India NCLT Insolvency Resolution Filings — May 14, 2026

India Corporate Insolvency & NCLT

By Gunpowder Editorial ·

10 high priority 10 medium priority 20 total filings analysed

Executive Summary

The 20 filings highlight a stark divide between distressed insolvency cases (9/20 filings, e.g., SKIL Infrastructure, Richa Industries, multiple Telephone Cables updates) showing acute financial deterioration—such as SKIL's 98% YoY revenue drop to ₹42L and ₹260Cr exceptional loss—and resilient large-cap updates with revenue growth (L&T USD32B annual, Suzuki +8% YoY to ¥6,293B).

Period-over-period trends reveal insolvency firms with flat/zero revenue and massive losses (SKIL net loss vs YoY profit), while healthy firms like L&T report record inflows and Suzuki India auto revenue +9.3% implied. Key developments include NCLT sanctions (Sir Shadi Lal amalgamation), ongoing CIRP/CoC meetings (Telephone Cables, AGS Transact May 15, Ansal May 20), and positive strategic moves (L&T-Exail MCM deal, M&M EUR126M stake sale). Portfolio-level patterns show infrastructure/real estate heavy insolvency exposure (SKIL, Ansal, Richa), contrasting bullish defence/infra catalysts; sentiment skews negative/mixed in 70% of filings due to liquidation/CIRP uncertainties. Market implications favor short-term avoidance of insolvents amid extended timelines (e.g., Telephone Cables EoI to May 15, 2026) but opportunities in resolution plays like Adani Power's GVK EOI.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Insolvency · Company update · Insider trading

Tracking the trend? Catch up on the prior India NCLT Insolvency Resolution Filings digest from May 13, 2026.

Investment Signals (12)

  • Revenue down 98% YoY to ₹42.16L, exceptional loss ₹260Cr vs YoY profit ₹2.15Cr, EPS (₹120.26) with going concern doubts

  • TVS Motor (BULLISH)

    Induction of AI/digital expert Ravindran Shanmugam as Independent Director for 5 years effective May 13, 2026, enhancing strategic governance

  • Under liquidation since June 2025, no Board meetings, delayed Q2 FY26 results due to process

  • Q4/FY26 earnings call recording uploaded May 14, 2026, no metrics but signals transparency post-results

  • Telephone Cables (EoI) (NEUTRAL)

    CIRP with EoI extended to May 15, 2026 for non-operational assets in Mohali/Punjab, potential resolution entry

  • Telephone Cables (CIRP start) (BEARISH)

    CIRP from Feb 19, 2026 closing Aug 18, 2026; Omkara ARC 87.82% CoC voting, first CoC Mar 20

  • Telephone Cables (CoC1) (BEARISH)

    100% secured creditor quorum Mar 21, 2026 but all directors absent, claims verified

  • Q4/FY26 earnings presentation/call recording May 14, 2026 uploaded, compliance focus

  • Fernhill CoC #52 on May 20, 2026; Serene Residency plan NCLT-approved Oct 2025 amid confined CIRP

  • Mahindra & Mahindra (ESOP) (BULLISH)

    68,019 shares transferred to grantees May 14, 2026 under ESOP, signaling employee incentives

  • Larsen & Toubro (Annual Report) (BULLISH)

    FY26 revenue USD32B with record orders, 1,369M accident-free hours, but global risks noted

  • Analyst/investor virtual meeting May 19, 2026 with BlackRock/Fidelity etc., potential guidance

Risk Flags (9)

Opportunities (8)

Sector Themes (6)

  • Insolvency Proliferation in Infra/Realty

    6/9 insolvency filings (SKIL, Richa, Ansal Properties, Telephone Cables x3) show revenue collapse (e.g., SKIL -98% YoY, Telephone zero sales), extended CIRP (e.g., EoI to May 15, 2026), implying sector distress and asset liquidation opportunities

  • CIRP/CoC Momentum Building

    5 filings with CoC events (Telephone Cables Mar 20/21, Ansal May 20, AGS May 15), 100% quorums but director absences, Omkara ARC dominant, signaling creditor control and near-term resolution votes

