India MCA Insolvency Liquidation Filings — July 02, 2026

India MCA Insolvency & Restructuring Monitor

By Gunpowder Editorial ·

7 high priority 7 total filings analysed

Executive Summary

This digest covers 7 filings related to India's insolvency and restructuring landscape, spanning NCLT-sanctioned resolution plans, scheme amalgamations, and demergers. The most material developments include the completion of Devika Proteins' CIRP with a change in control and ISIN, and BASF India's demerger of its agricultural solutions business into a separately listed entity (BASIL), which carries strong operational momentum.

Two filings (Dr. Agarwal's Eye Hospital and Dr. Agarwal's Health Care) are procedural steps in a group-level amalgamation. The SKIL Infrastructure CIRP update is low in materiality, providing no new financial or resolution plan data. A key portfolio-level theme is the use of NCLT-convened shareholder meetings to advance restructuring schemes, with three separate meetings scheduled or completed in the period. No period-over-period financial comparisons, insider trading activity, or capital allocation changes were disclosed in these filings, limiting quantitative trend analysis.

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 MCA Insolvency Liquidation Filings digest from June 25, 2026.

Investment Signals (8)

  • CIRP completed with full promoter change and ISIN migration; new promoter group and secured creditor received preferential allotment, signaling a clean exit for old equity and a fresh start for the company

  • BASF India Ltd (BULLISH)

    Demerger of agricultural solutions business (FY26 sales INR 1,944 Cr, PBT INR 254 Cr) into a separate listed entity; shareholders get 1:1 BASIL shares; strong innovation (12 new products since 2022 contributing ~25% of sales)

  • Aditya Birla Fashion & Retail Ltd (NEUTRAL)

    Scheme of amalgamation of two wholly owned subsidiaries (Jaypore E-Commerce and TG Apparel) approved by NCLT; simplifies structure with no financial consideration, reducing administrative overhead

  • NDL Ventures Ltd (NEUTRAL)

    NCLT-convened shareholder meeting scheduled for July 30, 2026, with e-voting from July 27-29; high materiality (8/10) suggests a significant resolution or restructuring decision is pending

  • Dr. Agarwal's Health Care Ltd (NEUTRAL)

    NCLT-convened meeting passed amalgamation scheme with special majority; consolidation of group entities could unlock operational synergies and improve governance

  • Dr. Agarwal's Eye Hospital Ltd (NEUTRAL)

    Shareholder meeting passed amalgamation with Dr. Agarwal's Health Care; 556 shareholders attended (2.4% of total), indicating low retail participation but promoter support

  • 7th CoC meeting held with no resolution plan update or financial disclosure; prolonged CIRP (since Feb 2024) suggests complexity or lack of viable bids

  • BASF India Ltd (BULLISH)

    Demerger timeline clear – BASIL shares allotment expected by March 2027, followed by listing on BSE/NSE; provides a defined catalyst for value unlocking

Risk Flags (7)

  • 7th CoC meeting with no resolution plan update or financial results; CIRP initiated Feb 2024, now 29 months in – risk of liquidation if no viable plan emerges

  • Entire promoter group shareholding cancelled; public shareholders face proportionate reduction – existing equity value largely wiped out in resolution

  • Dr. Agarwal's Eye Hospital Ltd / Low Shareholder Turnout [MEDIUM RISK]

    Only 556 out of 23,610 shareholders (2.4%) attended the NCLT meeting; low participation raises governance concerns about minority interest

  • Dr. Agarwal's Health Care Ltd / Low Public Participation [MEDIUM RISK]

    Only 30 public shareholders attended out of 43,122 total; promoter-dominated vote (17 out of 47 attendees) may not reflect broader shareholder sentiment

  • NDL Ventures Ltd / Undisclosed Agenda [MEDIUM RISK]

    High materiality (8/10) but no details on the resolution to be voted on; uncertainty around the outcome could lead to volatility

  • Aditya Birla Fashion & Retail Ltd / Non-Operating Subsidiary [LOW RISK]

    TG Apparel & Decor is not carrying any business activity; amalgamation may hide legacy liabilities or tax exposures

