India NCLT Insolvency Resolution Filings — October 31, 2026

CoC extended CIRP by 60 days at the 18th CoC (25-Sep-26) and approved a tie-breaker formula for resolution plans receiving equal votes — the first explicit confirmation that multiple plans are tied or near-tied, making a competitive bidding upgrade or revised plan likely before the extended deadline (~late Nov 2026) [BULLISH for recovery-value optionality / event-driven]

Declared Successful Resolution Applicant for Panda Technologies India Pvt Ltd after CoC approval on 16-Oct-26 and e-voting closing 27-Oct-26 — a completed acquisition event that adds an unquantified revenue/asset base to a BSE-listed (530025) shell; watch for consideration disclosure in the next filing [BULLISH pending economics]

Q2 FY27 standalone revenue INR 696.80 Lakh vs INR 412.33 Lakh in Q2 FY26 (+69% YoY) and H1 FY27 revenue INR 1,672.20 Lakh vs INR 857.87 Lakh (+95% YoY) — the strongest top-line growth in the set, confirming the NCLT-approved Resolution Plan (23-Oct-24) restored operating activity [BULLISH on operations]

Auditor emphasis-of-matter confirms no dues outstanding to financial creditors post-resolution — a clean financial-creditor slate that removes legacy debt overhang and is a precondition for future bank funding

EPS improved to INR (2.94) from INR (15.72) on a post-split basis despite the larger absolute loss — share-count/split adjustment materially changes per-share optics; verify split ratio before comparing to historical EPS [NEUTRAL-to-BULLISH optics]

Form G published 23-Oct-26 with EOI deadline 07-Nov-26 and resolution-plan deadline 07-Jan-27 — a defined, near-term catalyst window; any credible EOI from a listed acquirer would be a positive read-through for the Satiate equity [BULLISH catalyst]

NCLT Ahmedabad allowed the joint amalgamation (CA(CAA)/43(AHM)2026, order 31-Oct-26) with appointed date 1-Apr-26; Transferor No.1 (Shish Polylam) contributed FY26 revenue INR 1,62,55,320 and PBT INR 38,35,920 — a profitable bolt-on being absorbed at an effective 23.6% PBT margin

NCLT dispensed with meetings of both transferors' shareholders/creditors and the transferee's secured creditors based on consents on record — only equity shareholders (28,853) and unsecured creditors (226) vote on 15-Dec-26, shortening the approval path [BULLISH on execution timeline]

9th CoC held 22-Oct-26 but intimated post-facto on 31-Oct-26 — a 9-day disclosure lag under Reg 30 sub-clause 16(g); repeated procedural slippage suggests a slow-moving CIRP with low near-term resolution probability [BEARISH on timeline]

FY26 revenue INR 11.61 Cr with nil employees/workmen and no fixed assets in the company's name — the resolution value is essentially the business/contracts, not a tangible asset base, capping recovery for creditors and limiting the acquirer universe [BEARISH on recovery value]

Consolidated total equity fell to INR 5,281.96 Lakh at 30-Sep-26 from INR 22,021.88 Lakh at 31-Mar-26 — a INR 16,739.92 Lakh erosion in six months, meaning the post-resolution balance sheet is being consumed by the exceptional charge

Of the four active CIRP names, only one (Samyak/Panda) has reached Successful Resolution Applicant stage; AGS extended, Info-Drive silent on outcome, Satiate still at EOI stage — a 1-in-4 conversion rate in this sample implies resolution timelines are running well beyond the 330-day statutory outer limit [BEARISH on IBC throughput]

Q2 FY27 standalone net loss INR 16,622.79 Lakh vs INR 8,890.55 Lakh loss in Q2 FY26 — loss nearly doubled YoY, driven by a INR 16,526.69 Lakh exceptional item; strip out the exceptional and the underlying quarter is roughly breakeven, but the charge itself is a major earnings-quality event

