Reg 76, Reg 74(5), governance report) cannot be submitted; depositories and RTA withdrew Benpos data over fees owed by the erstwhile management, and the company invokes LODR exemptions 15(2A)/(2B) for corporate governance

  • Gujarat Toolroom/New Insolvency Trigger↓ [HIGH RISK]
    ▼

    Section 9 operational creditor petition admitted October 2026, with the IRP's AFA valid only to June 30, 2027; the filing discloses no claim amounts, so creditor exposure cannot be sized

  • Balkrishna Paper Mills/Capital Impairment↓ [HIGH RISK]
    ▼

    Company states it has no major business operations and lacks profits, reserves, or liquidity to redeem Rs 110 crore of preference shares in the foreseeable future; the scheme reclassifies this obligation as an unsecured interest-free loan, effectively transferring the redemption burden

  • Balkrishna Paper Mills/Disclosure Compliance↓ [MEDIUM RISK]
    ▼

    BSE flagged a 16 October 2026 scheme announcement for failing 24-hour disclosure; the company resubmitted under 'General Update' after misclassifying it as 'Announcement', raising governance-quality questions

  • CIRP Timeline Slippage/SKIL Infrastructure [MEDIUM RISK]
    ▼

    14th CoC meeting postponed for the second time in the disclosure trail (earlier notices October 13 and 16), and the RP's AFA expires December 31, 2026, which could complicate the process if the timetable slips further

  • Long-Dated CIRPs/Vas Infrastructure and Compuage [MEDIUM RISK]
    ▼

    29th CoC meetings in both processes imply sustained delay; with Compuage's RP appointed in 2024 and Info-Drive's admission in 2019, prolonged durations raise the risk of value erosion and eventual liquidation for equity holders

  • Ganesh Housing/Litigation Overhang↓ [MEDIUM RISK]
    ▼

    Annexures list ongoing adjudication, recovery, and prosecution proceedings against the company, its promoters, and directors as of August 31, 2026; the scheme's approval may not resolve these matters

  • GOCL/Scheme Execution Risk↓ [MEDIUM RISK]
    ▼

    Merger by absorption of HNPCL requires shareholder, creditor, and NCLT sanction; the filing discloses no valuation or swap basis, so minority holders cannot assess dilution or value transfer

Opportunities (7)

  • Ganesh Housing/Scheme Catalyst↓ (OPPORTUNITY)
    ◆

    Regulatory no-objections from NSE and BSE are already obtained (July 6, 2026); a clean shareholder vote on November 27 could move the scheme toward NCLT sanction, making it a dated event-driven setup

  • Lactose (India)/Post-Merger Share Issuance↓ (OPPORTUNITY)
    ◆

    Record date November 02, 2026 for 0.7946 shares per Vitanosh share; NCLT approval (Aug 5, 2026) is already granted, so the remaining risk is largely procedural and the event is near-term and low-execution-risk

  • GOCL/Holding-Company Consolidation↓ (OPPORTUNITY)
    ◆

    Absorption of Hinduja National Power into GOCL would consolidate power generation assets; approval on November 24 could simplify group structure and unlock value if the swap terms prove favorable to GOCL holders

  • Gujarat Toolroom/Distressed Recovery Entry↓ (OPPORTUNITY)
    ◆

    With CIRP admitted and an IRP in place, a resolution plan could eventually offer recovery for well-positioned bidders; watch the first CoC constitution and EoI process for entry signals

  • Info-Drive Software/CoC Momentum↓ (OPPORTUNITY)
    ◆

    The 9th CoC meeting (Oct 22) suggests the process is still in active creditor governance; a resolution plan invitation or realization update at the meeting would be the first hard signal of value to equity

  • Balkrishna Paper Mills/Asset Shell Optionality↓ (OPPORTUNITY)
    ◆

    The company says it is evaluating real estate-related opportunities; if the capital reduction clears NCLT and the share-face-value reset is completed, the revived shell may attract strategic interest, though this is speculative

  • SKIL Infrastructure/Resolution Timing↓ (OPPORTUNITY)
    ◆

    The 14th CoC meeting on October 27 is the first of a potentially decisive stage; a resolution plan vote or extended timetable would materially reprice the equity

Sector Themes (5)

  • Protracted CIRP Cycles (THEME)
    ◆

    Of the nine CIRP-linked filings, CoC meeting counts range from 9th (Info-Drive) to 29th (Vas Infrastructure, Compuage), with admissions dating back to 2019 for Info-Drive and 2024 for Compuage; long processes compound value erosion and reduce recoveries for equity holders

