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India MCA Insolvency Liquidation Filings — October 30, 2026

India MCA Insolvency & Restructuring Monitor

By Gunpowder Editorial ·

9 high priority 9 total filings analysed

Executive Summary

The October 30, 2026 insolvency digest is dominated by procedural CoC meetings and scheme meetings, with no new financial disclosures, but several high-materiality developments stand out.

Ushdev International's liquidation (materiality 9/10) reveals a catastrophic value destruction: negative net worth of Rs. 12,26,993.80 lakh as at March 31, 2026, with total assets of only Rs. 21,975.80 lakh against current liabilities of Rs. 12,48,969.60 lakh, and the auditor issued a disclaimer of opinion. Polycab India secured a favorable NCLAT order setting aside the NCLT Ahmedabad order, removing an insolvency overhang (positive sentiment, materiality 6/10). The Videocon group (Value Industries and Videocon Industries) convenes its 66th consolidated CoC on November 3, 2026, indicating a prolonged CIRP with no resolution in sight. Niyogin Fintech held all three creditor/shareholder meetings on October 30, 2026, for its composite scheme, with voting outcomes pending. Tricom Fruit Products schedules its 18th CoC for November 4, 2026, to approve Q2 FY27 results. BIL Vyapar's 21st CoC was postponed by one day to October 30, 2026. Overall, the stream shows a mix of procedural delays, a major liquidation, and one favorable legal outcome, with no period-over-period financial trends disclosed across filings.

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 23, 2026.

Investment Signals (8)

  • ▲

    NCLAT order dated October 30, 2026, set aside the NCLT Ahmedabad order dated October 07, 2026, in the Asier Metals vs. Polycab matter, removing a near-term insolvency overhang and restoring operational focus

  • Liquidation effective October 16, 2025, after resolution applicant Taguda Pte. Ltd. failed to implement the plan; secured creditors encashed bid bond and performance security of Rs. 1,813.46 lakh (including interest of Rs. 160.74 lakh), signaling severe recovery challenges

  • Auditor issued a disclaimer of opinion citing net loss of Rs. 1,573.31 lakh and negative net worth of Rs. 3,22,333.14 lakh as at October 15, 2025; as at March 31, 2026, negative net worth widened to Rs. 12,26,993.80 lakh, indicating accelerating value destruction

  • Videocon Group (Value Industries & Videocon Industries) (BEARISH)
    ▲

    66th consolidated CoC meeting scheduled for November 3, 2026, over 8 years after CIRP initiation (June 6, 2018), highlighting prolonged resolution timelines and uncertain recovery for creditors

  • Composite scheme meetings for equity shareholders, secured creditors, and unsecured creditors all held on October 30, 2026; approval could unlock restructuring benefits, but voting outcomes pending [NEUTRAL/BULLISH catalyst]

  • 18th CoC meeting on November 4, 2026, to approve Q2 FY27 results; continued CoC engagement suggests ongoing resolution efforts, but no financial data disclosed

  • ▲

    21st CoC meeting postponed by one day to October 30, 2026; procedural delay may signal ongoing negotiations or issues in finalizing resolution terms

  • Insolvency Stream Overall (CAUTION)
    ▲

    9 filings, 0 with period-over-period financial comparisons, 0 insider transactions, 0 capital allocation actions; the absence of hard financial data limits fundamental analysis and increases reliance on procedural outcomes

Risk Flags (7)

  • ▼

    Negative net worth of Rs. 12,26,993.80 lakh as at March 31, 2026, with total assets of only Rs. 21,975.80 lakh against current liabilities of Rs. 12,48,969.60 lakh; auditor unable to obtain sufficient evidence on asset realisability or claim settlement

  • ▼

    Resolution plan failed despite NCLT approval on February 3, 2022, and NCLAT approval on March 11, 2022; liquidation followed, demonstrating implementation risk even after plan approval

  • Videocon Group [HIGH RISK]
    ▼

    CIRP initiated June 6, 2018, and 66th CoC meeting still being held in November 2026; prolonged process erodes asset value and increases costs, with no resolution in sight

  • Tricom Fruit Products↓ [MEDIUM RISK]
    ▼

    18th CoC meeting indicates a lengthy CIRP; no financial results disclosed, and trading window closed since October 1, 2026, suggesting information asymmetry

