India NCLT Insolvency Resolution Filings — June 11, 2026

India Corporate Insolvency & NCLT

By Gunpowder Editorial ·

8 high priority 4 medium priority 12 total filings analysed

Executive Summary

The India Corporate Insolvency & NCLT stream for June 11, 2026, reveals a surge in new CIRP admissions, with three companies (Evoq Remedies, Oswal Overseas, Parsvnath Developers) entering the process, signaling heightened creditor activism and financial distress in the SME and real estate sectors.

A notable trend is the rise of disputes over the nature of debt—operational vs. financial—as seen in the Oswal Overseas case, which could set precedents for future IBC petitions. On the restructuring side, Veefin Solutions is pursuing a strategic amalgamation of its subsidiaries, while QBurst Software Services is advancing a scheme of amalgamation, indicating a parallel track of corporate simplification. The postponement of Vas Infrastructure's 25th CoC meeting, at the request of its sole creditor Canara Bank, suggests potential delays or renegotiations in the resolution process. Excluded from this digest are filings from Kansai Nerolac Paints (AGM notice and annual report), Infosys (two company updates on AI partnerships), and TCS (AI partnership), as they fall outside the insolvency/NCLT scope. The overall sentiment is bearish for distressed entities but neutral-to-positive for those undertaking proactive restructuring.

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

Filing types in this digest: Insolvency · Corporate action · Company update

Tracking the trend? Catch up on the prior India NCLT Insolvency Resolution Filings digest from June 10, 2026.

Investment Signals (10)

  • Admitted into CIRP for a ₹1.95 crore operational debt default; ex-parte order indicates weak defense, likely leading to swift resolution or liquidation

  • CIRP admission for ₹2.44 crore default disputed as non-financial debt; legal uncertainty could prolong proceedings and reduce recovery for creditors

  • List of creditors shows 33.4% reduction in admitted claims (₹176.5 cr claimed vs ₹117.5 cr admitted), suggesting aggressive claim verification and potential for higher recovery for admitted creditors [NEUTRAL/BULLISH for admitted creditors]

  • Shareholder and creditor meetings scheduled for July 16-17, 2026 to approve merger of two subsidiaries; consolidation may unlock synergies and improve operational efficiency

  • QBurst Software Services (NEUTRAL)

    Creditor meeting on June 11, 2026 for amalgamation scheme; no financials disclosed, but merger of group entities could streamline structure and reduce compliance costs

  • 25th CoC meeting postponed at Canara Bank's request; signals potential deadlock or renegotiation, delaying resolution and increasing uncertainty for stakeholders

  • Sugar mill attachment by SDM for non-payment of sugarcane price adds operational distress beyond IBC proceedings, complicating resolution

  • Default date of Sept 1, 2025, with payment received in July-Aug 2025; short timeline between payment and default suggests acute working capital crisis

  • All creditors are unsecured (no secured creditors listed); implies higher risk for recovery as unsecured creditors rank lower in waterfall

  • Cut-off date for shareholder eligibility is May 15, 2026; investors buying after this date cannot vote on the scheme, limiting influence

Risk Flags (9)

  • Debtor argues loan was an advance for a failed acquisition, not a financial debt; if NCLAT overturns admission, it could set back creditor recovery and create legal costs

  • With 100% unsecured creditors and admitted claims of only ₹117.5 cr, recovery prospects are highly uncertain, especially given real estate sector's illiquid assets

  • Postponement of 25th CoC meeting at sole creditor's request indicates potential disagreement on resolution plan, risking further delays and value erosion

  • Company did not appear before NCLT, suggesting possible abandonment or lack of resources to defend; liquidation may be the likely outcome

  • Sugar mill attachment by SDM for non-payment of sugarcane price indicates ongoing operational distress, which could impair asset value and resolution options

  • 33.4% reduction in admitted claims suggests potential for further downward revisions as CIRP progresses, disappointing creditors

  • Merger of two subsidiaries requires approvals from shareholders, creditors, and NCLT; any rejection could derail restructuring plans

  • QBurst Software Services/Disclosure Risk [LOW RISK]

    No financial figures disclosed in the filing; lack of transparency may hide underlying financial stress or valuation issues

  • Operational creditor (Harbhole Agrotech) may face significant delays in recovery, as operational creditors are often last in payment priority

Opportunities (8)

  • 33.4% reduction in admitted claims suggests rigorous verification; investors can analyze the list to identify potential undervaluation of assets or overestimation of liabilities