  • BASF India Ltd / Demerger Execution Risk [LOW RISK]

    Allotment expected by March 2027 – any delay in regulatory approvals or listing could push back value realization for shareholders

Opportunities (6)

  • BASF India Ltd / Demerger Catalyst (OPPORTUNITY)

    Agricultural solutions business (FY26 PBT INR 254 Cr on sales INR 1,944 Cr) to be listed separately; strong innovation pipeline (12 new products since 2022) and 1:1 share entitlement create a pure-play agri-chemicals investment opportunity

  • CIRP completion with new promoter group and secured creditor as equity holders; company renamed to Dharti Proteins Ltd – potential turnaround play if new management executes growth plan

  • Aditya Birla Fashion & Retail Ltd / Structural Efficiency (OPPORTUNITY)

    Amalgamation of two WOS simplifies legal structure; Jaypore E-Commerce's marketplace/business support services could be integrated to drive e-commerce synergies

  • NDL Ventures Ltd / Event-Driven Play (OPPORTUNITY)

    NCLT-convened meeting on July 30, 2026, with high materiality; if resolution involves debt restructuring or asset sale, informed investors could benefit from early positioning

  • Dr. Agarwal's Health Care Ltd / Consolidation Synergies (OPPORTUNITY)

    Amalgamation with Dr. Agarwal's Eye Hospital could create India's largest listed eye care chain, improving bargaining power with suppliers and insurers

  • BASF India Ltd / Valuation Gap (OPPORTUNITY)

    Post-demerger, BASF India (ex-agri) and BASIL may trade at different multiples; investors can choose exposure to specialty chemicals vs. agri-solutions, potentially unlocking value

Sector Themes (5)

  • NCLT as Restructuring Vehicle

    5 of 7 filings involve NCLT-convened meetings or sanctioned schemes, highlighting the tribunal's central role in corporate restructuring beyond IBC – including amalgamations and demergers

  • Low Retail Participation in NCLT Meetings

    In both Dr. Agarwal's meetings, public shareholder attendance was below 0.1% of total shareholders, suggesting retail investors are disengaged from critical restructuring decisions

  • CIRP Outcomes Drive Equity Value Destruction

    Devika Proteins' resolution involved full promoter cancellation and public shareholder reduction, reinforcing that equity holders often face significant dilution or wipeout in IBC processes

  • Demergers as Value Unlocking Tools

    BASF India's demerger of its agri-business follows a trend of Indian conglomerates using NCLT-approved demergers to unlock shareholder value, with a clear timeline and 1:1 share entitlement

  • Prolonged CIRPs Signal Distress

    SKIL Infrastructure's CIRP has been ongoing for 29 months without a resolution plan update, indicating that complex or large insolvencies face extended timelines, increasing recovery uncertainty

Watch List (7)

  • NDL Ventures Ltd / NCLT-Convened Meeting
    👁

    Shareholder meeting on July 30, 2026; e-voting July 27-29; outcome could trigger significant corporate action – monitor for agenda details and voting results

  • BASF India Ltd / Demerger Timeline
    👁

    Allotment of BASIL shares expected by March 2027; watch for regulatory filings, record date announcement, and listing on BSE/NSE

  • 7th CoC meeting held with no update; watch for any resolution plan submission or liquidation application in subsequent filings

  • New ISIN (INE248C01021) activated on NSDL (June 30) and CDSL (July 1); monitor trading volumes and price discovery under new management

  • Dr. Agarwal's Health Care Ltd / Amalgamation Effective Date
    👁

    Scheme approved by shareholders; watch for NCLT sanction order and appointed date for amalgamation to take effect

  • Aditya Birla Fashion & Retail Ltd / Scheme Implementation
    👁

    NCLT Mumbai Bench sanctioned amalgamation with appointed date April 1, 2026; monitor for filing of order with ROC and share cancellation

  • Dr. Agarwal's Eye Hospital Ltd / Voting Results
    👁

    Meeting held July 2, 2026; consolidated voting results pending – watch for disclosure of vote tally to assess minority support

Filing Analyses (7)
Devika Proteins Ltd Insolvency neutral materiality 8/10

02-07-2026

Devika Proteins Ltd (now Dharti Proteins Ltd) has completed a corporate insolvency resolution process (CIRP), resulting in a change of ISIN from INE248C01013 to INE248C01021. The resolution plan involved the cancellation of the entire shareholding of the erstwhile promoters and promoter group, a proportionate reduction in existing public shareholders' holdings, and a preferential allotment of equity shares to the new promoter group and secured financial creditor. The new ISIN was activated by NSDL on June 30, 2026, and by CDSL on July 1, 2026.