  • BIL Vyapar↓ [MEDIUM RISK]
    ▼

    21st CoC meeting postponed from October 29 to October 30, 2026; repeated delays can signal unresolved issues among creditors

  • Niyogin Fintech↓ [MEDIUM RISK]
    ▼

    Scheme meetings held but voting outcomes not disclosed; if any class of creditors or shareholders fails to approve, the scheme could be stalled, creating uncertainty

  • Insolvency Stream Overall (CAUTION)
    ▼

    All 9 filings lack period-over-period financial data, insider activity, or capital allocation details; investors have limited visibility into operational turnarounds or recovery values

Opportunities (6)

  • Polycab India↓ (OPPORTUNITY)
    ◆

    NCLAT ruling removes a legal overhang, potentially leading to a re-rating as insolvency-related uncertainty dissipates; monitor for any residual legal challenges

  • Niyogin Fintech↓ (OPPORTUNITY)
    ◆

    If the composite scheme is approved, it could streamline the corporate structure and unlock value; watch for voting results and subsequent NCLT sanction

  • Ushdev International↓ (SPECULATIVE)
    ◆

    Liquidation process may uncover recovery for secured creditors through asset sales, but equity holders likely face total loss; distressed debt investors could find opportunities in the debt

  • Videocon Group (SPECULATIVE)
    ◆

    Prolonged CIRP may lead to deep value in assets if a resolution plan is eventually approved; however, timeline uncertainty is high

  • CoC meeting to approve Q2 results could provide first financial glimpse in months; any positive surprise could impact the stock

  • BIL Vyapar↓ (WATCH)
    ◆

    Postponed CoC meeting may indicate active negotiations; a resolution plan could emerge, providing upside for creditors

Sector Themes (5)

  • Prolonged CIRP Timelines
    ◆

    Videocon group's 66th CoC meeting after 8+ years and Tricom's 18th CoC highlight that Indian insolvency resolutions are often protracted, delaying recoveries and increasing costs [IMPLICATION: creditors face significant time-value loss]

  • Implementation Risk
    ◆

    Ushdev International's failed resolution plan despite NCLT and NCLAT approval underscores the risk that even approved plans may fail, leading to liquidation and value destruction [IMPLICATION: creditors should scrutinize resolution applicants' track records]

  • Procedural Delays
    ◆

    BIL Vyapar's CoC postponement and Niyogin's pending voting outcomes show that procedural steps often face delays, creating uncertainty for stakeholders [IMPLICATION: investors should build in time buffers]

  • Legal Challenges
    ◆

    Polycab's successful appeal against NCLT order demonstrates that legal recourse can overturn adverse insolvency rulings, but the process can be time-consuming [IMPLICATION: companies with strong legal grounds may see relief]

  • Lack of Financial Transparency
    ◆

    All 9 filings lack period-over-period financial data, insider activity, or capital allocation details, limiting the ability to assess operational performance [IMPLICATION: investors must rely on procedural updates and external research]

Watch List (7)

  • 18th CoC meeting on November 4, 2026, to approve Q2 FY27 results; outcome could provide first financial data and signal resolution progress

  • Monitor for any further legal developments or appeals following NCLAT order; stock may react positively to reduced uncertainty

  • Liquidation proceedings ongoing; watch for asset sale announcements and recovery rates for creditors

  • 21st CoC meeting held on October 30, 2026; watch for minutes and any resolution plan updates

  • Voting results from October 30, 2026, meetings to be published on company and BSE websites; outcome critical for scheme approval

  • Videocon Group
    👁

    66th consolidated CoC meeting on November 3, 2026; watch for any resolution plan progress or further delays

  • Insolvency Stream
    👁

    No insider activity or capital allocation data in any filing; monitor for future disclosures that could provide fundamental insights

Filing Analyses (9)
Tricom Fruit Products Ltd Insolvency neutral materiality 5/10

30-10-2026

Tricom Fruit Products Ltd, currently under insolvency proceedings with a Resolution Professional at the helm, has intimated that the 18th meeting of its Committee of Creditors will be held on November 4, 2026 via video conferencing to consider and approve the unaudited financial results for the quarter and half year ended September 30, 2026, along with the Statutory Auditors' Limited Review Report. The company's trading window for directors, officers and designated employees has been closed since October 1, 2026 and will remain closed until 48 hours after the results are declared. No financial figures or period-over-period performance data were disclosed in this filing.