  • Absorption of GlobeTF and Estorifi could create cost synergies and expand product offerings; shareholders approving the scheme may benefit from future earnings accretion

  • If the NCLT admission is upheld, the company's sugar mill assets may be sold; distressed asset buyers could acquire at a discount

  • Postponement may indicate active negotiations; if a revised plan emerges, early investors in the company's debt could see upside

  • With ex-parte admission and no defense, liquidation may be swift; secured creditors (if any) could recover faster than in a prolonged CIRP

  • QBurst Software Services/Amalgamation (OPPORTUNITY)

    Merger of two group companies could lead to a simpler corporate structure; bondholders may benefit from improved credit profile post-merger

  • Admitted unsecured creditors may form a committee to influence resolution; savvy investors could acquire claims at a discount and participate in voting

  • Remote e-voting from June 29 to July 15, 2026; shareholders can vote on the scheme, potentially influencing the outcome if they hold a significant stake

Sector Themes (6)

  • Surge in CIRP Admissions

    Three new CIRP admissions (Evoq Remedies, Oswal Overseas, Parsvnath Developers) in a single day indicate increased creditor confidence in IBC as a recovery mechanism, particularly for SMEs and real estate firms [IMPLICATION: More distressed debt opportunities but also higher legal costs]

  • Disputes Over Debt Classification

    Oswal Overseas case highlights growing trend of debtors challenging the nature of debt (operational vs. financial) to avoid CIRP; this could lead to more litigation and longer timelines [IMPLICATION: Investors should scrutinize debt documentation before buying distressed debt]

  • Real Estate Sector Distress

    Parsvnath Developers' CIRP with 100% unsecured creditors and high claim reduction underscores the challenges in real estate insolvencies, where asset valuation is complex and recovery rates are low [IMPLICATION: Avoid unsecured real estate debt unless at deep discounts]

  • Proactive Restructuring via Amalgamation

    Veefin Solutions and QBurst Software Services are pursuing court-approved amalgamations, suggesting a trend of companies using NCLT for corporate simplification rather than distress resolution [IMPLICATION: Watch for similar schemes in other sectors as a sign of strategic consolidation]

  • Creditor-Led Delays

    Vas Infrastructure's CoC postponement at Canara Bank's request shows that even sole creditors can delay proceedings, potentially impacting resolution timelines and costs [IMPLICATION: Investors should factor in creditor behavior when assessing recovery timelines]

  • SME Distress Amplification

    Evoq Remedies (small operational debt of ₹1.95 cr) and Oswal Overseas (₹2.44 cr) highlight that even relatively small defaults can trigger CIRP, reflecting the IBC's reach into the SME sector [IMPLICATION: Increased supply of small-ticket distressed assets, but higher due diligence costs]

Watch List (8)

  • July 16, 2026 – Vote on merger scheme; outcome will determine restructuring path and potential value creation

  • July 17, 2026 – Secured creditors vote on same scheme; any opposition could block the merger

  • Date TBD – Postponement signals potential plan revision; monitor for new meeting date and resolution terms

  • Debtor may challenge CIRP admission; any stay order would delay proceedings and impact creditor recovery

  • CIRP commenced April 30, 2026; 180-day deadline is Oct 27, 2026 – watch for expression of interest and resolution plan submissions

  • Ms. Dipti Narayan Mundra (IRP) will file a report on the company's assets and liabilities; publication will provide clarity on recovery potential

  • QBurst Software Services/NCLT Sanction (WATCH)
    👁

    Post-creditor meeting, the scheme will need NCLT approval; any objections could delay the amalgamation

  • SDM attachment may lead to auction of the mill; outcome will impact asset base available for creditors

Filing Analyses (12)
Evoq Remedies Limited Insolvency negative materiality 9/10

11-06-2026

Evoq Remedies Limited has been admitted into Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016, following an application by operational creditor M/s. Harbhole Agrotech for an unpaid operational debt of ₹1,95,00,000. The NCLT Ahmedabad order dated June 9, 2026, declared a moratorium and appointed Ms. Dipti Narayan Mundra as Interim Resolution Professional. The company failed to supply goods or refund the advance despite receiving the payment, and did not appear before the tribunal, leading to an ex-parte admission.

