India MCA Insolvency Liquidation Filings — August 21, 2026

21-08-2026

The National Company Law Tribunal (NCLT), Chennai Bench, has admitted Gangotri Textiles Ltd's voluntary application under Section 10 of the Insolvency and Bankruptcy Code, 2016, initiating Corporate Insolvency Resolution Process (CIRP) against the company. The company defaulted on total financial debts of approximately ₹240,46,84,989 (₹240.46 Crore) as of the filing date, with the default originally dating back to October 24, 2005. The company's assets were sold by lenders in 2015, leaving it with no revenue source and mounting statutory liabilities, leading to the board's decision to seek insolvency.

• · NCLT Chennai Bench admitted CP(IB)/310(CHE)2025 on August 7, 2026, under Section 10 of IBC 2016.
• · The company was incorporated on July 26, 1989, with registered office in Coimbatore.
• · The default on financial debts dates back to October 24, 2005.
• · Lenders had sold the company's entire assets including nine manufacturing units, five wind mills, and three vacant lands in 2015, with proceeds adjusted against loan dues.
• · The company's shareholders passed a special resolution on December 15, 2023, approving the initiation of CIRP.
• · Statutory liabilities include demands from Customs, Income Tax, Sales Tax departments, and penalties/exchange fees from NSE and BSE.
• · As of May 31, 2025, the company's total equity and liabilities stood at ₹152,00,30,041, with negative reserves and surplus of ₹3,43,54,12,200.
• · Non-current assets total ₹51,94,25,026, primarily composed of non-current investments of ₹15,00,52,000.
• · Current liabilities amount to ₹2,30,77,16,245, mainly from short-term borrowings of ₹2,40,46,84,989.

21-08-2026

The Hon'ble National Company Law Tribunal (NCLT), Ahmedabad Bench-I, has approved the Scheme of Amalgamation of Silverleaf Capital Services Private Limited (Transferor Company) with Share India Securities Limited (Transferee Company) vide order dated August 20, 2026. The appointed date for the amalgamation is October 1, 2023. The scheme is expected to create business synergy, consolidate operations, and pool resources into a single entity, enhancing shareholder value and providing a stronger technology backbone for the combined company.

• · The appointed date for the amalgamation is October 1, 2023, which is significantly ante-dated (more than a year before the filing date of September 27, 2025), and the Regional Director raised an observation on this, which the petitioner companies have replied to.
• · The Transferor Company (Silverleaf Capital Services Pvt. Ltd.) is a technology company operating in the financial services space.
• · The Transferee Company (Share India Securities Ltd.) is a trading member of BSE, NSE, MCX, NCDEX, and MSEI, and has wholly owned subsidiaries in GIFT City, Singapore, and for insurance broking and proprietary trading.
• · The NCLT order was pronounced on August 20, 2026, and the certified copy is awaited.
• · The scheme was approved by the requisite majorities of equity shareholders and creditors in meetings held pursuant to the NCLT's earlier order dated October 17, 2025 (as modified on November 24, 2025).

21-08-2026

Shree Rajeshwaranand Paper Mills Ltd, undergoing Corporate Insolvency Resolution Process (CIRP), has approved the preferential allotment of 1,20,00,000 equity shares (face value ₹10 each) aggregating ₹12,00,00,000 (₹12 Cr) to 16 allottees, as part of the NCLT-approved Resolution Plan. Post-allotment, existing shareholders will be diluted to just 5%, while the RA/Affiliate/Nominee group will hold 95% of the company. The company will also apply for in-principle listing approval from BSE for these shares.

• · The NCLT Ahmedabad approved the Resolution Plan on 27th November 2024; certified copy received on 29th November 2024.
• · The preferential allotment was previously considered by the Board on 10th July 2025.
• · Largest allottee: Pratik Kakadia (65,00,000 shares, 51.35% post-allotment).
• · Second largest: Ramjibhai Kakadia (38,13,810 shares, 30.13% post-allotment).
• · Public shareholding will remain above 5% post-allotment.
• · Board meeting duration: 5:00 PM to 6:30 PM on 21st August 2026.

