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India MCA Insolvency Liquidation Filings — October 06, 2026

India MCA Insolvency & Restructuring Monitor

By Gunpowder Editorial ·

8 high priority 8 total filings analysed

Executive Summary

The October 6, 2026, insolvency digest reveals a deeply stressed corporate landscape with 7 of 8 filings directly tied to active NCLT/IBC proceedings, signaling a surge in resolution activity and judicial bottlenecks.

A dominant theme is the operational hollowness of distressed assets: Sun Granite Export Ltd is a non-operational shell with zero revenue, zero fixed assets, and zero employees, while ARSS Infrastructure Projects faces a critical implementation failure as its resolution applicant's nominee has withdrawn from taking 81.55% of the paid-up capital, casting doubt on the entire NCLT-approved plan. Judicial delays are compounding uncertainty, as seen in The Hi-Tech Gears Limited, where the NCLAT has adjourned the hearing to October 7, 2026, extending an interim stay on CIRP that has been in place since September 2024. Insider activity and period-over-period comparisons are largely absent in these filings, but forward-looking data provides a clear catalyst calendar: the Sun Granite EOI deadline (Oct 19) and resolution plan due date (Dec 18) are critical milestones, while TV Vision's newly initiated CIRP opens a fresh EOI window. The Baron Infotech case introduces litigation risk from an unsuccessful resolution applicant, with an oral status quo order from the NCLAT threatening to delay the process. On the periphery, Privi Speciality Chemicals' scheme of amalgamation, while not an insolvency, signals a proactive corporate restructuring trend that contrasts with the distress theme. Overall, the digest points to a high-volume, low-recovery environment where execution risk and legal appeals are the primary headwinds for creditors and investors.

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 October 05, 2026.

Investment Signals (8)

  • Zero-revenue, zero-asset shell with a CIRP deadline of Oct 19, 2026, for EOI submission; likely zero recovery for unsecured creditors, making this a pure distress signal for the granite sector

  • Resolution plan implementation in jeopardy after nominee (Roger Bravo) withdrew from taking 81.55% of equity; this creates a 9/10 materiality risk of plan failure and re-admission into CIRP

  • NCLAT hearing adjourned to Oct 7, 2026, extending an interim stay on CIRP granted in Sep 2024; prolonged stay signals weak creditor position and potential for a negotiated settlement, but uncertainty remains high [NEUTRAL/BEARISH]

  • Fresh CIRP initiation with Form G published Sep 28, 2026; creates a new EOI window for resolution applicants, potentially offering distressed asset buyers a media play at a discount [OPPORTUNITY/BULLISH for acquirers]

  • CoC meeting on Jul 27, 2026, approved CIRP expenses; no financials disclosed, indicating the process is in a maintenance phase with no resolution progress—signals creditor fatigue

  • Second CoC meeting in ~24 days (Aug 20, 2026) approving only expense ratification; the lack of resolution plan discussion suggests the company is stuck in procedural limbo

  • NCLAT status quo order (Oct 1, 2026) from an unsuccessful resolution applicant introduces litigation risk; this could delay the resolution process by months, increasing CIRP costs and reducing recovery

  • Scheme of amalgamation with an appointed date of Oct 1, 2025, and shareholder meeting on Oct 27, 2026; this is a proactive consolidation play to reduce costs and simplify structure, contrasting with the distress theme [BULLISH for operational efficiency]

Risk Flags (8)

Opportunities (7)

  • Fresh CIRP initiation offers a potential entry point for strategic buyers in the media space; the company has a known brand and distribution network, which could be acquired at a discount through the resolution process

  • Scheme of amalgamation with an appointed date of Oct 1, 2025, aims to consolidate operations and reduce costs; shareholder meeting on Oct 27, 2026, is a catalyst for potential cost savings and margin improvement

