India MCA Insolvency Liquidation Filings — June 12, 2026

India MCA Insolvency & Restructuring Monitor

By Gunpowder Editorial ·

8 high priority 1 medium priority 9 total filings analysed

Executive Summary

The India MCA Insolvency & Restructuring Monitor for June 12, 2026, reveals a landscape dominated by NCLT-directed creditor meetings and ongoing CIRPs, with nine filings analyzed. A key theme is the prevalence of merger schemes under NCLT oversight, with Veefin Solutions, Scan Projects, Manaksia Coated Metals, and Asian Energy Services all seeking approvals, indicating a wave of corporate restructuring.

However, severe financial distress is evident in Shivom Investment & Consultancy, which reported a 95% YoY revenue collapse and near-zero cash reserves while under CIRP, and in Mrugesh Trading, where a promoter entity was admitted to CIRP for a ₹13.8 crore default. Period-over-period comparisons highlight a stark contrast: while some entities like Manaksia Coated Metals show creditor support for mergers, others like Shivom Investment are in a liquidity crisis. Insider activity is absent across filings, but forward-looking data points to critical creditor meetings and EGM deadlines in July 2026. The most critical development is the NCLAT order narrowing Ansal Properties' CIRP to specific projects, signaling a potential resolution pathway. Portfolio-level patterns indicate a bifurcation between companies pursuing strategic mergers and those in deep insolvency, with the latter posing high risks for creditors and equity holders.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Insolvency · Corporate governance

Tracking the trend? Catch up on the prior India MCA Insolvency Liquidation Filings digest from June 05, 2026.

Investment Signals (9)

  • Unsecured creditors meeting on July 17, 2026, to approve a merger by absorption of two entities, with e-voting from June 30 to July 16. This consolidation could create operational synergies and improve market positioning

  • Unsecured creditors approved a merger scheme with JPA Snacks Private Limited with unanimous support (17 out of 17 votes in favor), indicating strong creditor confidence in the restructuring

  • Equity shareholders meeting held on June 12, 2026, to approve a merger with Oilmax Energy Private Limited at a share exchange ratio of 117:10, which could be accretive to earnings if synergies are realized

  • EGM scheduled for July 18, 2026, to approve a merger with Chanderpur Industries Private Limited, with NCLT Chandigarh order dated May 21, 2026, providing regulatory backing

  • Net loss narrowed sharply to ₹48.62 Lakh from a prior loss of ₹4,900.70 Lakh, but this is entirely due to the absence of a prior-year write-off, not operational improvement

  • Revenue collapsed 95% YoY to ₹16.55 Lakh from ₹350.18 Lakh, indicating a complete cessation of business operations

  • Cash and cash equivalents plummeted to just ₹0.13 Lakh from ₹514.59 Lakh, reflecting severe liquidity constraints and near-zero financial flexibility

  • Promoter entity JRA Infrastructure admitted to CIRP for a ₹13.80 crore default, but the company itself is not under CIRP and operations remain unaffected, creating a potential overhang on the stock

  • CIRP now confined to Fernhill, Lucknow, and Rajasthan projects per NCLAT order, narrowing the scope of insolvency and potentially accelerating resolution

Risk Flags (8)

Opportunities (7)

  • The merger by absorption of GlobeTF Solutions and Estorifi Solutions could unlock synergies and improve profitability, with creditor meeting on July 17, 2026, as a key catalyst

  • The merger with Chanderpur Industries Private Limited, an unlisted entity, could create value for shareholders if the valuation is favorable, with EGM on July 18, 2026

  • The merger with Oilmax Energy Private Limited at a 117:10 share exchange ratio could be earnings accretive, with results to be announced within two working days

  • Unanimous creditor approval for the merger scheme signals strong support, potentially leading to faster NCLT sanction and value realization

  • The NCLAT order narrowing CIRP to specific projects could accelerate resolution, with the 53rd CoC meeting on June 15, 2026, as a near-term catalyst

  • While deeply distressed, the company's net loss narrowed significantly, and if a resolution plan is approved, there could be a recovery for creditors

  • The company's business operations remain unaffected despite promoter insolvency, suggesting potential for stock recovery if the overhang clears

Sector Themes (6)

  • NCLT-Directed Merger Wave

    Four out of nine filings (Veefin, Scan Projects, Manaksia Coated Metals, Asian Energy Services) involve NCLT-directed meetings for merger schemes, indicating a regulatory push for consolidation in distressed or growth-oriented entities.

