India MCA Insolvency Liquidation Filings — March 06, 2026

NCLT Bengaluru liquidation order for 50:50 JV Infotech HAL under IBC Sections 33(2)/34(1), CoC 78.70% approval due to 3-year non-operation and no revival

JV admitted claims ₹1.15 Cr vs current bank balance ₹12.44 L after ₹4.51 L CIRP expenses, estimated liquidation costs ₹3.56 L coverable but minimal assets

CIRP timeline extended from Aug 22, 2025 admission to NCLT order Feb 27, 2026 (6+ months), CoC reconstituted thrice (Sep/Oct 2025), signaling procedural drags

11th CoC meeting scheduled March 7, 2026 via VC, under prolonged CIRP led by RP Umesh Garg (IBBI Reg. IBBI/IPA-001/IP-P00135/2017-2018/10277)

Neutral sentiment on procedural update but 11th meeting indicates no resolution after multiple prior CoCs, vs peers like SKIL at 4th meeting

4th CoC meeting March 5, 2026 approves 2-week extension for resolution plans (₹5 Cr EMD), deadline from March 6 to March 20, 2026

CIRP ongoing since NCLT Mumbai order Feb 1, 2024 (25+ months YoT), procedural extension highlights stalled revival vs shorter Cyient JV process

Cyient JV faster to liquidation (6 months CIRP) vs SKIL's 25-month drag, but both show CoC-driven negative outcomes with no operational assets

11th CoC (highest meeting count) vs SKIL's 4th/Cyient's closure, underscoring outlier prolonged uncertainty in Punjab-based textile insolvency

Requires ₹5 Cr EMD for plans signals high entry barrier, potentially limiting applicants in distressed infra sector

Key CoC creditors All Time Support (10.42%, ₹12 L) and EPF (11.80%, ₹13.60 L) hold minor stakes, no dominant player for aggressive recovery

All 3 filings disclosed March 6, 2026 cluster, no insider trades/pledges noted, neutral capital allocation frozen in CIRP

JV Infotech HAL ordered liquidated March 3, 2026 receipt, non-operational 3 years with zero employees, no revival potential

₹1.15 Cr claims vs ₹12.44 L cash (1% recovery max post-costs), potential parent write-off

11th CoC meeting March 7, 2026 after multiple priors, CIN L17117PB1946PLC004565 under extended distress

CIRP since Feb 2024, 4th CoC extends plans to March 20, 2026, no immediate exit

Procedural halt with ₹5 Cr EMD requirement amid 25-month CIRP, BSE 539861/NSE SKIL trading impacted

78.70% vote for liquidation, minor creditors (EPF 11.80%) dominate, reconstitution thrice delays process

SKIL 25 months CIRP vs Cyient JV 6 months to liquidation, JCT 11+ CoCs signal sector-wide IBC delays

All firms in CIRP/liquidation freeze dividends/buybacks, no shareholder returns amid insolvency

RP notice from Phagwara office, neutral sentiment masks deepening insolvency without resolution progress

Ongoing CIRP with virtual CoC, RP contact cirpskil@gmail.com flags operational freeze

CoC-approved extension to March 20, 2026 with ₹5 Cr EMD opens window for new applicants, potential undervalued infra assets

₹12.44 L cash exceeds ₹3.56 L est. costs, quick creditor distribution possible post-liquidator Vasudevan Gopu appointment

March 7, 2026 11th meeting via VC could approve plans, monitor for turnaround in Punjab textile under Reg 30 disclosure

Prolonged CIRP (25 months) may yield discounted resolution, compare to Cyient JV's swift closure for entry timing

50:50 JV impact limited, parent cash/assets intact for quick write-off and refocus

Cyient 1% recovery vs potential SKIL/JCT higher if plans submitted, watch creditor hierarchies

RP Umesh Garg's Reg No. track record, 11th CoC as outlier for breakthrough vs SKIL's early-stage extension

₹5 Cr deposit weeds weak bidders, attracts serious players for NSE/BSE-listed infra play

Small claims (₹12-13.6 L) enable faster liquidation vs larger unresolved books in peers

3 filings cluster March 2026, position for post-CoC resolutions in infra/textiles amid IBC procedural peaks

Cyient JV to liquidation in 6 months post-CIRP vs SKIL/JCT drags, 78.70% CoC vote pattern implies non-revivable assets trend

JCT at 11th vs SKIL 4th, average 7+ meetings signals 18-25 month CIRP durations, delaying resolutions

Cyient ₹1.15 Cr claims >> ₹12.44 L cash (1% recovery), common in non-op entities, low liquidation yields across filings

SKIL 14-day shift to March 20, 2026 procedural norm, ₹5 Cr EMD barrier limits bidders in infra sector

Bengaluru (Cyient) swift liquidation vs Mumbai (SKIL) extensions, regional differences impact timelines

Zero trades/pledges/dividends in all CIRP cases, frozen allocation highlights shareholder dilution risks

Monitor outcomes on resolution progress, potential plan approvals or further delays, March 7, 2026 at 12:00 pm VC

Track plan submissions and EMD compliance post-extension, catalyst for exit or new delays, deadline March 20, 2026

Watch Liquidator Vasudevan Gopu updates on ₹12.44 L cash distribution vs ₹1.15 Cr claims, post March 6 disclosure

Post-March 20 plans review likely Q1 2026, monitor RP cirpskil@gmail.com for extensions, ongoing since Feb 2024

Reg 30 disclosures from Umesh Garg on Phagwara office, next CoC or NCLT post-March 7, 2026

All Time Support/EPF distributions, any appeals to NCLT Bengaluru post-Feb 27 order, near-term March 2026

March 6 disclosures pattern, watch BSE/NSE (500223, 539861) for peer insolvencies Q1 2026

Potential order on extended plans, compare to Cyient timeline, post-March 20, 2026