  • Resilient Large-Cap Revenue Growth

    Healthy firms (L&T USD32B record, Suzuki +8% YoY ¥6.3T, India auto +9.3%) contrast insolvents, but op margins mixed (Suzuki -3.1% YoY, L&T profitability up amid risks)

  • Strategic Defence/Tech Partnerships

    L&T-Exail MCM deal for Navy MCMVs highlights infra/defence tailwinds, aligning Aatmanirbhar, vs realty insolvency drag

  • Pledge/Encumbrance Rise

    Yes Bank 8.49% pledge May 11 mirrors facility needs, potential promoter stress in banking amid no insider buys

  • Guidance/Margin Pressures

    Suzuki FY26 op profit forecast -8.5% on costs despite volume gains, echoing L&T global uncertainty (West Asia/supply chains)

Watch List (8)

Filing Analyses (20)
SKIL Infrastructure Ltd Insolvency negative materiality 10/10

14-05-2026

SKIL Infrastructure Ltd, under CIRP since NCLT order dated February 1, 2024, with Purusottam Behera as RP, has filed unaudited consolidated financial results for the quarter and half-year ended September 30, 2024, showing zero revenue from operations (flat YoY), minimal total revenue of ₹42.16 Lakh for the quarter (down 98% YoY from ₹2,577.97 Lakh), small operating loss before exceptional items of ₹8.09 Lakh, but a massive exceptional loss of ₹2,60,445.26 Lakh resulting in net loss of ₹2,60,453.35 Lakh for the quarter (vs YoY profit of ₹2,154.12 Lakh). The NCLAT vacated stay on CoC constitution in October 2025, enabling RP appointment in November 2025; auditors issued a qualified review conclusion citing material uncertainties including going concern doubts, claim discrepancies, deconsolidation issues, and unreconciled intercompany balances.

  • · Auditors (GPS & Associates) issued qualified conclusion due to claim differences pending CIRP outcome, impairment of investment in UIHPL from 99.76% capital reduction, unreconciled intercompany balances, improper deconsolidation timing of SKIL Shipyard Holdings Pvt. Ltd., restricted bank statement access, and no MTM on quoted investments.
  • · Financial results approved at RP Committee meeting on May 8, 2026 (in lieu of suspended Board).
  • · Earnings per share (basic) for Q2 FY25: (₹120.26); H1 FY25: (₹120.27).
  • · NCLAT vacated CoC stay on October 15, 2025; CoC constituted and approved RP on November 3, 2025.
TVS Motor Company Limited Company Update positive materiality 6/10

14-05-2026

TVS Motor Company announced the induction of Mr. Ravindran Shanmugam as an Independent Director for a five-year term effective May 13, 2026, subject to shareholder approval. Mr. Shanmugam, a seasoned technology entrepreneur, Co-founder and Executive Chairman of Mablle, ex-McKinsey consultant, and Oxford alumnus, brings expertise in AI, digital transformation, and scaling consumer businesses. Chairman Sudarshan Venu highlighted the addition's value to the board's strategic governance and growth ambitions.

  • · Event occurred on May 14, 2026 at 2:13 P.M. (IST)
  • · TVS Motor is the only two-wheeler company to win the Deming Prize
  • · Ranked No. 1 in J.D. Power Customer Service Satisfaction Survey for four consecutive years
  • · Leads in J.D. Power IQS and APEAL surveys for respective product categories
Richa Industries Ltd Insolvency negative materiality 10/10

14-05-2026

Richa Industries Limited is under liquidation pursuant to an order dated June 11, 2025, passed by the Hon’ble National Company Law Tribunal, Chandigarh Bench under the Insolvency and Bankruptcy Code, 2016, with Mr. Mohit Chawla appointed as Liquidator (IP Registration No. IBBI/IPA-001/IP-P00524/2017-18/10949). The powers of the Board of Directors have ceased, resulting in no Board Meeting being held on November 26, 2025. Financial results for the quarter ended September 30, 2025, were approved by the Liquidator, but submission was delayed due to the ongoing liquidation process.