  • · The default date is stated as 01.09.2025.
  • · The operational creditor placed Purchase Order No.26 dated 25.04.2025.
  • · The corporate debtor acknowledged receipt of advances via letters dated 31.07.2025 and 02.08.2025.
  • · A legal notice was issued on 24.01.2026 and a demand notice under Section 8 on 12.03.2026.
  • · The corporate debtor did not file any reply or appear, and was proceeded ex-parte.
  • · The IRP must make a public announcement within three days of appointment and submit a status report within 30 days.
  • · The Registrar of Companies must update the corporate debtor's status as 'under CIRP' within 7 working days.
Kansai Nerolac Paints Limited Agm/Egm neutral materiality 3/10

11-06-2026

Kansai Nerolac Paints Limited has issued the notice for its 106th Annual General Meeting (AGM) to be held on July 9, 2026, via video conferencing. The agenda includes adoption of audited financial statements for FY 2025-26, declaration of a dividend of ₹2.50 per equity share (250% on face value of ₹1), re-appointment of Non-Executive Director Mr. Takashi Tomioka, and ratification of cost auditor remuneration. The filing does not contain any financial performance data, so no period-over-period comparisons or sentiment on business trends can be derived.

  • · AGM will be held on Thursday, 9th July, 2026 at 11 a.m. IST through Video Conferencing / Other Audio Visual Means.
  • · Remote e-voting period: Monday, 6th July, 2026 (9 a.m.) to Wednesday, 8th July, 2026 (5 p.m.).
  • · Cut-off date for voting eligibility: Thursday, 2nd July, 2026.
  • · Dividend of ₹2.50 per equity share (250% on face value of ₹1) proposed for FY 2025-26.
  • · Re-appointment of Mr. Takashi Tomioka as Non-Executive Director retiring by rotation.
  • · Ratification of remuneration of Cost Auditor D. C. Dave & Co. for FY 2026-27.
  • · No physical attendance of shareholders; proxy facility not available for this AGM.
  • · Annual Report available on company website www.nerolac.com and stock exchange websites.
Oswal Overseas Ltd Insolvency negative materiality 9/10

11-06-2026

Oswal Overseas Ltd has been admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT New Delhi Bench on June 8, 2026, following a petition filed by L H Sugar Factories Ltd under Section 7 of the IBC. The financial creditor claims a default of ₹2,44,38,082.19 (comprising principal of ₹2,25,00,000 and interest of ₹19,38,082.19) on a short-term loan disbursed in September-October 2024. The corporate debtor opposes the petition, arguing the amount was an advance for a failed acquisition and does not constitute a financial debt under the Code.

  • · NCLT order dated 08.06.2026 admitted the petition under Section 7 IBC; IRP appointed is Mr. Mansij Arya (IBBI Regn. No. IBBI/IPA-002/IP-N00907/2019-20/12939).
  • · Loan disbursed via three cheques: ₹2,00,00,000 on 06.09.2024, ₹20,00,000 on 01.10.2024, and ₹5,00,000 on 01.10.2024.
  • · Corporate Debtor's sugar mill at Nawabganj, Bareilly had been attached by SDM for failure to pay sugarcane price.
  • · Corporate Debtor argues the amount was an advance for acquisition of its business, citing emails, WhatsApp transcripts, and a Share Purchase Agreement.
  • · Financial Creditor engaged M/s Cyril Amarchand Mangaldas for structuring the acquisition.
  • · Corporate Debtor relies on Rita Kapur v. Invest Care Real Estate LLP to argue that monies for a failed acquisition do not constitute financial debt.
  • · Financial Creditor filed compliance affidavit dated 18.12.2025 stating petition is not collusive.
Parsvnath Developers Limited Insolvency negative materiality 9/10

11-06-2026

Parsvnath Developers Limited has filed a list of creditors as on May 27, 2026, under the Corporate Insolvency Resolution Process (CIRP) that commenced on April 30, 2026. The filing includes unsecured financial creditors with total claims of approximately ₹176.5 crore, of which claims worth ₹117.5 crore have been admitted, representing a 33.4% reduction. The largest creditor is Rinky Bhasin, Eshita Bhasin, and Sanjay Bhasin with an admitted claim of ₹15.07 crore.