  • EOI submission deadline of Oct 19, 2026, could attract distressed asset investors looking for a shell company with a clean slate; the zero-asset base may appeal for a reverse merger or turnaround play [OPPORTUNITY for speculative investors]

  • Extended interim stay on CIRP since Sep 2024 suggests ongoing negotiations; if a settlement is reached, the stock could re-rate significantly from distressed levels [OPPORTUNITY for event-driven investors]

  • The unconditional no-objection from Roger Bravo allows the SRA to substitute a new nominee; if a stronger financial partner steps in, the resolution plan could still be implemented, unlocking value

  • Once the NCLAT status quo is lifted, the resolution process could move quickly; monitoring the appeal outcome could provide a buying opportunity if the unsuccessful applicant's challenge fails [OPPORTUNITY for patient investors]

  • Despite the stalled process, the company has a real estate asset base that could attract resolution applicants if the CoC moves toward a plan; the low market expectations create a potential upside surprise

Sector Themes (6)

  • Judicial Bottlenecks in IBC
    ◆

    2 of 8 filings (The Hi-Tech Gears, Baron Infotech) involve NCLAT delays or status quo orders, highlighting a systemic issue of slow case resolution that erodes creditor value and increases CIRP costs

  • Resolution Plan Execution Risk
    ◆

    ARSS Infrastructure's nominee withdrawal from 81.55% of equity underscores a growing trend of resolution plan failures post-NCLT approval, driven by funding issues or regulatory hurdles

  • Zero-Recovery Distress
    ◆

    Sun Granite Export Ltd's zero-revenue, zero-asset profile exemplifies the 'shell company' problem in IBC, where creditors face near-total write-offs, raising questions about the viability of initiating CIRP for such entities

  • Fresh CIRP Wave
    ◆

    TV Vision's new CIRP initiation adds to the pipeline of distressed assets entering the resolution process, creating opportunities for distressed asset buyers but also signaling continued stress in the media sector

  • Proactive Restructuring vs. Insolvency
    ◆

    Privi Speciality Chemicals' scheme of amalgamation (appointed date Oct 1, 2025) contrasts with the IBC filings, showing that healthy companies are using NCLT for consolidation while stressed firms are stuck in CIRP

  • Creditor Fatigue in Stalled Cases
    ◆

    Unitech International's two CoC meetings in 24 days approving only expense ratification indicates creditors are losing interest or are deadlocked, a pattern that often precedes liquidation

Watch List (8)

Filing Analyses (8)
Sun Granite Export Ltd Insolvency negative materiality 9/10

06-10-2026

Sun Granite Export Ltd. has initiated the Corporate Insolvency Resolution Process (CIRP) by publishing Form G on October 2, 2026, inviting Expressions of Interest (EOI) from resolution applicants. The company is non-operational with no revenue, no fixed assets, and no employees as per its FY 2024-25 audited financials. The deadline for EOI submission is October 19, 2026, with resolution plans due by December 18, 2026.

  • · The company's PAN is AADCS8998P and CIN is L14102OR1991PLC002834.
  • · The registered office is at VILL PANIORA, PO PALASPUR VIA JANLA, Khordha, Khurda, Odisha – 752054, India.
  • · The company has no fixed assets and is not operational.
  • · The last date for submission of EOI is 19-10-2026.
  • · The provisional list of resolution applicants will be issued on 29-10-2026.
  • · The final list of prospective resolution applicants will be issued on 13-11-2026.
  • · The last date for submission of resolution plans is 18-12-2026.
  • · The company is not registered as an MSME.
  • · The Resolution Professional's IP Registration No. is IBBI/IPA-002/IP-N01023/2020-2021/13276, with AFA validity up to 31.12.2026.
  • · The process-specific email ID is cirp.sungranite@gmail.com.
The Hi-Tech Gears Limited Insolvency negative materiality 8/10

06-10-2026

The Hi-Tech Gears Limited has informed the exchanges that the NCLAT, due to lack of time, could not hear the matter on October 5, 2026, and has rescheduled the hearing to October 7, 2026. The NCLAT has also directed the continuation of the interim stay on the Corporate Insolvency Resolution Process (CIRP) that was originally granted on September 3, 2024. The company remains under the protection of the stay, with the next hearing scheduled in two days.

