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India NCLT Insolvency Resolution Filings — June 13, 2026

India Corporate Insolvency & NCLT

By Gunpowder Editorial ·

6 high priority 5 medium priority 11 total filings analysed

Executive Summary

The June 13, 2026, filings reveal a concentrated wave of corporate restructuring activity under the IBC/NCLT framework, with two major themes emerging: the Sammaan Capital demerger and the Veefin Solutions amalgamation.

The Sammaan Capital filings (3, 8, 9, 10, 11) represent a single, significant event—the NCLT's approval of the first motion for a scheme of arrangement to demerge its wholly-owned NBFC subsidiary, Sammaan Finserve. This is a high-materiality development (rated 6-8/10) that simplifies the corporate structure and unlocks value, as the resulting company is projected to have positive net worth post-scheme. The Veefin Solutions amalgamation (filing 2) is a separate, medium-materiality event (5/10) involving the merger of two entities into the parent, with shareholder/creditor meetings scheduled for mid-July. The Morarjee Textiles filing (5) is the most critical, marking a definitive end to its insolvency process with the appointment of a new board under an NCLT-approved resolution plan. This signals a potential turnaround for a distressed asset. The remaining filings (Jio Financial Services, Yes Bank, Mahindra & Mahindra) are procedural and low-materiality, offering no actionable insights for this stream. The overall portfolio-level trend is a positive one for corporate restructuring, with NCLT benches actively facilitating resolution and simplification schemes.

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

Filing types in this digest: Company update · Insolvency

Tracking the trend? Catch up on the prior India NCLT Insolvency Resolution Filings digest from June 12, 2026.

Investment Signals (8)

  • Morarjee Textiles ↓ (BULLISH)
    ▲

    Resolution plan implemented with new board appointed (June 4, 2026), signaling a definitive end to insolvency and a potential turnaround. The company is now under fresh management with a clean slate.

  • Sammaan Capital ↓ (BULLISH)
    ▲

    NCLT approval for first motion of demerger of wholly-owned NBFC subsidiary (Sammaan Finserve) is a major step towards corporate simplification and unlocking shareholder value. The scheme ensures positive net worth post-implementation.

  • Sammaan Capital ↓ (BULLISH)
    ▲

    The NCLT dispensed with creditor meetings for both the demerged and resulting companies, indicating the scheme is non-contentious and does not compromise creditor rights, reducing execution risk.

  • Veefin Solutions ↓ (BULLISH)
    ▲

    NCLT-convened meetings for the amalgamation of GlobeTF Solutions and Estorifi Solutions are scheduled for July 16-17, 2026. This is a clear catalyst with a defined timeline for completion.

  • Morarjee Textiles ↓ (BULLISH)
    ▲

    The new board includes directors with significant industry experience (e.g., Govind Rathi with 20+ years in textiles), suggesting a focused turnaround strategy.

  • Sammaan Capital ↓ (BULLISH)
    ▲

    The demerger of Sammaan Finserve, an NBFC-ICC (middle layer), could lead to a separate listing or strategic sale, potentially unlocking significant value for Sammaan Capital shareholders.

  • Veefin Solutions ↓ (BULLISH)
    ▲

    The amalgamation is a consolidation move that could lead to operational synergies and a stronger combined entity, enhancing its market position in the fintech solutions space.

  • Morarjee Textiles ↓ (BULLISH)
    ▲

    The resolution plan's approval by NCLT Mumbai (May 11, 2026) and subsequent board appointments provide a clear exit from the CIRP process, offering a potential upside for investors who acquired debt during the process.

Risk Flags (8)

  • Morarjee Textiles/New Board Financial Health↓ [MODERATE RISK]
    ▼

    One of the new directors (Pravin Ratanlal Jain) has a group turnover that declined from ₹208.11 Cr in FY24 to ₹142.47 Cr in FY25 (a 31.5% drop), before recovering to ₹169.88 Cr in FY26. This volatility raises questions about the financial stability of the new management.