  • · The company name changed from Devika Proteins Ltd to Dharti Proteins Ltd as part of the resolution.
  • · Old ISIN: INE248C01013; New ISIN: INE248C01021.
  • · The resolution plan included capital reduction and preferential allotment of shares to the successful resolution applicant and its group, as well as to the secured financial creditor.
  • · NSDL activated the new ISIN on June 30, 2026; CDSL activated it on July 1, 2026.
  • · Registrar for the ISIN is System Support Services.
SKIL Infrastructure Ltd Insolvency negative materiality 3/10

02-07-2026

SKIL Infrastructure Ltd, currently under Corporate Insolvency Resolution Process (CIRP), held its 7th Committee of Creditors (CoC) meeting on July 1, 2026, via virtual mode. The meeting lasted from 5:00 PM to 6:30 PM. No financial results, resolution plan updates, or period-over-period comparisons were disclosed in this filing.

  • · Company is under CIRP per NCLT Mumbai order dated February 1, 2024.
  • · Resolution Professional is Purusottam Behera (IBBI Reg. No. IBBI/IPA-002/IP-N00940/2019-20/12993).
  • · Meeting was conducted via audio-visual virtual mode.
  • · No resolution plan or financial details were provided in this intimation.
Aditya Birla Fashion and Retail Limited Insolvency neutral materiality 5/10

02-07-2026

The Hon'ble NCLT Mumbai Bench has sanctioned the Scheme of Amalgamation of Jaypore E-Commerce Private Limited and TG Apparel & Decor Private Limited (both wholly owned subsidiaries) into Aditya Birla Fashion and Retail Limited (ABFRL) with an appointed date of April 1, 2026. The scheme aims to simplify the legal and operating structure, streamline business and administrative operations, and enhance financial strength and flexibility for ABFRL. No financial consideration is involved as the amalgamating companies are wholly owned subsidiaries, and all shares held by ABFRL in these entities will be cancelled.

  • · The appointed date for the scheme is April 1, 2026.
  • · Jaypore E-Commerce Private Limited (incorporated February 21, 2012) is a wholly owned subsidiary of ABFRL and is engaged in dealing in linen, readymade garments, textiles, coated fabrics, jewellery, accessories, and marketplace/business support services.
  • · TG Apparel & Decor Private Limited (incorporated December 19, 2015) is a wholly owned subsidiary of ABFRL and is currently not carrying any business activity.
  • · The Board of Directors of all three companies approved the scheme in their respective meetings held on February 5, 2026.
  • · The NCLT dispensed with the requirement of convening meetings of equity shareholders, secured creditors, and unsecured creditors of the amalgamating companies (wholly owned subsidiaries) and of ABFRL, subject to notice being served to ABFRL's secured and unsecured creditors with outstanding balances of ₹25,00,000 or more.
  • · The Official Liquidator reported that the affairs of the amalgamating companies were not conducted in a manner prejudicial to public interest or the interest of creditors.
  • · An outstanding GST demand against TG Apparel & Decor Private Limited was addressed; the petitioners stated the tax liability had been discharged and an appeal is being preferred, and the scheme preserves all pending legal proceedings.
  • · The scheme is exempt from obtaining a No Objection Certificate from stock exchanges under SEBI (LODR) Regulations, 2015 as it involves a holding company and its wholly owned subsidiaries.
NDL Ventures Limited Insolvency neutral materiality 8/10

02-07-2026

NDL Ventures Limited has convened a meeting of equity shareholders on July 30, 2026, as directed by the National Company Law Tribunal (NCLT), Mumbai Bench, via its order dated June 17, 2026. The meeting will be held through video conferencing/other audio-visual means, with remote e-voting from July 27 to July 29, 2026. The filing includes newspaper advertisements published on July 2, 2026, in The Financial Express (English) and Loksatta (Marathi), detailing the NCLT-convened meeting and e-voting procedures.