  • · Scrip Code: 532766
  • · Liquidator Address: SCO 26, 3rd Floor, Shri Balaji Complex, Near Hotel Dreamz Inn Suite, Old Ambala Road, Dhakoli, Distt. SAS Nagar, Mohali, Punjab-140603
  • · Liquidator Contact: +91-9888003303, camohitchawla@gmail.com, lig.richa@gmail.com
Bharti Airtel Limited Company Update neutral materiality 3/10

14-05-2026

Bharti Airtel Limited has uploaded the audio/video recording of its Earnings Call held on May 14, 2026, pertaining to the audited financial results for the fourth quarter (Q4) and full year ended March 31, 2026, to its website https://www.airtel.in/about-bharti/equity/results. This disclosure is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and informed to NSE and BSE. No specific financial metrics or performance details are provided in this filing.

  • · Filing addresses NSE (Symbol: BHARTIARTL/AIRTELPP) and BSE (Scrip Code: 532454/890157)
  • · Company CIN: L74899HR1995PLC095967
  • · Registered Office: Airtel Center, Plot No. 16, Udyog Vihar, Phase-IV, Gurugram - 122015, India
  • · Corporate Office: Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi - 110070, India
Telephone Cables Ltd Insolvency negative materiality 9/10

14-05-2026

M/s Telephone Cables Limited (CIN: L31300CH1983PLC005385), non-operational since 2005 with no employees, production capacity, or sales, is undergoing Corporate Insolvency Resolution Process (CIRP) with Form G invitation for Expression of Interest issued. Majority assets located at A-30, Industrial Focal Point, Phase-8, Mohali, and a freehold land parcel in Village Kolewal, Garhshankar, Punjab. All process timelines, including EoI submission deadline, have been extended (e.g., EoI now due by 15.05.2026).

  • · PAN: AAACT7212L
  • · Registered office: SCO 68-70, Sector-17 C, Chandigarh
  • · Website: http://telephonecables.ibc2016.net/
  • · Process email: cirp.telephonecables@gmail.com
  • · Original EoI deadline: 04.05.2026; Extended: 15.05.2026
  • · Provisional list issuance: Originally 14.05.2026; Extended: 25.05.2026
  • · Final list issuance: Originally 29.05.2026; Extended: 09.06.2026
  • · Resolution plans deadline: Originally 03.07.2026; Extended: 14.07.2026
  • · Not registered as MSME
  • · Persons disqualified under section 29A ineligible
Telephone Cables Ltd Insolvency negative materiality 10/10

14-05-2026

Telephone Cables Limited entered Corporate Insolvency Resolution Process (CIRP) on February 19, 2026, with an estimated closure date of August 18, 2026 (180 days); Ms. Sunita of Ducturus Resolution Professionals Pvt Ltd has been appointed as Interim Resolution Professional. The first Committee of Creditors (CoC) meeting is scheduled for March 20, 2026, to discuss claims, asset status, valuations, appointments, and operational approvals like electricity connection and site maintenance. Omkara Assets Reconstruction Pvt Ltd holds the dominant 87.82% voting share among financial creditors, with no operational creditors meeting the 10% threshold.

  • · Insolvency commencement date: 19-02-2026
  • · Estimated CIRP closure: 18-08-2026
  • · CoC meeting date and time: 20.03.2026 at 03:30 PM (physical at SCO 818, 1st Floor, NAC, Manimajra, Sector-13, Chandigarh-160101 and virtual via Zoom)
  • · Registered office: 68-70 Sector 17C Chandigarh; Works: A-30, Industrial Focal Point, Phase-8, Mohali, Punjab
  • · Directors' powers suspended; operational creditors aggregate dues below 10% threshold
Telephone Cables Ltd Insolvency negative materiality 10/10

14-05-2026

The first meeting of the Committee of Creditors (CoC) for Telephone Cables Limited was held on March 21, 2026, chaired by Interim Resolution Professional (IRP) Ms. Sunita of Ducturus Resolution Professionals Pvt. Ltd., following CIRP commencement on February 19, 2026, by NCLT Chandigarh. All secured financial creditors (Omkara ARC, Kotak Mahindra Bank, Punjab & Sind Bank, Canara Bank) attended with 100% quorum, but all directors (Bubli Brar, Kuldeep Singh Grewal, Jyoti Rai) were absent. The meeting noted public announcements on February 21, 2026, claims received and verified from financial and operational creditors, and shared the list of creditors; no operational creditors met the 10% threshold for representation.