  • Governance Breakdown Under Insolvency (THEME)
    ◆

    Shirpur Gold Refinery's inability to file four quarterly reports and its reliance on LODR Regulation 15(2A)/(2B) exemptions, together with Balkrishna's late-disclosure correction, point to weak compliance standards among distressed issuers

  • Scheme-Driven Restructuring Outside CIRP (THEME)
    ◆

    Four of ten filings (Ganesh Housing, GOCL, Lactose India, Balkrishna Paper Mills) use NCLT-supervised schemes under Sections 230-232 rather than CIRP, typically for mergers, capital reductions, or group consolidation; these carry more predictable timelines and shareholder-vote catalysts

  • Capital Reduction as Balance-Sheet Repair (THEME)
    ◆

    Balkrishna's proposal to write off Rs 52 crore of accumulated losses via securities premium and reduce face value from Rs 10 to Re 1 mirrors a broader pattern of cleaning up impaired balance sheets before strategic action

  • Procedural Concentration in Mid-to-Late October 2026 (THEME)
    ◆

    Multiple CoC meetings (Oct 22, Oct 27) and scheme record/meeting dates (Nov 2, Nov 24, Nov 27) cluster in a tight window, making the coming five weeks the most event-dense period for this stream

Watch List (8)

  • Info-Drive Software/9th CoC Meeting↓
    👁

    Resolution Professional Sumeet Chimbalkar's CoC session on October 22, 2026 at 11:00 AM IST via VC; watch for resolution plan timelines and any realization update [Oct 22, 2026]

  • Vas Infrastructure/29th CoC Meeting↓
    👁

    RP Bimal Agarwal's session on October 22, 2026 at 4:00 PM IST; watch for resolution plan progress given the long process history [Oct 22, 2026]

  • Compuage Infocom/29th CoC Meeting↓
    👁

    RP Gajesh Jain's CoC session on October 27, 2026 at 3:00 PM; watch for updates on the sale or resolution process [Oct 27, 2026]

  • SKIL Infrastructure/14th CoC Meeting↓
    👁

    Postponed to October 27, 2026 at 3:00 PM at Cuffe Parade, Mumbai; watch whether this session produces a resolution plan vote or further deferral [Oct 27, 2026]

  • Lactose (India)/Record Date↓
    👁

    Share allotment record date November 02, 2026 for Vitanosh amalgamation; confirm allotment and listing of new Lactose shares thereafter [Nov 2, 2026]

  • GOCL Corporation/Equity Shareholder Meeting↓
    👁

    Scheme of Merger by Absorption of HNPCL vote on November 24, 2026 at 11:00 AM IST; e-voting cut-off November 17 [Nov 24, 2026]

  • Ganesh Housing/Equity Shareholder Meeting↓
    👁

    NCLT-directed meeting on Gatil Properties scheme on November 27, 2026 via VC/OAVM; remote e-voting Nov 21-26, cut-off Nov 19 [Nov 27, 2026]

  • Gujarat Toolroom/Initial CIRP Milestones↓
    👁

    Track IRP-led constitution of the Committee of Creditors and public call for claims following the September 30, 2026 admission; the first CoC notice will indicate the process timeline [Ongoing from Oct 2026]

Filing Analyses (10)
Gujarat Toolroom Ltd. Insolvency negative materiality 8/10

21-10-2026

Gujarat Toolroom Limited has been subjected to a Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016, after the Hon'ble NCLT Ahmedabad Bench admitted the petition by order dated 30.09.2026 in CP (IB) 158/NCLT/AHM/2026. Iqbal Singh Gandhi (IBBI reg. no. IBBI/IPA-001/IP-P-02365/2021-2022/13524) has been appointed as Interim Resolution Professional, and the company is now designated 'In CIRP'. The filing contains no financial results, monetary claim amounts, or period-over-period operating data.

  • · NCLT order dated 30.09.2026 (copy received by the IRP on 01.10.2026) admitted the Section 9 petition, application no. CCR/NCLT/2026/158/03275 filed 2026-10-08
  • · BSE Scrip Code 513337; ISIN INE145J01032
  • · IRP's AFA valid up to 30-06-2027
Shirpur Gold Refinery Ltd Insolvency negative materiality 7/10

21-10-2026

Shirpur Gold Refinery Ltd, under Corporate Insolvency Resolution Process (CIRP) since June 24, 2024, has notified the exchanges that it cannot submit four quarterly compliance filings for the quarter ended September 30, 2026: the Regulation 31 shareholding pattern, the Regulation 76 PCS share capital audit report, the Regulation 74(5) RTA compliance certificate, and the integrated filing governance report. The reason cited is non-payment of depository and RTA fees by the erstwhile management, which led NSDL, CDSL and the RTA to stop providing shareholding data (Benpos). The company also claims exemption from Corporate Governance requirements (Regulations 17 to 21 and Regulation 27) under Regulations 15(2A) and 15(2B) of SEBI LODR while under CIRP.