  • · CIRP commenced on April 30, 2026.
  • · List of creditors is as on May 27, 2026.
  • · No secured financial creditors listed; all creditors are unsecured.
  • · Total claimed amount across all creditors: approximately ₹176.5 crore.
  • · Total admitted amount: approximately ₹117.5 crore.
  • · Admission rate: about 66.6% of claimed amount admitted.
  • · Largest creditor: Rinky Bhasin, Eshita Bhasin, and Sanjay Bhasin with admitted claim of ₹15.07 crore (0.8551% voting share).
  • · Second largest: M/S Delhi Iron & Steel Co. Pvt. Ltd. with admitted claim of ₹27.90 crore (1.5835% voting share).
  • · Many creditors have claims partially admitted; differences range from small to significant.
  • · Several creditors have claims marked as 'Not Alloted' project.
VEEFIN SOLUTIONS LIMITED Insolvency neutral materiality 8/10

11-06-2026

Veefin Solutions Limited has convened an NCLT-directed meeting of equity shareholders on July 16, 2026 to consider and approve a Scheme of Arrangement and Amalgamation (merger by absorption) of GlobeTF Solutions Limited and Estorifi Solutions Limited into Veefin Solutions Limited. The meeting will be held via video conferencing, with remote e-voting from June 29 to July 15, 2026. The scheme is subject to shareholder approval and subsequent NCLT sanction.

  • · The meeting is scheduled for Thursday, July 16, 2026 at 10:00 AM IST via VC/OAVM.
  • · Remote e-voting period: June 29, 2026 (10:00 AM IST) to July 15, 2026 (5:00 PM IST).
  • · Cut-off date for determining eligible shareholders: May 15, 2026.
  • · The scheme involves merger by absorption of two unlisted public companies (GlobeTF Solutions Limited and Estorifi Solutions Limited) into the listed Veefin Solutions Limited.
  • · The NCLT order was dated May 13, 2026 (Company Scheme Application CA(CAA)/92/MB-IV/2026).
  • · The notice and annexures (341 pages) include valuation report, fairness opinion, BSE observation letter, audited financials as of March 31, 2026, and pre/post-scheme shareholding patterns.
  • · The company has dispatched the notice via email and speed post to shareholders.
VEEFIN SOLUTIONS LIMITED Insolvency neutral materiality 6/10

11-06-2026

Veefin Solutions Limited has convened a meeting of its secured creditors on July 17, 2026, as directed by the NCLT Mumbai Bench, to consider and approve a Scheme of Arrangement and Amalgamation (merger by absorption) of GlobeTF Solutions Limited and Estorifi Solutions Limited into Veefin Solutions Limited. The filing provides detailed procedural information, including e-voting timelines and the appointment of a chairperson and scrutinizer, but does not disclose any financial figures or performance metrics for the companies involved.

  • · The meeting of secured creditors is scheduled for Friday, July 17, 2026 at 05:00 PM IST via video conferencing/other audio visual means.
  • · Remote e-voting will be open from Tuesday, June 30, 2026 at 10:00 AM IST to Thursday, July 16, 2026 at 05:00 PM IST.
  • · The cut-off date for determining secured creditors eligible to vote is March 31, 2026.
  • · The NCLT order directing the meeting was dated May 13, 2026.
  • · The filing includes a 336-page document with annexures such as valuation report, fairness opinion, BSE observation letter, and audited financial statements as of March 31, 2026.
  • · The scheme involves merger by absorption of GlobeTF Solutions Limited and Estorifi Solutions Limited into Veefin Solutions Limited.
Kansai Nerolac Paints Limited Corporate Action mixed materiality 7/10

11-06-2026

Kansai Nerolac Paints Limited published its 106th Annual Report for FY 2025-26, reporting a 3.2% revenue growth and 1.2% EBITDA growth, while PBT before exceptional items declined 0.9%. The Board recommended a dividend of ₹2.50 (250%) per equity share. The AGM is scheduled for July 9, 2026 via video conferencing.

  • · Decorative business saw strong growth in Project, Construction Chemical, Waterproofing, and Premium Wood Coating segments.
  • · Automotive Coating segment maintained leadership position with strong growth across all sub-segments.
  • · Performance Coating segment: Powder Coatings grew decently driven by Auto Ancillary, Electrical Appliances, and Furniture; Liquid Coatings had strong performance with all sub-segments contributing positively.
  • · The Decorative segment faced headwinds from geopolitical developments, extended monsoon, and shorter festive cycle, but demand improved in H2.
  • · Rural demand remained stable; urban demand showed gradual recovery.
  • · Employee engagement score from WTW survey was 94%.
  • · The AGM will be held on July 9, 2026 at 11 a.m. IST via video conferencing.
  • · Cost auditor D. C. Dave & Co. remuneration to be ratified for FY 2026-27.
Unknown Insolvency neutral materiality 5/10

11-06-2026

QBurst Software Services Private Limited has published newspaper advertisements for a meeting of secured creditors (holders of non-convertible debentures) on June 11, 2026, pursuant to orders dated April 27, 2026 and May 08, 2026 from the National Company Law Tribunal, Kochi Bench. The meeting relates to a proposed scheme of amalgamation between QBurst Software Services Private Limited and QBurst Technologies Private Limited under Sections 230-232 of the Companies Act, 2013. No financial figures or performance metrics are disclosed in this filing.