  • · Public announcement published on February 21, 2026, in The Tribune (English), Punjabi Jagran (Punjabi), and Amar Ujala (Hindi).
  • · Notice of CoC meeting sent on March 14, 2026; invites on March 19, 2026.
  • · Directors' powers suspended; contact details unavailable, none attended.
  • · No operational creditors with aggregate dues >=10% of debt.
  • · IRP presented PowerPoint on company profile, assets (plant, machinery, inventory), and CIRP timelines.
LIC Housing Finance Limited Company Update neutral materiality 4/10

14-05-2026

LIC Housing Finance Limited disclosed the upload of the Investor Presentation and audio recording of the post-earnings conference call for Q4 FY2025-26 on its website www.lichousing.com, in compliance with Regulation 46(2)(oa) of SEBI (LODR) Regulations, 2015. The conference call occurred on May 14, 2026, at 11:30 AM IST to discuss audited financial results for the fourth quarter and financial year ended March 31, 2026. Access links are available under the investors section of the website.

  • · Scrip ID: LICHSGFIN (NSE), Scrip Code: 500253 (BSE)
  • · Regulation cited: 46(2)(oa) of SEBI (LODR) Regulations, 2015
  • · Investor Update link: https://www.lichousing.com/investors/investor-update
  • · Audio Recording link: https://www.lichousing.com/investors/concall-audio
Ansal Properties & Infrastructure Limited Insolvency mixed materiality 9/10

14-05-2026

Ansal Properties & Infrastructure Limited (APIL) has provided prior intimation under Regulation 30 of SEBI LODR for the 52nd Meeting of the Committee of Creditors for its Fernhill project in Gurgaon, Haryana, scheduled on May 20, 2026, managed by Resolution Professional Shri Jalesh Kumar Grover. The Corporate Insolvency Resolution Process has been confined to Lucknow and Rajasthan projects per NCLAT order dated January 7, 2026, and these are managed by Shri Navneet Kumar Gupta; meanwhile, the Resolution Plan for Serene Residency project in Greater Noida was approved by NCLT on October 6, 2025, marking a positive development amid ongoing insolvency proceedings.

  • · NCLAT order dated January 13, 2023, confining Section 7 application to Fernhill project.
  • · Initial CIRP admission for APIL on November 16, 2022, by NCLT New Delhi Bench-II.
  • · Settlement agreement dated March 3, 2022, between IL&FS Financial Services Limited and APIL in CP No.: IB 558(ND)/2024.
Mahindra & Mahindra Limited Company Update neutral materiality 3/10

14-05-2026

Mahindra & Mahindra Employees’ Stock Option Trust transferred a total of 68019 equity shares to 88 stock option grantees on 14th May 2026, pursuant to the exercise of options under the Company’s Employees’ Stock Option Scheme. This action complies with undertakings given to stock exchanges at the time of listing. No other financial metrics or performance changes were reported.

  • · Filing reference: M&M/SEC/2026-27/030
  • · Scrip Codes: NSE - M&M, BSE - 500520
  • · ISIN: USY541641194
Larsen & Toubro Limited Company Update mixed materiality 9/10

14-05-2026

Larsen & Toubro Limited released its Integrated Annual Report for FY 2025-26, reporting annual revenue of USD 32 billion with record order inflows, strong revenue growth, and improved profitability across infrastructure, hi-tech manufacturing, and services. Key achievements include 1,369 million accident-free working hours, multiple project inaugurations like Navi Mumbai International Airport Phase 1 and Thane Creek Bridge-III, and launches such as the Zorawar Light Tank. However, global uncertainties from West Asia conflicts, supply chain disruptions, and tariff regimes pose near-term challenges, prompting focus on cash conservation, vendor support, and selective bidding.