  • · The appeal is listed as Company Appeal (AT) (Insolvency) No. 1734 of 2024.
  • · The interim stay on the CIRP was originally granted on September 3, 2024.
  • · The next hearing is scheduled for October 7, 2026.
  • · The appellant is Naveen Jain, a Company Secretary/Shareholder of The Hi-Tech Gears Ltd.
  • · The respondents include Happy Forgings Ltd. and the Interim Resolution Professional (IRP), Mr. Deepak Thukral.
ARSS Infrastructure Projects Ltd Insolvency negative materiality 9/10

06-10-2026

ARSS Infrastructure Projects Ltd disclosed that Roger Bravo Secured Development Fund, the nominee of the Successful Resolution Applicant (Ocean Capital Market Limited), has withdrawn its willingness to hold 7,35,00,000 equity shares (about 81.55% of paid-up capital) allotted under the NCLT-approved Resolution Plan. Roger Bravo has given an unconditional no-objection to substitution by the SRA or another nominee. The company will take steps to effect the substitution, but the listing of these shares remains pending with the exchange, creating uncertainty around the implementation of the resolution plan.

  • · The NCLT Cuttack Bench approved the Resolution Plan on 29 August 2025 in IA(IB) No. 283/CB/2023 in CP(IB) No. 34/CB/2021.
  • · The shares were allotted via PAS-3 filings (SRN- AC2925810 dated 07/04/2026 and SRN- AC0660769 dated 02/01/2026).
  • · The application for listing of the shares is still pending with the exchange, and the shares have not yet been credited to the allottee's demat account.
  • · Roger Bravo has confirmed it will hold the shares in trust until further instructions and will not exercise any voting or shareholder rights.
  • · Roger Bravo has given unconditional no-objection to cancellation/reversal/rectification of the allotment and fresh allotment to another nominee.
TV Vision Limited Insolvency negative materiality 9/10

06-10-2026

TV Vision Limited has initiated the Corporate Insolvency Resolution Process (CIRP) by issuing Form G (Invitation for Expression of Interest) dated September 28, 2026, as disclosed to the stock exchanges under Regulation 30 of SEBI LODR. The company is now under the control of Resolution Professional Alok Kumar Murarka. This filing marks a formal step in the insolvency proceedings, inviting potential resolution applicants.

  • · Form G was published on September 28, 2026, the same day it was dated.
  • · The company's registered office is at 7th Floor, Adhikari Chambers, Oberoi Complex, New Link Road, Andheri (W), Mumbai - 400 053.
  • · The company is listed on BSE (Scrip No. 540083) and NSE (Symbol: TVVISION).
  • · Resolution Professional Alok Kumar Murarka is registered with IBBI under registration number IBBI/IPA-001/IP-P-01934/2019-2020/13006.
Unitech International Ltd Insolvency neutral materiality 5/10

06-10-2026

Unitech International Ltd disclosed that the 13th meeting of its Committee of Creditors (CoC) was held on 27.07.2026 via video conferencing, during which the resolution to ratify CIRP expenses incurred by the Resolution Professional was approved. The company remains under Corporate Insolvency Resolution Process (CIRP), with Mr. Nitin Narang serving as Resolution Professional. No financial figures were disclosed in this filing.