  • · Insolvency application under Section 7 of the IBC was filed by Prudent ARC Ltd and admitted by the NCLT Mumbai Bench on June 24, 2024
  • · First Committee of Creditors meeting was convened on July 24, 2024; e-voting concluded September 14, 2024, appointing the IRP as Resolution Professional
  • · Depositories and the RTA stopped providing Benpos data due to unpaid fees demanded from the erstwhile management
  • · Company is claiming exemption from Corporate Governance report filing under Regulation 27 of SEBI LODR, citing Regulations 15(2A) and 15(2B)
  • · Filing is signed by Ashish Vyas, Resolution Professional, IBBI Regn. No. IBBI/IPA-001/IP-P-01520/2018-2019/12267
GANESH HOUSING LIMITED Insolvency neutral materiality 6/10

21-10-2026

Ganesh Housing Limited has filed notice of an NCLT-directed meeting of its equity shareholders (including public shareholders) to approve a Scheme of Arrangement with Gatil Properties Private Limited, under Sections 230-232 of the Companies Act, 2013. The meeting is scheduled for November 27, 2026 via VC/OAVM, with remote e-voting from November 21 to November 26, 2026 and a cut-off date of November 19, 2026. The filing is primarily procedural, with no financial figures disclosed in the excerpt provided.

  • · NCLT Ahmedabad Bench order dated October 7, 2026, with corrigendum dated October 9, 2026, directed the convening of the equity shareholders' meeting
  • · Annexures include a No Complaint Report (January 5, 2026), NSE no-objection letter and BSE no-adverse-observations letter (both July 6, 2026), and a list of ongoing adjudication, recovery, and prosecution proceedings against the company, its promoters and directors as of August 31, 2026
  • · Unaudited financial results of both Gatil Properties Private Limited and Ganesh Housing Limited for the quarter ended June 30, 2026 are annexed
SKIL Infrastructure Ltd Insolvency neutral materiality 4/10

21-10-2026

SKIL Infrastructure Limited, under Corporate Insolvency Resolution Process (CIRP) before the Hon'ble NCLT Mumbai (order dated 1 February 2024), has postponed the Fourteenth Committee of Creditors (CoC) meeting from October 21, 2026 to October 27, 2026, at 3:00 PM, at the request of CoC members. The meeting will be held in physical and virtual mode. The filing contains no financial figures, so no period-over-period performance is reported.

  • · CoC meeting venue: Jasmine Room, 1st Floor, Centre One Building, World Trade Centre, Cuffe Parade, Mumbai – 400066
  • · Filing made under Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015, referencing prior disclosures dated October 13 and October 16, 2026
  • · Resolution Professional's IBBI Authorisation for Assignment (AFA) valid till December 31, 2026
GOCL Corporation Limited Insolvency neutral materiality 6/10

21-10-2026

GOCL Corporation Limited has notified its equity shareholders of a meeting, directed by the NCLT Amaravati Bench (order dated October 08, 2026), to consider a proposed Scheme of Merger by Absorption of Hinduja National Power Corporation Limited (HNPCL) into GOCL under Sections 230-232 of the Companies Act, 2013. The meeting is scheduled for November 24, 2026 via VC/OAVM, with e-voting from November 19 to November 23, 2026, facilitated by KFin Technologies. The filing is a procedural notice of meeting; it does not itself report any financial results or deal terms.

  • · Cut-off date for e-voting is November 17, 2026
  • · Equity shareholder meeting on the scheme is on Tuesday, November 24, 2026 at 11:00 a.m. IST
  • · Notice was also sent electronically to shareholders with registered email IDs as of September 30, 2026
  • · Notice, Explanatory Statement and Annexures are available at goclcorp.com/nclt_convened_meetings
Balkrishna Paper Mills Limited Insolvency mixed materiality 6/10

21-10-2026

Balkrishna Paper Mills Limited's Board-approved and shareholder-approved scheme of reduction of share capital remains before the Mumbai NCLT, which admitted the petition on 14 October 2026 and fixed the next hearing for 21 January 2027. The NCLT order is interim and procedural (notices and newspaper publication under the Companies Act, 2013), and the company states it is not in itself a material development; the filing was a corrective resubmission under 'General Update' after BSE queried the earlier 'Announcement' classification and a delayed disclosure. The company, which says it has no major business operations, proposes to write off accumulated losses of Rs. 52,28,37,029 by adjusting Securities Premium and reducing face value of equity shares from Rs. 10 to Re. 1, and to reduce Rs. 1,10,00,00,000 of 6.5% redeemable preference share capital, with the consideration reclassified as an unsecured non-interest-bearing loan.