  • · 81st Annual General Meeting (AGM) scheduled for Friday, June 5, 2026 at 3:00 p.m. (IST) via Video Conferencing/Other Audio-Visual Means
  • · Gulf Cooperation Council (GCC) accounts for nearly one-third of annual revenue
  • · Commercial Operation Declaration (COD) achieved for Unit-1 at 2x660 MW SJVN thermal power plant in Buxar, Bihar, and Unit-2 at 2x660 MW Khurja super thermal power plant in Uttar Pradesh
Tata Motors Limited Company Update neutral materiality 3/10

14-05-2026

Tata Motors Limited has informed stock exchanges about a virtual group meeting scheduled for May 19, 2026, at 4:00 p.m. IST with analysts and institutional investors, pursuant to Regulation 30 of SEBI LODR. Participants include AIA Investment Management, Balyasny Asset Management LP, BlackRock, Canada Pension Plan Investment Board, Fidelity International, Franklin Templeton, HSBC Global Asset Management, Manulife Asset Management, Millennium Partners, and Tata AIA Life Insurance. The schedule is subject to any changes.

  • · Sc no. – 70
  • · Meeting pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Yes Bank Limited Company Update neutral materiality 3/10

14-05-2026

Yes Bank Limited has announced its participation in the Jefferies 5th India Forum scheduled for September 16-18, 2026, in Gurgaon, involving physical 1x1 meetings with analysts and institutional investors. The bank notes that the schedule may change due to exigencies and that the list of participants will be submitted post-event. No unpublished price sensitive information is proposed to be shared during the meetings.

  • · NSE Symbol: YESBANK
  • · BSE Scrip Code: 532648
  • · Disclosure under Regulation 30 read with clause 15 of Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • · Information hosted on www.yes.bank.in
Yes Bank Limited Insider Trading / Sast neutral materiality 8/10

14-05-2026

Axis Trustee Services Limited, acting as onshore security agent, disclosed under SEBI SAST Regulation 29(1) the creation of a pledge over 2,664,580,360 fully paid-up shares (8.49% of issued share capital and 8.39% of total diluted share/voting capital) of Yes Bank Limited held by Verventa Holdings Ltd, effective May 11, 2026, in connection with a facility agreement dated April 15, 2026. The trustee holds no beneficial interest in the shares. Related securities include pledges on Verventa Holdings Ltd shares by Verventa Midco Limited and restrictions effective April 20, 2026, with separate disclosures filed by DB Trustees (Hong Kong) Limited.

  • · Disclosure dated May 13, 2026, filed with BSE and NSE.
  • · Pledge created for benefit of lenders under facility agreement.
  • · No promoter/promoter group affiliation for acquirer.
  • · Mode of acquisition: Creation of encumbrance.
  • · Separate disclosures by DB Trustees on April 21 and 22, 2026.
Adani Power Limited Others neutral materiality 8/10

14-05-2026

Adani Power Limited issued a clarification on a media report claiming it received CCI approval to acquire GVK Energy Limited, which entered Corporate Insolvency Resolution Process (CIRP) on May 6, 2025. The company confirmed submitting a resolution plan via Expression of Interest (EOI) published on July 10, 2025, with CCI approving the application for CoC consideration, though the plans await voting and approval by the Committee of Creditors. No material developments or financial details were disclosed beyond this procedural update.

  • · EOI for CIRP published on July 10, 2025.
  • · Media report titled 'Adani Power gets CCI nod to acquire GVK Energy' on moneycontrol.com dated May 12, 2026.
  • · BSE clarification query received via email on May 13, 2026.
  • · CCI approval notes 'The order of the Commission in this regard will follow'.
AGS Transact Technologies Limited Insolvency negative materiality 9/10

14-05-2026

AGS Transact Technologies Limited, under Corporate Insolvency Resolution Process (CIRP), has disclosed under Regulation 30 of SEBI LODR that the 13th meeting of its Committee of Creditors will be held on May 15, 2026, at 4:30 PM via video conferencing. The process is managed by Deemed Resolution Professional Brijendra Kumar Mishra (IBBI Registration No: IBBI/IPA-002/IP-N00109/2017-2018/10257). This ongoing insolvency proceeding signals continued financial distress with no resolution indicated yet.