21-08-2026

Axita Cotton Limited has filed an Expression of Interest to participate in the Corporate Insolvency Resolution Process (CIRP) of Varidhi Cotspin Private Limited, a cotton yarn manufacturer with a spinning capacity of 29,184 spindles and 4,442 MTPA. The move is aimed at expanding Axita's presence across the cotton value chain, though the outcome of the CIRP process remains uncertain and no financial terms have been disclosed.

• · Varidhi Cotspin's manufacturing unit was established in 2017 and is located in Dholka, Ahmedabad, Gujarat.
• · Varidhi produces yarn for hosiery and weaving industries.
• · The acquisition is proposed under the Insolvency and Bankruptcy Code (IBC) process.
• · No financial details of the Expression of Interest or valuation have been disclosed.

21-08-2026

The National Company Law Tribunal (NCLT), Chennai Bench-I, has sanctioned a Composite Scheme of Arrangement involving Veranda Learning Solutions Limited (VLS), its subsidiary Veranda XL Learning Solutions Private Limited (VXLS), and J.K. Shah Commerce Education Limited (JSCEL). The scheme involves the amalgamation of VXLS into VLS, followed by the demerger of VLS's Commerce Education Business into JSCEL, which will then be listed as a separate entity. The scheme received 100% approval from VLS equity shareholders who voted, and the NCLT order was uploaded on August 21, 2026.

• · The scheme was approved by the NCLT on August 20, 2026, and the order was uploaded on the NCLT website on August 21, 2026.
• · The first motion application was filed on January 27, 2026, and directions for shareholder meetings were issued on March 18, 2026.
• · The meeting of VLS equity shareholders was held on April 24, 2026, with remote e-voting open from April 20 to April 23, 2026.
• · Meetings of equity shareholders, secured creditors, and unsecured creditors of VXLS were dispensed with, as were meetings of secured creditors, unsecured creditors, and warrant holders of VLS.
• · Meetings of equity shareholders and unsecured creditors of JSCEL were also dispensed with.
• · The demerger is intended to unlock value and allow JSCEL to be listed as a separate entity focused on commerce education.
• · The scheme aims to consolidate operations, reduce costs, and improve cash management by amalgamating VXLS into VLS before the demerger.

21-08-2026

Reliance Communications Limited has rescheduled the 75th meeting of its Committee of Creditors from August 21, 2026 to August 27, 2026. The company remains under corporate insolvency resolution process since June 2019, with the Resolution Professional managing its affairs. No financial figures or performance metrics were disclosed in this filing.

• · The company has been under corporate insolvency resolution process since June 28, 2019, following an NCLT order dated June 21, 2019.
• · The meeting was rescheduled from Friday, August 21, 2026 to Thursday, August 27, 2026.
• · The filing is made under Regulation 30 of SEBI LODR and sub-clause 16(g) of Clause A of Part A of Schedule III.

21-08-2026

The National Company Law Tribunal (NCLT), Indore Bench, has admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Excellence Finance Pvt Ltd against Satiate Agri Ltd for a default of ₹6,27,09,615 (₹6.27 Cr) as of March 31, 2026. The company admitted the debt and default but cited temporary financial constraints and requested six months to repay, a plea the NCLT rejected. MVK IPE LLP has been appointed as the Interim Resolution Professional (IRP), initiating the Corporate Insolvency Resolution Process (CIRP).

• · The loan was secured by a pledge of shares of Aadi Chemtrade Limited held by the Corporate Debtor, with charge registered with the ROC.
• · The default date is 31.03.2026, and the application was filed on 02.06.2026.
• · The Corporate Debtor admitted the debt and default in its reply dated 27.07.2026, but sought six months' time to repay, which was rejected.
• · The NCLT order was pronounced on 20.08.2026 and made available on 21.08.2026.
• · The IRP's AFA (Authorisation for Assignment) is valid till 31.12.2026.