  • · Committee of Creditors meeting scheduled for Wednesday, November 4, 2026 through video conferencing mode
  • · Meeting to consider and approve unaudited financial results for quarter and half year ended September 30, 2026, plus Limited Review Report of Statutory Auditors
  • · Trading window closed from October 1, 2026 and to remain closed until 48 hours after declaration of results
  • · Disclosure made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015
  • · Registered office located at Gat No. 336, 338 to 341, Village Andhori, Taluka Khandala, Dist. Satara - 415521, Maharashtra; CIN L67120PN1995PLC139099
Polycab India Limited Insolvency positive materiality 6/10

30-10-2026

Polycab India Limited announced that the Hon'ble NCLAT, via its order dated October 30, 2026, has allowed the Company's appeal and set aside the NCLT Ahmedabad Bench order dated October 07, 2026, in the matter of Asier Metals Private Limited vs. Polycab India Limited. This is a favorable outcome for the Company, resolving the insolvency-related proceedings. No financial amounts or operational metrics were disclosed.

  • · NCLAT order dated October 30, 2026, set aside NCLT Ahmedabad Bench order dated October 07, 2026.
  • · Company had previously made intimations regarding this matter on October 07, 08, 09, 14, 16, and 28, 2026.
  • · Company Secretary Membership No.: A18321.
Ushdev International Ltd Insolvency negative materiality 9/10

30-10-2026

Ushdev International Ltd is in liquidation effective October 16, 2025, following failure of the approved resolution plan by successful applicant M/s Taguda Pte. Ltd., prompting secured financial creditors to encash the bid bond and performance security aggregating Rs. 1,813.46 lakh (including interest of Rs. 160.74 lakh). The auditor issued a disclaimer of opinion, citing a net loss of Rs. 1573.31 lakh and negative net worth of Rs. 3,22,333.14 lakh as at October 15, 2025, with net current liabilities of Rs. 3,28,133.34 lakh. As at March 31, 2026, the Statement of Affairs reflects total assets of only Rs. 21,975.80 lakh against total current liabilities of Rs. 12,48,969.60 lakh, yielding a negative net worth of Rs. 12,26,993.80 lakh, with the auditor unable to obtain sufficient evidence on asset realisability or claim settlement.

  • · CIRP initiated against the Company by NCLT Mumbai order dated May 14, 2018 under the Insolvency and Bankruptcy Code, 2016
  • · Committee of Creditors voted in favour of the Resolution Plan on June 24, 2021; NCLT approved it on February 3, 2022 and NCLAT on March 11, 2022
  • · NCLT Mumbai order dated December 8, 2023 granted a further period for implementation of the resolution plan
  • · Liquidation ordered by NCLT effective October 16, 2025 after successful resolution applicant M/s Taguda Pte. Ltd. failed to implement the approved plan
  • · CBI search on July 07, 2022 and ED search on February 02, 2023 at the Corporate Office; CBI seized the company's server containing accounting system up to FY 2017-18; matter not yet concluded
  • · Auditor issued a disclaimer of opinion due to inability to obtain sufficient appropriate audit evidence on books, records, asset valuation, and claim data
  • · Stakeholders Consulting Committee List dated 9th June 2026 used to determine liabilities and claims
  • · Powers of the Board of Directors remained suspended and were exercised by the Resolution Professional and Implementation and Monitoring Agency up to October 15, 2025
BIL VYAPAR LIMITED Insolvency neutral materiality 3/10

30-10-2026

BIL Vyapar Limited (formerly Binani Industries Limited), currently under CIRP, disclosed via Regulation 30 of SEBI LODR that its 21st Meeting of the Committee of Creditors, originally scheduled for Thursday, 29th October 2026, has been postponed and will now be held on Friday, 30th October 2026. The filing contains no financial figures or resolution outcomes; it is a procedural scheduling update only.