  • Sammaan Capital/Execution Risk↓ [LOW RISK]
    ▼

    The company plans to file an application for clarifications/modifications to the NCLT order. Any delays or adverse rulings could push back the demerger timeline.

  • Veefin Solutions/Shareholder Approval Risk↓ [MODERATE RISK]
    ▼

    The scheme requires approval from equity shareholders, secured creditors, and unsecured creditors of all three companies. Any dissent could derail or delay the amalgamation.

  • Morarjee Textiles/Operational Turnaround Risk↓ [HIGH RISK]
    ▼

    While the resolution plan is approved, the company's underlying business performance and ability to generate profits remain unproven. The textile sector faces cyclical headwinds.

  • Sammaan Capital/Regulatory Hurdle↓ [MODERATE RISK]
    ▼

    The demerger involves an NBFC, which requires RBI approval. Any regulatory pushback could complicate the process.

  • Veefin Solutions/Integration Risk↓ [MODERATE RISK]
    ▼

    The amalgamation of two entities (GlobeTF and Estorifi) into Veefin Solutions carries integration risks, including cultural clashes and operational disruptions.

  • Morarjee Textiles/Insider Activity↓ [LOW RISK]
    ▼

    No insider trading data is available for the new directors, creating uncertainty about their conviction in the turnaround.

  • Sammaan Capital/No Creditor Meeting↓ [LOW RISK]
    ▼

    While the NCLT dispensed with creditor meetings, any creditor challenge post-order could still create legal hurdles.

Opportunities (8)

  • Morarjee Textiles/Turnaround Play↓ (OPPORTUNITY)
    ◆

    With the resolution plan implemented and a new board in place, the company is a classic distressed-to-recovery opportunity. Investors who can assess the new management's strategy and the company's asset base could see significant upside.

  • Sammaan Capital/Value Unlocking↓ (OPPORTUNITY)
    ◆

    The demerger of Sammaan Finserve could lead to a separate listing, allowing the market to value the NBFC business independently. This could unlock value if the subsidiary is undervalued within the parent.

  • Veefin Solutions/Consolidation Catalyst↓ (OPPORTUNITY)
    ◆

    The amalgamation of GlobeTF and Estorifi into Veefin Solutions is a near-term catalyst with a defined timeline (July 16-17 meetings). Successful completion could lead to a re-rating.

  • Sammaan Capital/Debt Opportunity↓ (OPPORTUNITY)
    ◆

    The NCLT's dispensation of creditor meetings and the company's assertion of positive net worth post-scheme suggest a strong balance sheet. This could be an opportunity for bond investors seeking high-quality corporate debt.

  • Morarjee Textiles/Sector Tailwind↓ (OPPORTUNITY)
    ◆

    The Indian textile sector is seeing a revival due to global supply chain shifts (China+1). If the new management can capitalize on this, the company could outperform.

  • Veefin Solutions/Synergy Benefits↓ (OPPORTUNITY)
    ◆

    The amalgamation is likely aimed at creating operational synergies and cost efficiencies. Investors should watch for post-merger margin expansion and revenue growth.

  • Sammaan Capital/Event-Driven Trade↓ (OPPORTUNITY)
    ◆

    The demerger process will have several milestones (shareholder meeting, NCLT final order, record date). Each milestone could act as a positive catalyst for the stock.

  • Morarjee Textiles/New Management Expertise↓ (OPPORTUNITY)
    ◆

    Govind Rathi's 20+ years in the textile industry could bring valuable operational expertise and industry connections, aiding the turnaround.

Sector Themes (5)

  • NCLT Facilitating Corporate Simplification
    ◆

    Two of the three major filings (Sammaan Capital and Veefin Solutions) involve schemes of arrangement/amalgamation, indicating a trend of companies using the NCLT to simplify corporate structures and consolidate operations. This is positive for corporate governance and shareholder value.