  • Severe Financial Distress in CIRP

    Shivom Investment & Consultancy's 95% YoY revenue decline and near-zero cash reserves highlight the extreme financial deterioration typical of companies under CIRP, with equity holders likely facing total loss.

  • Promoter Insolvency Spillover Risk

    Mrugesh Trading's promoter entity being admitted to CIRP underscores the risk of insolvency spreading to related entities, even if the listed company itself is not directly affected.

  • Low Creditor Engagement in Restructurings

    Manaksia Coated Metals saw only 6% creditor attendance (14 out of 234), suggesting a systemic issue of creditor apathy in merger approvals, which could delay or complicate resolutions.

  • Project-Level CIRP Confinement

    Ansal Properties' CIRP being confined to specific projects by NCLAT orders reflects a trend of narrowing insolvency scope to preserve value in other business segments, potentially setting a precedent for real estate companies.

  • Absence of Insider Activity

    Across all nine filings, there is no insider trading activity reported, indicating that management and promoters are either restricted under CIRP or choosing not to signal conviction through market transactions.

Watch List (7)

  • Unsecured creditors meeting on July 17, 2026, to approve merger scheme; e-voting from June 30 to July 16, 2026. Watch for approval outcome and any dissent.

  • EGM on July 18, 2026, to approve merger with Chanderpur Industries Private Limited. Watch for shareholder approval and valuation details.

  • 53rd Committee of Creditors meeting on June 15, 2026, for the Fernhill project. Watch for resolution plan updates and timelines.

  • Under CIRP since February 2024; watch for any resolution plan submissions or NCLT orders that could determine creditor recovery.

  • Promoter entity JRA Infrastructure under CIRP; watch for any impact on Mrugesh Trading's operations or stock price due to promoter distress.

  • Merger scheme results to be communicated to stock exchanges within two working days of June 12, 2026 meeting. Watch for approval and share exchange details.

  • Low creditor engagement (14 out of 234) could lead to future challenges; watch for NCLT sanction of the merger scheme.

Filing Analyses (9)
VEEFIN SOLUTIONS LIMITED Insolvency neutral materiality 8/10

12-06-2026

Veefin Solutions Limited has convened a meeting of its Unsecured Creditors on July 17, 2026, as directed by the NCLT Mumbai Bench, to consider and approve a Scheme of Arrangement and Amalgamation (merger by absorption) of GlobeTF Solutions Limited and Estorifi Solutions Limited into Veefin Solutions Limited. The meeting will be held via video conferencing, with remote e-voting from June 30 to July 16, 2026. The scheme is subject to creditor approval and subsequent NCLT sanction.

  • · Meeting date: Friday, July 17, 2026 at 10:00 AM IST via VC/OAVM.
  • · Remote e-voting period: June 30, 2026 (10:00 AM IST) to July 16, 2026 (5:00 PM IST).
  • · Cut-off date for creditor eligibility: March 31, 2026.
  • · NCLT order date: May 13, 2026.
  • · BSE Observation Letter dated April 1, 2026 is included as Annexure 5.
  • · Valuation Report by BDO Valuation Advisory LLP dated September 30, 2025.
  • · Fairness Opinion by Socradamus Capital Private Limited dated September 30, 2025.
  • · Audited standalone financial statements of all three companies as on March 31, 2026 are included.
  • · The scheme involves merger by absorption of GlobeTF Solutions Limited and Estorifi Solutions Limited into Veefin Solutions Limited.
Mrugesh Trading Ltd. Insolvency negative materiality 8/10