  • · Scrip Code: 500059 (BSE); NSE Symbol: BILVYAPAR; Calcutta Stock Exchange Code: 12026
  • · CIN: L24117WB1962PLC025584
  • · Corporate Office: Mercantile Chambers, 12, J. N. Heredia Marg, Ballard Estate, Mumbai 400 001
  • · Disclosure made under Para 16(g) of Part A of Schedule III of LODR
  • · Meeting rescheduled by one day from 29th October 2026 to 30th October 2026
Niyogin Fintech Limited Insolvency neutral materiality 6/10

30-10-2026

Niyogin Fintech Limited disclosed the summary of proceedings of its equity shareholders' meeting held on October 30, 2026, convened per NCLT Chennai Bench order dated September 11, 2026, to consider and approve the Composite Scheme of Arrangement and Amalgamation among Niyogin Fintech (Demerged/Amalgamating Company), Niyogin Finserv Limited (Resulting Company) and iServeU Technology Private Limited (Amalgamated Company). The Scheme required approval by a majority in number representing three-fourths in value of equity shareholders present and voting, plus a SEBI Scheme Circular condition that public shareholder votes in favour exceed those against. The filing does not disclose the voting outcome or e-voting results, which will be published separately on the Company's and BSE's websites.

  • · Meeting held on Friday, October 30, 2026 at 10:30 a.m. IST via video conferencing/OAVM
  • · NCLT Chennai Bench order convening the meeting dated September 11, 2026
  • · Remote e-voting period: October 26, 2026 (09:00 A.M. IST) to October 29, 2026 (05:00 P.M. IST)
  • · Meeting concluded at 10:59 A.M. IST after completion of e-voting
  • · Scheme to be acted upon only if public shareholder votes in favour exceed votes against, per SEBI Scheme Circular SEBI/HO/CFD/[redacted]/P/CIR/2023/93 dated June 20, 2023
  • · BSE Scrip Codes: 538772, 977641 & 978095
  • · Scheme pursued under Sections 230 to 232 read with Section 66 and Section 52 of the Companies Act, 2013
  • · Voting results and Scrutinizer's Report to be published separately; outcome not disclosed in this filing
Niyogin Fintech Limited Insolvency neutral materiality 6/10

30-10-2026

Niyogin Fintech Limited disclosed the summary of proceedings of its Secured Creditors meeting held on October 30, 2026, convened per NCLT Chennai Bench order dated September 11, 2026, to consider and approve the Composite Scheme of Arrangement and Amalgamation among Niyogin Fintech (Demerged/Amalgamating Company), Niyogin Finserv Limited (Resulting Company) and iServeU Technology Private Limited (Amalgamated Company). The meeting was chaired by NCLT-appointed Chairperson Shri Kuldeep Karir, with remote e-voting held October 26–29, 2026 and e-voting kept open 15 minutes post-conclusion; the meeting closed at 11:56 A.M. IST. No voting results or financial figures were disclosed in this filing — the scrutinizer's report and e-voting outcome are pending publication on the Company and BSE websites.

  • · NCLT Chennai Bench order dated September 11, 2026 directed the Secured Creditors meeting
  • · Remote e-voting window: 09:00 A.M. IST October 26, 2026 to 05:00 P.M. IST October 29, 2026
  • · Meeting held via video conferencing/other audio-visual means at 11:30 A.M. IST on October 30, 2026
  • · Scheme proposed under Sections 230 to 232 read with Section 66 and Section 52 of the Companies Act, 2013
  • · BSE Scrip Codes: 538772, 977641 & 978095
  • · Company CIN: L65910TN1988PLC131102
  • · E-voting results and Scrutinizer's Report to be published on Company and BSE websites within prescribed timelines
Niyogin Fintech Limited Insolvency neutral materiality 6/10

30-10-2026

Niyogin Fintech Limited disclosed the summary of proceedings of its meeting of Unsecured Creditors held on October 30, 2026 via video conference, convened per the NCLT Chennai Bench order dated September 11, 2026, to consider and approve the Composite Scheme of Arrangement and Amalgamation among Niyogin Fintech Limited (Demerged/Amalgamating Company), Niyogin Finserv Limited (Resulting Company) and iServeU Technology Private Limited (Amalgamated Company) under Sections 230-232 read with Sections 66 and 52 of the Companies Act, 2013. The meeting was chaired by NCLT-appointed Chairperson Shri Kuldeep Karir, with Advocate Udit Jain as Scrutinizer; remote e-voting ran from October 26, 2026 (09:00 A.M. IST) to October 29, 2026 (05:00 P.M. IST), and e-voting results with the Scrutinizer's Report are to be posted on the Company's and BSE's websites. No voting outcome or approval result was disclosed in this filing, so the creditor approval status remains pending.