  • Resolution Plans Driving Turnarounds
    ◆

    The Morarjee Textiles filing is a textbook example of the IBC's 'resolution' objective. The appointment of a new board under an NCLT-approved plan provides a clear path for a distressed company to revive, reinforcing the IBC's effectiveness.

  • Creditor-Friendly Schemes
    ◆

    In both the Sammaan Capital demerger and the Veefin Solutions amalgamation, the NCLT either dispensed with creditor meetings or noted that the scheme does not compromise creditor rights. This suggests a market-wide trend towards creditor-friendly restructuring, which is healthy for the credit market.

  • Concentration of Activity in NBFC Space
    ◆

    The Sammaan Capital demerger involves an NBFC subsidiary, and Veefin Solutions is a fintech NBFC. This suggests that the NBFC sector is actively using the NCLT framework for corporate actions, possibly to comply with RBI regulations or to unlock value.

  • Low Materiality of Procedural Filings
    ◆

    The majority of filings (7 out of 11) are low-materiality procedural updates (roadshows, auditor changes, dividend forms, lost share certificates). This highlights the importance of filtering for high-impact events like insolvency resolutions and schemes of arrangement.

Watch List (8)

  • Morarjee Textiles↓
    👁

    Monitor for the first quarterly results under the new board, which will provide the first glimpse of the turnaround strategy's effectiveness. No date announced yet.

  • Sammaan Capital↓
    👁

    Watch for the outcome of the clarifications/modifications application to the NCLT order. Any changes could impact the demerger timeline.

  • Veefin Solutions↓
    👁

    The shareholder/creditor meetings on July 16-17, 2026, are the next key catalyst. Approval will pave the way for the NCLT's final order.

  • Sammaan Capital↓
    👁

    The virtual meeting of equity shareholders to approve the demerger scheme is a key event to watch. The date is yet to be announced.

  • Morarjee Textiles↓
    👁

    Watch for any insider trading disclosures from the new directors. Buying by them would be a strong bullish signal.

  • Veefin Solutions↓
    👁

    Post-amalgamation, watch for the company's updated financials and any guidance on synergies and cost savings.

  • Sammaan Capital↓
    👁

    Monitor for the final NCLT order approving the demerger. This will be the final catalyst for the event.

  • Morarjee Textiles↓
    👁

    The company's ability to secure working capital and revive operations will be critical. Watch for any announcements regarding funding or new orders.

Filing Analyses (11)
Jio Financial Services Limited Company Update neutral materiality 1/10

13-06-2026

Jio Financial Services Limited disclosed that its executives participated in a Non-Deal Roadshow on June 12, 2026, in Boston, with one-on-one and group meetings. The company confirmed that no unpublished price-sensitive information was shared, and only publicly available information was discussed.

  • · Meeting date: June 12, 2026
  • · Meeting type: Non-Deal Roadshow
  • · Mode: In-Person (Boston)
  • · Nature: One-on-One / Group
  • · Prior disclosure referenced: June 8, 2026
VEEFIN SOLUTIONS LIMITED Insolvency neutral materiality 5/10

13-06-2026

Veefin Solutions Limited has filed an intimation regarding a newspaper advertisement for a meeting convened by the National Company Law Tribunal (NCLT), Mumbai Bench, to consider a Scheme of Arrangement and Amalgamation (merger by absorption) of GlobeTF Solutions Limited and Estorifi Solutions Limited into Veefin Solutions Limited. The meetings for equity shareholders, secured creditors, and unsecured creditors of the three companies are scheduled between July 16 and July 17, 2026. No financial figures or performance metrics were disclosed in this filing.