12-06-2026

Mrugesh Trading Ltd. informed BSE that its promoter entity, JRA Infrastructure Limited, has been admitted into Corporate Insolvency Resolution Process (CIRP) under Section 7 of the IBC, 2016, vide NCLT Ahmedabad order dated 25 April 2025 (corrigendum 28 April 2025). The application was filed by HDFC Bank Limited as financial creditor for default of outstanding dues of ₹13,80,41,303.38 as on 30 June 2024. Mrugesh Trading Ltd. itself is not under CIRP and its business operations remain unaffected.

  • · The CIRP was initiated against JRA Infrastructure Limited, a promoter entity of Mrugesh Trading Ltd., and not against Mrugesh Trading Ltd. itself.
  • · The application under Section 7 of IBC was filed by HDFC Bank Ltd. on 22 November 2024.
  • · First default occurred on 6 July 2022; the application was filed within the three-year limitation period under Article 137 of the Limitation Act, 1963.
  • · Total credit facilities sanctioned aggregated to ₹24,36,55,942, including 34 loan accounts and a Cash Credit facility of ₹10,00,00,000.
  • · The NCLT order was originally dated 25 April 2025, with a corrigendum issued on 28 April 2025 to correct a typographical error in the case number and IRP registration number.
  • · The IRP appointed is Mr. Rajendra Devidas Puranik (IBBI/IPA-001/IP-P02029/2020-2021/13149).
  • · A recovery application (Original Application No. 523 of 2022) for ₹22,00,16,341 is pending before the Debts Recovery Tribunal-I, Ahmedabad.
Scan Projects Ltd Insolvency neutral materiality 5/10

12-06-2026

Scan Projects Ltd has issued a notice for an Extraordinary General Meeting (EGM) to be held on July 18, 2026, to seek shareholder approval for a Scheme of Arrangement (Merger) with Chanderpur Industries Private Limited as the transferor company. The meeting is being convened pursuant to an order dated May 21, 2026 from the National Company Law Tribunal (NCLT), Chandigarh Bench. The filing does not contain financial performance data, so no period-over-period comparisons are available.

  • · The EGM will be held in hybrid mode (physical and video conferencing) on Saturday, July 18, 2026 at 11:30 AM IST at the company's registered office in Village Kanjnu, Radaur Road, Distt Yamuna Nagar, Haryana.
  • · The cut-off date for determining eligible shareholders to receive the EGM notice is June 5, 2026.
  • · The quorum for the meeting is 5 members.
  • · The NCLT order was passed on May 21, 2026 in CA(CAA) No. 7/CHD/HRY/2026.
  • · The scheme includes a joint valuation report and fairness opinion dated September 18, 2025.
  • · BSE issued an observation letter dated January 6, 2026 regarding the scheme.
Manaksia Coated Metals & Industries Limited Corporate Governance positive materiality 6/10

12-06-2026

Manaksia Coated Metals & Industries Limited held a meeting of unsecured creditors on June 9, 2026, via video conferencing, to seek approval for a Scheme of Merger between JPA Snacks Private Limited (transferor) and the company (transferee). The resolution was passed with overwhelming support: 16 creditors voted through remote e-voting (one duplicate invalidated) and one creditor voted at the meeting, all in favor. However, only 14 out of 234 total unsecured creditors attended the meeting, indicating low creditor engagement.