  • · Company states it currently has no major business operations and is evaluating new opportunities including real estate-related activities
  • · Company's own rationale states it will lack profits, reserves or liquidity to redeem preference shares in the foreseeable future
  • · BSE flagged the 16 October 2026 scheme-of-arrangement announcement for failing to disclose within 24 hours; company submitted this correction citing inadvertent classification
  • · Creditor notice process: three-month window for creditor objections after notice; Regional Director, RoC, SEBI, stock exchanges and Income Tax authorities to be served with a three-month window for representations
  • · Preference share consideration to be discharged only when adequate funds become available; until then treated as an unsecured non-interest-bearing loan
Info-Drive Software Ltd Insolvency neutral materiality 4/10

21-10-2026

Resolution Professional Sumeet Surendra Chimbalkar has notified BSE that the 9th meeting of the Committee of Creditors (CoC) of Info-Drive Software Limited will be held on Thursday, October 22, 2026 at 11:00 A.M. IST via video conferencing. The company remains under the Corporate Insolvency Resolution Process (CIRP), admitted by the NCLT in CP-1000/IB/2018 by order dated October 15, 2019. The filing is a procedural prior intimation and contains no financial results or quantitative figures.

  • · A prior intimation of the earlier CoC-related notice was dated September 09, 2026, referring to the RP's appointment
  • · The NCLT admission order was issued by the Hon'ble NCLT in CP-1000/IB/2018, dated October 15, 2019
  • · Filing made under Regulation 30 read with sub-clause 16(g) of Para A of Part A of Schedule III of SEBI LODR, 2015
Compuage Infocom Limited Insolvency neutral materiality 5/10

21-10-2026

Compuage Infocom Limited, currently under the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016, has informed exchanges that the 29th meeting of its Committee of Creditors is scheduled for Tuesday, 27 October 2026 at 3:00 PM. The company's affairs are being managed by Resolution Professional Gajesh Labhchand Jain, appointed by the Hon'ble NCLT order dated 29 April 2024 (received 9 May 2024). The filing is a procedural intimation with no financial results or deal terms disclosed.

  • · Meeting date and time: Tuesday, 27 October 2026 at 3:00 PM
  • · NCLT order dated 29 April 2024, received by the Resolution Professional on 9 May 2024
  • · Security code 532456 (BSE) and symbol COMPINFO (NSE)
Lactose (India) Ltd. Insolvency neutral materiality 4/10

21-10-2026

Lactose (India) Ltd's board, at its October 21, 2026 meeting, fixed November 02, 2026 as the Record Date for allotting new equity shares to shareholders of Vitanosh Ingredients Private Limited under the NCLT-approved amalgamation scheme (order dated August 05, 2026). Shareholders of the transferor will receive 0.7946 equity shares of Lactose (India) Ltd (face value INR 10/-) for every 1 share held. The filing is a procedural BSE disclosure with no financial results, dividend, or quantified earnings impact disclosed.

  • · Scheme approved by NCLT Ahmedabad Bench via order dated August 05, 2026, under Sections 230-232 of the Companies Act, 2013
  • · Board meeting held 11:00 AM to 11:15 AM IST on October 21, 2026
  • · Filing made under Regulations 30 and 42 of SEBI (LODR) Regulations, 2015
Vas Infrastructure Ltd Insolvency neutral materiality 4/10

21-10-2026

Vas Infrastructure Limited has notified BSE that the 29th meeting of its Committee of Creditors will be held on Thursday, 22 October 2026 from 4:00 PM IST, under the supervision of Resolution Professional Bimal Kumar Agarwal. The filing is a routine procedural intimation under Regulation 30 of the LODR and does not disclose any financial results, resolution outcomes, or quantitative data.

  • · The meeting is the 29th Committee of Creditors meeting held in the insolvency process
  • · Meeting scheduled for 4:00 PM IST on Thursday, 22 October 2026
  • · Resolution Professional holds IBBI registration IBBI/IPA-001/IP-P01409/2018-2019/12186 and AFA validity until June 30, 2027

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