Standalone other equity turned negative at INR (283.50) Lakh at 30-Sep-26 vs INR 16,361.15 Lakh at 31-Mar-26 — a INR 16,644.65 Lakh swing in six months; negative other equity on a standalone basis raises going-concern and dividend-capacity questions even with no financial-creditor dues

H1 FY27 net loss INR 16,704.90 Lakh vs INR 11,098.89 Lakh in H1 FY26 — losses widened 50% YoY on a half-year basis despite 95% revenue growth; operating leverage is not converting to profit

60-day CIRP extension granted at the 18th CoC — the 18th CoC itself signals a long-running process; extension beyond the statutory timeline increases cost leakage (insurance ratified, valuer addendum fees approved) and delays creditor recovery [HIGH RISK on timeline]

Tie-breaker formula for resolution plans receiving equal votes implies no plan currently commands a clear majority — risk of further CoC cycles, revised plans, or litigation among bidders

CoC meeting of 22-Oct-26 disclosed post-facto on 31-Oct-26 with no resolution outcome, voting results, or financials — disclosure opacity under Reg 30 16(g) prevents investors from tracking CIRP progress; a 9-day lag is a governance concern

Nil employees/workmen and no fixed assets in the company's name per latest financials — if the business has no operating substance, resolution applicants may be limited to acquirers of contracts/brands, and liquidation value could be near zero [HIGH RISK on recovery]

EOI deadline 07-Nov-26 with provisional list 17-Nov-26 and objections 23-Nov-26 — a compressed 10-day window between EOI close and provisional list leaves little room for due diligence; weak applicant interest would push the process toward liquidation

Resolution Plan approval disclosed with no resolution amount, consideration, or funding details — investors cannot assess dilution, debt raised, or value accretion; the market is flying blind on the largest event in the filing

Transferor Company No.2 (Shish Global Solutions) reported FY26 revenue of only INR 36,10,680 and a loss before tax of INR 35,84,370 — a near-breakeven-revenue, loss-making entity being merged into the listed transferee; minority shareholders should scrutinize the swap ratio at the 15-Dec-26 meeting

60-day CIRP extension plus tie-breaker mechanism creates a defined event window to late November 2026 — any revised or upgraded resolution plan would re-rate recovery expectations; monitor CoC minutes and NCLT filings for the winning bid value

Completed SRA status for Panda Technologies gives the BSE-listed acquirer (530025) a new operating asset; the first post-acquisition disclosure of consideration and funding will be the key re-rating trigger — position ahead of that filing

EOI deadline 07-Nov-26 and resolution-plan deadline 07-Jan-27 create a two-month catalyst runway; a credible listed acquirer submitting an EOI would be immediately material to the Satiate equity

Revenue up 69% YoY in Q2 and 95% YoY in H1 with zero financial-creditor dues — if the INR 16,526.69 Lakh exceptional item is genuinely one-time (e.g., write-off/impairment tied to the resolution plan), FY28 earnings could normalize sharply against a low base [OPPORTUNITY — contingent on exceptional being non-recurring]

Negative standalone other equity of INR (283.50) Lakh is small in absolute terms relative to INR 1,672 Lakh H1 revenue — a modest capital infusion or one clean quarter could restore positive net worth, a binary re-rating event

Amalgamation with appointed date 1-Apr-26 brings a profitable transferor (Shish Polylam: FY26 PBT INR 38,35,920 on revenue INR 1,62,55,320) into the listed entity retroactively — FY27 consolidated financials will capture a full year of the acquired profit, a mechanical EPS uplift

NCLT dispensed with secured-creditor and transferor meetings, leaving only a 15-Dec-26 shareholder/unsecured-creditor vote — a clean, dated approval catalyst with limited procedural risk

Post-facto disclosure of the 9th CoC with no outcome suggests the process is still in negotiation; any subsequent filing revealing a resolution plan or liquidation decision is a binary event for the stock — watch for the 10th CoC or NCLT order [OPPORTUNITY — speculative]