  • · Meeting of Unsecured Creditors held on Friday, October 30, 2026 at 12:30 p.m. IST through VC/OAVM
  • · NCLT Chennai Bench order convening the meeting dated September 11, 2026
  • · Remote e-voting period: October 26, 2026 (09:00 A.M. IST) to October 29, 2026 (05:00 P.M. IST)
  • · E-voting facility kept open for 15 minutes post conclusion of proceedings; meeting closed at 12:57 P.M. IST
  • · BSE Scrip Codes: 538772, 977641 & 978095
  • · Company CIN: L65910TN1988PLC131102
  • · Scheme proposed under Sections 230 to 232 read with Section 66 and Section 52 of the Companies Act, 2013
  • · Voting results and Scrutinizer's Report not yet disclosed in this filing
Value Industries Ltd Insolvency neutral materiality 6/10

30-10-2026

Value Industries Limited, one of 13 Videocon Group companies under a consolidated Corporate Insolvency Resolution Process, is convening the Sixty Sixth Meeting of the Consolidated Committee of Creditors on Tuesday, November 03, 2026 at 03:00 PM via video conference. The agenda covers claim verification status, ratification of the Sixty Fifth CoC minutes (held September 23, 2026), legal, oil & gas and operational updates, and approval of estimated budgeted CIRP cost payments for November 2026 under Regulation 31B. No operational or financial performance metrics were disclosed in this notice, and no operational creditors meeting the 10% dues threshold were identified (subject to verification).

  • · Meeting to be held Tuesday, November 03, 2026 at 03:00 PM via video conference.
  • · Notice dated October 29, 2026, issued from Mumbai.
  • · Sixty Fifth CoC meeting was held on September 23, 2026; minutes to be confirmed and ratified.
  • · Agenda includes updates on legal matters, oil and gas related matters, and operational matters.
  • · Voting item: approval of estimated budgeted CIRP cost payments for November 2026, to be paid from cashflows/cash balance of the Corporate Debtors under Regulation 31B.
  • · Operational creditors with aggregate dues of at least 10% of debt: None (subject to verification).
  • · Resolution Professional registration: IBBI/IPA-003/IP-N000103/2017-2018/11158.
  • · Financial creditors must be represented by persons authorized to take on-the-spot decisions per IBBI Circular IBBI/CIRP/016/2018 dated August 10, 2018.
  • · Related parties of the Corporate Debtor have no right of representation, participation or voting.
Videocon Industries Ltd Insolvency neutral materiality 4/10

30-10-2026

Videocon Industries Ltd, currently under Corporate Insolvency Resolution Process per NCLT order dated 6th June 2018 (read with orders dated 8th August 2019 and 25th September 2019), disclosed a pre-facto intimation of the upcoming 66th meeting of the consolidated Committee of Creditors (CoC) covering the company and 12 other Videocon group companies. The meeting is scheduled for Tuesday, November 03, 2026, convened under Regulation 19 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The filing is a routine procedural disclosure with no financial figures or resolution outcome provided, so no period-over-period metrics are available.

  • · Resolution Professional registration: IBBI/IPA-003/IP-N000103/2017-2018/11158
  • · AFA No: AA3/11158/02/311226/301350, valid till Dec 31, 2026
  • · Scrip Code: 511389; NSE Symbol: VIDEOIND
  • · CIN: L99999MH1986PLC103624
  • · Disclosure made under Regulation 30 (Schedule III, Part A, Clause A) of SEBI LODR Regulations, 2015
  • · Registered office: 14KM Stone, Aurangabad-Paithan Road, Village Chittegaon, Taluka Paithan, District Aurangabad – 431 105

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