  • · Meeting date: 27.07.2026 at 12:00 P.M. via Video Conferencing
  • · Agenda Item B1 (ratification of CIRP expenses) was approved by the Committee of Creditors
  • · Resolution Professional's IBBI Registration Number: IBBI/IPA-002/IP-N00828/2019-2020/12629
  • · AFA valid till 30.06.2027
Unitech International Ltd Insolvency neutral materiality 5/10

06-10-2026

Unitech International Ltd, currently under Corporate Insolvency Resolution Process (CIRP), disclosed that its 15th Committee of Creditors (CoC) meeting was held on 20.08.2026 via video conferencing. The CoC approved the ratification of CIRP expenses incurred by the Resolution Professional (RP) as per Regulation 34 of the IBBI (CIRP) Regulations, 2016. No other agenda items or financial figures were disclosed, and the company remains under insolvency proceedings.

  • · Filing date: 06.10.2026; letter dated 25.09.2026
  • · CoC meeting date: 20.08.2026 at 06:00 P.M. via Video Conferencing
  • · Agenda Item B1 (ratification of CIRP expenses) was approved by the CoC
  • · RP's IBBI Registration Number: IBBI/IPA-002/IP-N00828/2019-2020/12629
  • · RP's AFA valid till 30.06.2027
  • · Company scrip code: 531867; scrip name: UNITINT
Baron Infotech Ltd Insolvency negative materiality 5/10

06-10-2026

Baron Infotech Ltd, currently under Corporate Insolvency Resolution Process (CIRP), held its 3rd Monitoring Committee meeting on October 6, 2026. The committee noted an oral status quo order from the NCLAT Chennai Bench dated October 1, 2026, in an appeal filed by unsuccessful resolution applicant Vivek Kumar Ratakonda, which may delay the resolution process. No financial figures or operational updates were disclosed in this post-facto intimation.

  • · The Monitoring Committee meeting was held on Tuesday, October 6, 2026, starting at 5:00 pm and concluding around 6:55 pm IST.
  • · The status quo order was pronounced orally by the NCLAT Chennai Bench on October 1, 2026.
  • · The appeal was filed by the unsuccessful resolution applicant, Mr. Vivek Kumar Ratakonda.
  • · The company's scrip code on BSE is 532336.
Privi Speciality Chemicals Limited Insolvency neutral materiality 7/10

06-10-2026

Privi Speciality Chemicals Limited has filed a scheme of amalgamation with the National Company Law Tribunal (NCLT) to merge two wholly-owned/related entities — Privi Fine Sciences Private Limited (Transferor Company 1) and Privi Biotechnologies Private Limited (Transferor Company 2) — into itself (Transferee Company). The NCLT has dispensed with meetings of creditors and shareholders of the transferor companies and of creditors of the transferee company, but ordered a meeting of equity shareholders of Privi Speciality Chemicals Limited on 27 October 2026 to consider the scheme. The appointed date for the amalgamation is 1 October 2025, and the scheme is intended to consolidate operations, reduce costs, and simplify the corporate structure.

  • · The NCLT order dated 7 September 2026 dispensed with meetings of members, secured and unsecured creditors of Transferor Company 1; members and unsecured creditors of Transferor Company 2; and secured and unsecured creditors of the Transferee Company.
  • · A meeting of equity shareholders of Privi Speciality Chemicals Limited (Transferee Company) will be held on 27 October 2026 through OAVM to consider the scheme.
  • · The appointed date for the amalgamation is 1 October 2025.
  • · The Board of Directors of all three companies approved the scheme in meetings held on 19 December 2025.
  • · The Transferee Company obtained No Objection Letters from NSE (ref. NSE/LIST/52681 dated 5 May 2026) and BSE (ref. DCS/AMAL/RD/R37/53/2026-27 dated 6 May 2026).
  • · Transferor Company 2 (Privi Biotechnologies Private Limited) is a wholly owned subsidiary of the Transferee Company; upon amalgamation, its shares held by the Transferee Company will be cancelled and no new shares will be issued.
  • · Shareholders of Transferor Company 1 will receive 1 equity share of ₹10 each of the Transferee Company for every 135 fully paid equity shares of ₹10 each held in Transferor Company 1.
  • · Representations regarding the scheme may be made to the NCLT within 30 days from receipt of the notice.

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