The 1-in-4 SRA conversion in this sample implies the three unresolved names (AGS, Info-Drive, Satiate) are candidates for near-term resolution events; a basket approach to CIRP-stage listed equities captures the option value of each process closing [OPPORTUNITY — portfolio construction]

Post-split EPS of INR (2.94) vs INR (15.72) prior year means the share count has been materially restructured; screeners comparing pre- and post-split EPS will misprice the stock, creating a potential mispricing for investors who adjust correctly [OPPORTUNITY — technical/analytical]

Of four active CIRP names, AGS is on its 18th CoC with a 60-day extension, Info-Drive is on its 9th CoC, Satiate is only at Form G/EOI stage, and only Samyak has reached SRA — resolution is running well beyond the 330-day statutory outer limit across the cohort, raising cost leakage (insurance, valuer fees) and depressing recovery values [implication: haircuts to creditor recovery and longer holding periods for event-driven investors]

Info-Drive disclosed a CoC meeting 9 days post-facto with no outcome; Samyak disclosed SRA status with no consideration; AGS disclosed CoC decisions with no financial amounts — 3 of 4 CIRP filings omit the economically material numbers, forcing investors to rely on NCLT orders rather than exchange filings [implication: information asymmetry favors those tracking NCLT cause lists directly]

Satiate Agri (nil employees, no fixed assets, INR 11.61 Cr revenue) exemplifies a class of CIRP debtors whose value is contracts/brands rather than plant — resolution applicant pools are narrow and liquidation value is near zero, a structural feature of small-cap IBC cases [implication: recovery expectations should be set low for asset-light CIRP names]

Neueon, the only name with hard post-resolution financials, shows 95% H1 revenue growth alongside a 50% widening in net loss and negative standalone other equity — resolution plan implementation restores operations but not profitability, and exceptional items can consume the entire equity base in one quarter [implication: 'post-CIRP' is not synonymous with 'turnaround'; wait for two clean quarters]

Shish Industries' amalgamation order (31-Oct-26) shows NCLT handling routine solvent schemes alongside insolvency — with meetings dispensed for transferors and secured creditors, the tribunal is fast-tracking consented schemes, a positive for M&A execution timelines in Gujarat-based SMEs [implication: NCLT order flow is a leading indicator for small-cap consolidation]

AGS's tie-breaker formula for equal-vote plans is the clearest evidence in this set that multiple resolution applicants are contending for the same asset — a sign that mid-size CIRP assets are attracting real bidder interest, which should support recovery values where processes are competitive [implication: prioritize CIRP names with multiple bidders over single-bidder processes]

EOI submission deadline 07-Nov-2026 (5:00 PM) — first hard date in the resolution calendar; provisional list of prospective resolution applicants due 17-Nov-2026, objections by 23-Nov-2026; resolution plans due 07-Jan-2027

Extended CIRP period of 60 days from the 18th CoC (25-Sep-26) implies a resolution deadline around late November 2026 — watch for CoC minutes, revised plan submissions, or NCLT extension applications

Post-SRA disclosure of resolution plan consideration, funding, and payment timelines — the next Reg 30 filing is the key value-discovery event for BSE scrip 530025

9th CoC outcome (held 22-Oct-26, disclosed 31-Oct-26 with no result) — watch for a follow-up filing with voting results or a 10th CoC notice; absence of disclosure itself is a signal

Equity shareholder (28,853) and unsecured creditor (226) meetings on 15-Dec-2026 via VC/OAVM — approval clears the path to filing the certified copy with ROC; watch for the scheme's swap ratio details ahead of the vote

Nature and recurrence of the INR 16,526.69 Lakh exceptional item in Q2 FY27 — watch the next quarterly filing (Q3 FY28, by ~Feb 2027) to confirm whether the charge is one-time and whether standalone other equity returns to positive

Post-split share count and EPS comparability — verify the split ratio to reconcile INR (2.94) vs INR (15.72) EPS; screeners and data vendors may carry unadjusted figures

Aggregate watch on NCLT cause lists for the three unresolved CIRP names — any liquidation order or approved plan would be a binary event for each stock