  • · The remote e-voting period ran from June 4, 2026 at 9:00 AM IST to June 8, 2026 at 5:00 PM IST.
  • · The meeting was convened pursuant to an order dated April 24, 2026 from the National Company Law Tribunal, Kolkata Bench.
  • · The resolution approved the Scheme of Merger under Sections 230 to 232 of the Companies Act, 2013.
  • · No unsecured creditors registered themselves as speakers during the meeting.
  • · The company had 234 unsecured creditors (unique vendor codes) as of the cut-off date.
  • · The voting rights of unsecured creditors were in proportion to their outstanding amount due from the company as of the cut-off date.
Scan Projects Ltd Insolvency neutral materiality 8/10

12-06-2026

Scan Projects Ltd has filed notice for an Extraordinary General Meeting (EGM) on July 18, 2026, pursuant to NCLT Chandigarh order, to seek shareholder approval for a Scheme of Arrangement (Merger) with Chanderpur Industries Private Limited as the transferor company. The merger scheme involves amalgamation of an unlisted entity into Scan Projects Ltd, with detailed financial statements and valuation reports annexed. The filing contains procedural details for the hybrid EGM and e-voting, with no specific financial performance data for the company itself disclosed in this notice alone.

  • · EGM scheduled for Saturday, July 18, 2026 at 11:30 AM IST via hybrid mode (physical + VC/OAVM) at R/o Village Kanjnu, Radaur Road, Distt Yamuna Nagar, Haryana.
  • · Cut-off date for determining eligible shareholders for notice is June 5, 2026.
  • · NCLT Chandigarh order dated May 21, 2026 (CA(CAA) No. 7/CHD/HRY/2026) directed the meeting.
  • · The scheme involves merger of Chanderpur Industries Private Limited (unlisted transferor) into Scan Projects Ltd (listed transferee, scrip code 531797).
  • · BSE observation letter dated January 6, 2026 has been received; valuation report and fairness opinion both dated September 18, 2025 are included.
  • · Merger documents include audited financials for FY ended March 31, 2025 and provisional results as on December 31, 2025 for both companies.
  • · Proxies require deposit 48 hours before meeting; institutional shareholders need board resolution sent via email.
Shivom Investment & Consultancy Ltd Insolvency negative materiality 8/10

12-06-2026

Shivom Investment & Consultancy Ltd, under CIRP since February 2024, held a Board Meeting on 12 June 2026 to regularize compliance for the backlogged year. The Board approved audited financial statements for FY 2023-24, showing a net loss of ₹48.62 Lakh (improved from a loss of ₹4,900.70 Lakh in FY 2022-23). However, revenue collapsed 95% to only ₹16.55 Lakh from ₹350.18 Lakh, and cash and equivalents fell sharply from ₹514.59 Lakh to ₹0.13 Lakh, highlighting severe financial distress.

  • · The company is under CIRP with effect from 7 February 2024 pursuant to NCLT Mumbai order on a petition by Consultshah Financial Services Private Limited.
  • · The Board of Directors' powers are suspended and exercised by Resolution Professional Nimai Shah.
  • · No shareholder held more than 5% of equity shares as per available public data; promoter/promoter group shareholding reported as nil.
  • · Non-current investments were written off from ₹242.50 Lakh to nil during FY 2023-24, reflecting a provision for investment written off of ₹3,065.77 Lakh in the prior year.
  • · Long-term loans and advances (unsecured, to related parties) increased by 26.16% to ₹3,818.31 Lakh.
  • · Cash flow from operations was negative at ₹821.41 Lakh for FY 2023-24.
  • · The company's ability to continue as a going concern depends on successful resolution and NCLT approval.
  • · Total equity (share capital + reserves) is negative: ₹6,995.13 Lakh minus ₹6,210.90 Lakh = ₹784.23 Lakh positive, but reserves are deeply negative.
  • · Trade payables remain unchanged at ₹15.49 Lakh, and provisions decreased slightly.
  • · Employee benefit expenses were minimal at ₹3.03 Lakh (up from ₹2.48 Lakh).
  • · Other expenses reduced drastically to ₹0.74 Lakh from ₹5,096.53 Lakh (which included a bad debt write-off of ₹5,090.16 Lakh).
Ansal Properties & Infrastructure Limited Insolvency neutral materiality 8/10

12-06-2026

Ansal Properties & Infrastructure Limited (APIL) has provided prior intimation of the 53rd Committee of Creditors meeting for its 'Fernhill project' in Gurgaon, scheduled for June 15, 2026, as part of the ongoing Corporate Insolvency Resolution Process (CIRP). The CIRP, initially admitted for the entire company, has been confined to the Fernhill project and, per a recent NCLAT order (Jan 7, 2026), to Lucknow and Rajasthan projects under a settlement agreement, while the Serene Residency project in Greater Noida had its Resolution Plan approved by NCLT on October 6, 2025.