  • · The meeting of secured creditors is for holders of non-convertible debentures of QBurst Software Services Private Limited.
  • · The newspaper advertisements were published in The Hindu (all Kerala Editions, English) and Malayala Manorama (all Kerala Editions, Malayalam) on June 11, 2026.
  • · The company's registered office is at 4th Floor, Artech Magnet, Vazhuthacaud, Trivandrum - 695 014, Kerala.
  • · The scrip code is 976688.
  • · The filing is a procedural disclosure to BSE Limited regarding the newspaper notice.
Infosys Limited Company Update positive materiality 5/10

11-06-2026

Infosys has collaborated with the CMMI Institute to shape the Enterprise AI Maturity (AIM) framework and is among the first organizations globally to complete the pilot assessment. The collaboration involved contributing enterprise-scale AI practices, governance models, and real-world deployment insights powered by Infosys Topaz. This milestone reinforces Infosys' leadership in responsible, enterprise-grade AI adoption, though no financial or operational metrics were disclosed in the filing.

  • · Infosys contributed to shaping the CMMI AIM framework by providing enterprise-scale AI practices, governance models, and real-world deployment insights.
  • · The pilot assessment covered AI-augmented software development, maintenance, testing, and support initiatives across Infosys’ service lines and global delivery hubs.
  • · Infosys worked closely with CMMI Institute and KPMG to validate consistent AI maturity assessment across large, complex organizations.
  • · The engagement helped shape key dimensions of the CMMI AIM Model including performance alignment to business outcomes, consistency of AI practices, risk and compliance management, and accountability in AI-driven decision-making.
  • · Infosys operates in 63 countries and has over 325,000 employees.
Tata Consultancy Services Limited Company Update positive materiality 6/10

11-06-2026

TCS announced a global premier partnership with Anthropic to scale enterprise AI adoption, leveraging Claude models. The partnership includes equipping 50,000 TCS associates with Claude, co-innovating industry solutions, and joint go-to-market efforts, particularly for highly regulated sectors. No financial terms or prior-period comparisons were disclosed, making the announcement qualitative in nature.

  • · TCS will set up a dedicated Business Unit focused on delivering customer value propositions and joint industry solutions on Claude models.
  • · The partnership extends to TCS products and platforms including Diligenta (UK life and pensions) and TCS iON (assessments and certifications).
  • · TCS and Anthropic will jointly go to market with AI solutions for highly regulated sectors such as financial services, public services, life sciences, healthcare, aviation, telecom, and medtech.
  • · TCS generated consolidated revenues of over US $30 billion in the fiscal year ended March 31, 2026.
  • · TCS has 194 service delivery centers across 56 countries.
Infosys Limited Company Update positive materiality 6/10

11-06-2026

Infosys announced a strategic collaboration with IHH Healthcare to drive a multi-year, AI-powered ERP transformation program across multiple countries. The engagement, powered by Infosys Topaz, aims to standardize business processes in Hong Kong, Malaysia, and Singapore, consolidate legacy ERP systems, and enable real-time decision intelligence. However, the filing provides no financial details (e.g., contract value, revenue impact) and reports only forward-looking statements with standard risk disclosures, giving no indication of current performance trends.

  • · Infosys will consolidate IHH's legacy, siloed ERP landscape integrating finance, procurement, supply chain, human capital management, and enterprise performance management.
  • · The transformation will start with Hong Kong, Malaysia, and Singapore.
  • · IHH operates 89 hospitals and 190 healthcare facilities across 10 countries with 76,000 employees.
  • · Infosys has over 325,000 employees and serves clients in 63 countries.
Vas Infrastructure Ltd Insolvency negative materiality 8/10

11-06-2026

Vas Infrastructure Ltd. has postponed the 25th meeting of its Committee of Creditors (CoC), originally scheduled for June 11, 2026, at the request of the sole CoC member, Canara Bank. The revised meeting date will be announced later. The company remains under the Corporate Insolvency Resolution Process (CIRP).

  • · The 25th CoC meeting was postponed at the request of the sole CoC member, Canara Bank.
  • · The company is under CIRP (Corporate Insolvency Resolution Process).
  • · The previous intimation regarding the meeting was dated June 09, 2026.
  • · The resolution professional's IBBI registration number is IBBI/IPA-002/IP-N000932/2019-20/12973.

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