India MCA Insolvency Liquidation Filings — October 29, 2026

NCLT Ahmedabad admitted CIRP on 30 Sep 2026; first CoC meeting set for 30 Oct 2026 at 11:30 AM, the key near-term event for resolution plan timing and creditor claims

Operational creditor Bhagwati Cotton Company filed Section 9 petition on 28 Oct 2026 claiming Rs. 40.70 crore (Rs. 28.08 crore principal, Rs. 12.62 crore interest); admission pending, creating near-term downside risk for equity and debt scrips 514175 and 977714

17th CoC meeting (12 Oct 2026) authorised NCLT application for a further 60-day CIRP extension, signalling resolution timeline slippage and continued process cost accumulation

18th CoC meeting rescheduled from 26 Oct to 1:00 PM via video conference, a minor procedural change with no outcome disclosed; watch for resolution plan submission

Fourteenth CoC meeting held 27 Oct 2026 (physical and virtual), the 14th meeting since the Feb 2024 CIRP order, indicating an active but protracted process with no outcome disclosed

Four quarter-ended Sep 2026 compliances (shareholding pattern, RTA certificate, PCS reconciliation, investor complaints) cannot be filed due to depository and RTA service suspension; relies on SEBI LODR exemptions under Regulations 15(2A)/(2B)

NCLT rejected CoC-approved Resolution Plan on 24 Mar 2025; NCLAT appeal filed 9 Jul 2025 remains pending, leaving equity without a resolution path and the company in an open-ended CIRP

Same depository/RTA service halt as SKIL for Sep 2026 quarter compliances due to unpaid fees by erstwhile management, confirming a pattern of residual governance failure after CIRP initiation

Section 9 IBC application for Rs. 40.70 crore (principal Rs. 28.08 crore, interest Rs. 12.62 crore) by an operational creditor at NCLT Chandigarh; interest comprises roughly 31% of the claim, and admission would trigger moratorium and CIRP

16th, 17th and 18th CoC meetings in consecutive weeks, plus a request for a further 60-day NCLT extension, indicate the process is running beyond its statutory timeline with rising CIRP costs requiring ratification

Both the 16th (21 Sep 2026) and 17th (12 Oct 2026) CoC meetings ratified Resolution Professional expenses under IBBI Regulation 34, a recurring cost drain on the creditor pool with no disclosed amounts

Loss of depository and RTA services leaves Sep 2026 shareholding, investor-complaint and reconciliation filings unfiled, creating exchange-level sanction risk and undermining shareholder information flow

The company claims exemption from Regulations 17–21 and the Corporate Governance report under Regulations 15(2A)/(2B); any challenge to these exemptions could lead to trading restrictions or delisting pressure

NCLT rejection of the CoC-approved plan on 24 Mar 2025 removes the main recovery route, and the NCLAT appeal (filed 9 Jul 2025) remains undecided, so the equity outcome is binary and unresolved

NSDL, CDSL and the RTA have stopped shareholding (Benpos) data flows, impairing investor identification, corporate action processing and liquidity for listed securities

With CIRP admitted only on 30 Sep 2026 and the first CoC meeting pending, claims verification, plan timing and asset value are unclear, leaving equity and debt holders with high information risk

First CoC meeting on 30 Oct 2026 starts the resolution clock; a listed shell with a formal ISIN (INE145J01032) and a fresh CIRP may attract distressed or strategic bidders seeking control at a discount

Petition claim of Rs. 40.70 crore against a listed entity creates a clear event on NCLT admission; investors with a view on recoveries could position around admission hearing timing in Chandigarh

With a 60-day extension sought and the 18th CoC meeting imminent, a resolution plan submission in the window would be a near-term catalyst for distressed-debt and equity traders

The 14th CoC meeting implies a mature process; once the NCLT approves a plan, the depository-service issue is expected to be resolved, which could restore compliance and liquidity

A pending NCLAT appeal against the rejected plan creates a binary catalyst; a reversal would reactivate the SBI-backed resolution route, with the outcome not priced in given the rejection

The board meeting on 3 Nov 2026 for Sep 2026 results marks a company operating normally under exchange rules, providing a benchmark for review against the stream's CIRP-bound names

Three of the eight in-scope filings (SKIL, Setubandhan, and implicitly Unitech via repeated CoC activity) show the depository and RTA service breakdown or extended process timelines; in SKIL and Setubandhan, both disclose unpaid fees by erstwhile management as the trigger, pointing to a systemic gap in post-admission service continuity

Vardhman's Section 9 petition by an operational creditor, alongside the Gujarat Toolroom admission under Section 7 or 9 pathways, shows that trade creditors are actively using IBC to force resolution against listed issuers, with claims including interest that raises the cost of default

Setubandhan (admitted 28 Nov 2022, plan rejected Mar 2025, appeal pending), SKIL (order 1 Feb 2024, 14 CoC meetings) and Unitech (16th to 18th CoC meetings, 60-day extension sought) all show resolution timelines running well beyond initial expectations, with significant procedural cost and creditor-value erosion

Both SKIL and Setubandhan invoke Regulations 15(2A) and 15(2B) to exempt themselves from governance and reporting requirements during CIRP, signalling a regulatory gap between IBC process obligations and listed-company disclosure obligations that could draw SEBI scrutiny

Unitech and SKIL CoC meetings, and Punj Lloyd's regular Regulation 29 results intimation, show exchange-level procedural disclosure continuing across the stream, with CoC decisions limited to expense ratification and process documents, not yet to resolution outcomes

First meeting on 30 Oct 2026 at 11:30 AM IST (physical or video); watch for claims-verification timeline, IRP-to-RP transition and resolution plan invitation [30 Oct 2026]

Section 9 petition filed 28 Oct 2026 at NCLT Chandigarh; watch for admission or dismissal order and any moratorium declaration [date pending]

Rescheduled to 1:00 PM via video conference on 26 Oct 2026 (filing dated 28 Oct); watch for outcome disclosure and NCLT extension application status [26 Oct 2026, outcome pending]

NCLT application for a 60-day extension authorised by CoC on 12 Oct 2026; watch for NCLT order and any resulting resolution-plan deadline [date pending]

Fourteenth CoC meeting concluded 27 Oct 2026; watch for outcome filing, any resolution plan approval, and resolution of the Sep 2026 compliance gap [date pending]

Appeal filed 9 Jul 2025 against NCLT rejection of the CoC-approved plan on 24 Mar 2025 remains pending; watch for NCLAT hearing date and any reinstatement decision [date pending]

Board meets 3 Nov 2026 to approve unaudited standalone and consolidated results for quarter and half year ended 30 Sep 2026; watch for any insolvency or contingent-liability disclosures despite the 'Insolvency' classification [3 Nov 2026]