  • · The company was initially admitted into CIRP by NCLT New Delhi Bench on November 16, 2022.
  • · Hon'ble NCLAT order dated January 13, 2023 confined the Section 7 application to the Fernhill project.
  • · Per NCLAT order dated January 7, 2026, CIRP is now also confined to Lucknow and Rajasthan projects (as per settlement agreement dated March 3, 2022 between IL&FS Financial Services Limited and APIL).
  • · Resolution Plan for the Serene Residency project was approved by NCLT New Delhi Bench II on October 6, 2025.
Shivom Investment & Consultancy Ltd Insolvency negative materiality 8/10

12-06-2026

Shivom Investment & Consultancy Ltd, currently under Corporate Insolvency Resolution Process (CIRP) since February 2024, has approved audited financial statements for FY2023-24. Revenue collapsed 95% YoY to ₹16.55 Lakh from ₹350.18 Lakh, while net loss narrowed sharply to ₹48.62 Lakh from a prior loss of ₹4,900.70 Lakh, largely due to the absence of a prior-year write-off of ₹3,065.77 Lakh. Cash and cash equivalents plummeted to just ₹0.13 Lakh from ₹514.59 Lakh, reflecting severe liquidity constraints.

  • · The company's net worth is deeply negative at ₹(6,210.90) Lakh as of 31 March 2024.
  • · Long-term borrowings increased to ₹3,002.50 Lakh from ₹2,938.04 Lakh, while long-term loans and advances rose 26% to ₹3,818.31 Lakh.
  • · Trade payables remained flat at ₹15.49 Lakh.
  • · No promoter shareholding was reported as per public domain data.
  • · The company has not paid any current tax for both years.
  • · Earnings per share improved from ₹(7.01) to ₹(0.07).
  • · The CIRP was initiated on 7 February 2024 by NCLT Mumbai on a petition by Consultshah Financial Services Pvt Ltd.
Asian Energy Services Limited Insolvency neutral materiality 6/10

12-06-2026

Asian Energy Services Limited (AESL) held an equity shareholders meeting on June 12, 2026, to approve the Scheme of Merger by Absorption of Oilmax Energy Private Limited (OEPL) into AESL, as directed by the National Company Law Tribunal (NCLT) Mumbai Bench. The meeting was conducted via video conferencing and was chaired by Mr. Mukesh Mittal, IRS (Retd.), with the proposed share exchange ratio set at 117 fully paid-up equity shares of ₹10 each of AESL for every 10 fully paid-up equity shares of ₹10 each of OEPL. The e-voting results and scrutinizer's report are to be communicated to stock exchanges within two working days.

  • · The meeting was convened pursuant to NCLT Mumbai Bench order dated April 22, 2026, in Company Scheme Application No. C.A. (CAA) No. 49(MB)/2026.
  • · The meeting was held via Video Conferencing/Other Audio Video Means (VC/OAVM) and lasted from 11:00 AM to 11:23 AM IST.
  • · The notice of the meeting was sent to all equity shareholders as of the cut-off date of May 1, 2026, and published in 'Business Standard' (English) and 'Navshakti' (Marathi).
  • · The resolution seeks approval under Sections 230 to 232 read with Section 66 of the Companies Act, 2013.
  • · E-voting results and the Scrutinizer's Report will be filed with stock exchanges within two working days and posted on the websites of the Company, NSDL, and the stock exchanges.

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