  • · BSE Scrip Code: 543451; NSE Scrip Symbol: AGSTRA
  • · Process Email ID: agscirp@gmail.com
  • · AFA Details: AA2/10257/02/311226/204257, Valid till 31.12.2026
  • · Disclosure reference: IRP/AGS/M/26-27/1514 dated 13.05.2026
Mahindra & Mahindra Limited Company Update positive materiality 8/10

14-05-2026

Mahindra Overseas Investment Company (Mauritius) Limited (MOICML), a wholly owned subsidiary of Mahindra & Mahindra Ltd., sold its remaining 3.58% stake in CIE Automotive S.A. for approximately EUR 126 million. As a result, MOICML's holding in CIE Automotive S.A. is now nil, and it ceases to be an associate of MOICML. This follows a prior intimation dated December 4, 2025, in compliance with SEBI LODR Regulations.

  • · Intimation under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • · Previous letter dated 4th December 2025
  • · Uploaded on company’s website: https://www.mahindra.com
Maruti Suzuki India Limited Company Update mixed materiality 9/10

14-05-2026

Suzuki Motor Corporation (parent of Maruti Suzuki India Limited) reported FY2025 consolidated revenue of 6,293.0 billion yen, up 8.0% YoY, with strong overseas growth including 11.9% in key regions and India automobile revenue up to 2,516.2 billion yen (+9.3% implied). However, operating profit declined 3.1% YoY to 622.9 billion yen due to higher raw material costs and fixed costs, while FY2026 forecast projects further 8.5% drop to 570.0 billion yen. Profit attributable to owners rose 5.6% to 439.3 billion yen, supported by volume and mix improvements.

  • · Q4 FY2025 consolidated revenue up 15.2% YoY to 1,776.3 billion yen, operating profit +18.8% to 193.8 billion yen.
  • · India motorcycle production FY2025: 1,318 thousand units (+16.6% YoY).
  • · Change in R&D expenses presentation from 4Q FY2025 to P/L basis, no accounting policy change.
  • · FY2026 annual dividend forecast: 51 yen per share (+24.4% YoY).
  • · Pakistan automobile sales FY2025: 9 thousand units (-39.8% YoY).
Sir Shadi Lal Enterprises Ltd Insolvency mixed materiality 9/10

14-05-2026

The NCLT Allahabad Bench sanctioned the Composite Scheme of Arrangement on May 7, 2026, involving the amalgamation of Sir Shadi Lal Enterprises Limited into Triveni Engineering and Industries Limited with issuance of shares to SSL shareholders, and the demerger of the PTB Undertaking from TEIL to Triveni Power Transmission Limited. The scheme received overwhelming approval: equity shareholders >98-99.95%, secured creditors 100%, and unsecured creditors >99.74% for both companies. However, Sir Shadi Lal Enterprises noted an inadvertent error/discrepancy in the NCLT order and is filing for rectification.

  • · Meetings held on Dec 7, 2025 for TEIL and Nov 30, 2025 for SSL; chairperson reports filed Jan 6, 2026.
  • · Scheme filings: First motion order Oct 17, 2025; petition filed Dec 13, 2025.
  • · NCLT order received by company on May 13, 2026.
Larsen & Toubro Limited Company Update positive materiality 8/10

14-05-2026

Larsen & Toubro Limited (L&T) has entered a strategic collaboration with France-based Exail to deliver an advanced Unmanned Mine Counter-Measure (MCM) Suite for the Indian Navy’s programme involving 12 Mine Counter Measure Vessels (MCMVs), with L&T as prime contractor and Exail as technology partner. The partnership leverages Exail’s globally proven MCM technologies to enhance India’s mine countermeasure capabilities and maritime security. It aligns with Aatmanirbhar Bharat and Make in India initiatives, promoting local industrial collaboration and Indo-French defence cooperation.

  • · Exail’s MCM technologies are already in operation with several navies worldwide and validated through real-world deployments.
  • · L&T to offer the Unmanned MCM Suite to all shipyards participating in the Indian Navy’s MCMVs programme.

Get daily alerts with 12 investment signals, 9 risk alerts, 8 opportunities and full AI analysis of all 20 filings

₹500/mo after a 14-day free trial — no credit card required. See pricing or explore intelligence streams.

More from: India NCLT Insolvency Resolution Filings

🇮🇳 More from India

View all →