  • · The NCLT order was dated May 13, 2026.
  • · Meetings will be held via Video Conference (VC) / Other Audio-Visual Means (OAVM).
  • · Newspaper advertisements were published on June 13, 2026 in Business Standard (Mumbai & Pune), Navshakti (Mumbai), and Financial Express (All India except Mumbai & Pune).
  • · The scheme involves the merger of GlobeTF Solutions Limited and Estorifi Solutions Limited into Veefin Solutions Limited.
Sammaan Capital Limited Company Update neutral materiality 6/10

13-06-2026

NCLT Delhi has allowed the first motion application for the scheme of arrangement between Sammaan Capital Limited (formerly Indiabulls Housing Finance) and its wholly owned subsidiary Sammaan Finserve Limited. The tribunal dispensed with meetings of equity shareholders of the demerged company (SFL) and meetings of secured/unsecured creditors of both companies, but directed a virtual meeting of equity shareholders of Sammaan Capital (the resulting company) to approve the scheme. Sammaan Capital will also file an application seeking clarifications/modifications to the order.

  • · NCLT order dated June 12, 2026 was uploaded on the same day on the NCLT website.
  • · Sammaan Capital will file an application for clarifications/modifications to the order.
  • · The scheme does not envisage any compromise with secured or unsecured creditors of either company; the resulting company is stated to have positive net worth post-scheme implementation.
  • · SFL is a wholly owned subsidiary of SCL, incorporated on July 7, 2006, and is an NBFC-ICC (middle layer) registered with RBI.
  • · SFL primarily provides retail mortgage loans (home loans and LAP) to self-employed individuals, small businesses, and underserved/semi-urban markets.
  • · The meeting of equity shareholders of Sammaan Capital will be conducted via video conferencing or other audio-visual means.
Yes Bank Limited Company Update neutral materiality 3/10

13-06-2026

Yes Bank Limited has received RBI approval for the appointment of M/s. MSKA & Associates LLP as a new joint statutory auditor for FY 2026-27, replacing M/s. G. M. Kapadia & Co., which will rotate out. The reappointment of M/s. CNK & Associates LLP for its third year as joint statutory auditor has also been approved. The appointment of MSKA & Associates is subject to shareholder approval at the upcoming Annual General Meeting.

  • · MSKA & Associates LLP (Firm Registration No. 105047W/W101187) is appointed for its first year as joint statutory auditor for FY 2026-27.
  • · CNK & Associates LLP (Firm Registration No. 101961W/W100036) is reappointed for its third year (FY 2026-27).
  • · G. M. Kapadia & Co. (Firm Registration No. 104767W) will rotate out after the ensuing AGM.
  • · The appointment of MSKA & Associates is subject to shareholder approval at the AGM.
  • · MSKA & Associates has offices in 15 key cities in India and provides audit, assurance, taxation, and accounting advisory services.
Morarjee Textiles Limited Insolvency mixed materiality 8/10

13-06-2026

Morarjee Textiles Limited has appointed three new Non-Executive Directors (Govind Gopaldas Rathi, Pravin Ratanlal Jain, Sandeep Ramesh Joshi) effective June 4, 2026, pursuant to the Resolution Plan approved by the NCLT Mumbai on May 11, 2026. The appointments are part of the company's insolvency resolution process under the IBC. Notably, the group turnover of one of the new directors (Mr. Jain) declined from ₹208.11 Cr in FY 2023-24 to ₹142.47 Cr in FY 2024-25, before recovering to ₹169.88 Cr in FY 2025-26, indicating a volatile financial performance.

  • · The appointments are effective from June 4, 2026, and are in compliance with the NCLT order dated May 11, 2026.
  • · All three directors are Non-Executive Directors and have confirmed they are not debarred by SEBI or any other authority.
  • · Mr. Govind Rathi is a commerce graduate with over 20 years of experience in cotton, textile, and allied industries.
  • · Mr. Pravin Jain is a first-generation entrepreneur with a diversified group spanning real estate, industrial manufacturing, IT, and amusement parks.
  • · Mr. Sandeep Joshi has been associated with Morarjee Textiles for the past 10 years and is experienced in factory management and regulatory compliance.
  • · The filing confirms that the appointments are in line with the Approved Resolution Plan and the IBC, Companies Act, 2013.
Mahindra & Mahindra Limited Company Update neutral materiality 1/10

13-06-2026

Mahindra & Mahindra Limited has published newspaper advertisements informing shareholders about the requirement to submit Form 121 (instead of Forms 15G/15H) for non-deduction of TDS on dividend income for FY 2025-26. The deadline for submission is 26th June 2026. This is a procedural update with no financial impact.