  • · NCLT order date: June 17, 2026
  • · Meeting date: Thursday, July 30, 2026 at 12:00 p.m. (noon) IST
  • · E-voting start: 9:00 a.m. IST, Monday, July 27, 2026
  • · E-voting end: 5:00 p.m. IST, Wednesday, July 29, 2026
  • · Cut-off date for e-voting: Thursday, July 23, 2026
  • · Notice of meeting sent to shareholders by email on July 01, 2026
  • · Newspaper advertisements published on July 02, 2026
Dr.Agarwals Eye Hospital Ltd. Insolvency neutral materiality 3/10

02-07-2026

Dr. Agarwal's Eye Hospital Limited held a meeting of equity shareholders on July 2, 2026, convened by the NCLT Chennai Bench, to consider and approve a Scheme of Amalgamation with Dr. Agarwal's Health Care Limited. The meeting was attended by 556 shareholders (4 promoters, 552 public) out of a total of 23,610 shareholders, and the resolution was passed with the requisite majority. The filing does not provide financial figures or performance metrics, only procedural details of the shareholder vote.

  • · The meeting was held at The Music Academy, T.T.K. Road, Chennai.
  • · The NCLT order was dated May 5, 2026 (Company Application No. CA(CAA)/19/CHE/2026).
  • · The resolution required special majority as per Section 230(6) of the Companies Act, 2013.
  • · Voting was conducted through e-voting at the venue and polling papers for proxy holders.
  • · The meeting lasted 45 minutes (9:00 AM to 9:45 AM IST).
Dr. Agarwal's Health Care Limited Insolvency neutral materiality 6/10

02-07-2026

Dr. Agarwal's Health Care Limited held an NCLT-convened meeting of equity shareholders on July 02, 2026, to approve the Scheme of Amalgamation of Dr. Agarwal's Eye Hospital Limited with the company. The meeting was attended by 47 shareholders (17 promoters, 30 public) out of 43,122 total shareholders. The resolution was passed with the requisite special majority, and the voting results are pending consolidation.

  • · Meeting held at The Music Academy, T.T.K. Road, Chennai – 600 014.
  • · Meeting duration: 12:30 PM to 1:15 PM IST.
  • · Resolution required special majority as per Section 230(6) of Companies Act, 2013.
  • · Remote e-voting was available; voting at venue included e-voting and polling papers for proxy holders.
  • · Consolidated voting report to be submitted by Scrutinizer.
BASF India Limited Insolvency positive materiality 8/10

02-07-2026

BASF India Limited held an NCLT-convened equity shareholders meeting on June 24, 2026, to seek approval for the demerger of its agricultural solutions business into a separate listed entity, BASF Agricultural Solutions India Limited (BASIL). The agricultural solutions business reported sales of INR1,944 crore and profit before tax of INR254 crore in FY2025-26, with strong innovation momentum (12 new products since 2022 contributing ~25% of sales). Shareholders will receive one share of BASIL for every share held in BASF India Limited, with allotment expected by March 2027 and subsequent listing on BSE and NSE. The meeting transcript was filed with stock exchanges on July 2, 2026.

  • · The demerger scheme received no-objection letters from SEBI and stock exchanges.
  • · Shareholders will receive one share of BASIL for each share held in BASF India Limited.
  • · Allotment of BASIL shares expected by March 2027, followed by listing on BSE and NSE.
  • · The meeting was conducted via video conferencing; physical attendance and proxies were dispensed with.
  • · Remote e-voting was facilitated by NSDL; the scrutinizer was Mr. Hemant Shetye.
  • · Notice of the meeting was sent electronically to shareholders with registered email addresses as of May 22, 2026.
  • · Advertisements were published in Business Standard (English) and Lok Satta (Marathi) on May 23, 2026.
  • · Quorum was satisfied with more than 30 members present.
  • · The agricultural solutions business will implement its own ERP system post-demerger.

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