India NCLT Insolvency Resolution Filings — March 29, 2026
All six filings center on insolvency proceedings under IBC and NCLT, with five detailing BKM Industries Ltd's delayed financial results across FY23 and Q1 FY24 periods, revealing consistent zero revenue from non-operational manufacturing, narrowing net losses YoY (e.g., FY23 ₹655L vs FY22 ₹1,492L, H1 FY23 ₹115L vs H1 FY22 ₹565L), but persistent high leverage with current borrowings fixed at ₹12,411L against stable assets ~₹17,900L. Cash fluctuated sharply (up ₹171L to ₹190L in H1 FY23, down to ₹16L by Q3 FY23), underscoring liquidity strains amid CIRP. Post-NCLT approval of resolution plan, BKM is regularizing past compliances with board approvals on March 28, 2026, signaling potential operational revival. IFCI faces a new SFIO-initiated NCLT petition (CP 34/241-242/PB/2026) on pre-FY17 facilities (provisioned at net book ₹157.26cr as of Dec 31, 2025), adding sub-judice risks. Overarching themes include prolonged non-ops, balance sheet deleveraging needs, and regulatory regularization as turnaround catalysts, with negative sentiment across all (materiality 9/10) implying high-risk distress plays rather than growth opportunities.