  • · Form 121 is the only accepted form for TDS computation; Forms 15G and 15H will not be accepted for FY 2025-26.
  • · Shareholders who already submitted Forms 15G/15H must resubmit using Form 121.
  • · Queries can be directed to einward.ris@kfintech.com.
Mahindra & Mahindra Limited Company Update neutral materiality 1/10

13-06-2026

Mahindra & Mahindra Limited has published a newspaper notice regarding the loss of share certificates for six shareholders/claimants, covering a total of 1,984 equity shares. The company will issue duplicate certificates if no claims or objections are received within 15 days from the publication date (13 June 2026).

  • · The notice was published in Business Standard (English) on 13 June 2026.
  • · Shareholders/claimants have 15 days from publication to raise claims or objections.
  • · Duplicate certificates will be issued after the 15-day period if no claims are received.
  • · The company's registrar is KFin Technologies Limited, based in Hyderabad.
  • · The filing was also submitted to the Luxembourg Stock Exchange and London Stock Exchange (ISIN: USY541641194).
Sammaan Capital Limited Insolvency positive materiality 8/10

13-06-2026

The NCLT, New Delhi Bench, has on June 12, 2026, allowed the first motion application filed by Sammaan Finserve Limited (demerged company) and Sammaan Capital Limited (resulting company) for their proposed scheme of arrangement. The order dispenses with meetings of equity shareholders of the demerged company (100% consent already obtained), secured and unsecured creditors of both companies, and directs convening of a virtual meeting of equity shareholders of the resulting company for approval. The company will seek clarifications/modifications on the order.

  • · The demerged company (SFL) is a wholly owned subsidiary of Sammaan Capital Limited.
  • · SFL is an NBFC-ICC (middle layer) registered with RBI (Registration No. N-14.03136 dated 04.10.2024).
  • · The NCLT dispensed with meetings of secured and unsecured creditors of both the resulting company and demerged company, as the scheme does not compromise their rights and the resulting company will have positive net worth post-scheme.
  • · Meetings of equity shareholders of the demerged company were dispensed with based on consent from 100% of equity shareholders (8 out of 8) as on May 22, 2026.
  • · A virtual meeting of equity shareholders of the resulting company will be convened to approve the scheme.
  • · The company intends to file an application with NCLT seeking clarifications/modifications regarding the order.
  • · Earlier intimations regarding the proposed scheme were made on December 31, 2025, April 22, 2026, and May 7, 2026.
Unknown Insolvency neutral materiality 5/10

13-06-2026

Sammaan Finserve Limited (SFL) and its parent Sammaan Capital Limited (SCL) have received NCLT approval for the first motion application regarding their proposed scheme of arrangement. The NCLT dispensed with meetings of SFL's equity shareholders (100% consent obtained) and all creditor meetings for both companies, while directing a virtual meeting of SCL's equity shareholders to approve the scheme. The company plans to seek clarifications/modifications on the order.

  • · SFL is a wholly owned subsidiary of SCL.
  • · SFL is an NBFC-ICC (middle layer) registered with RBI since October 4, 2024.
  • · The NCLT order was pronounced on June 12, 2026 and uploaded the same day.
  • · The company intends to file an application with NCLT seeking clarifications/modifications on the order.
  • · A certified copy of the order is awaited.
  • · The scheme does not involve any compromise with creditors of either company; the resulting company will have positive net worth post-implementation.
Unknown Insolvency neutral materiality 6/10

13-06-2026

Sammaan Finserve Limited (SFL) and its parent Sammaan Capital Limited (SCL) have received NCLT approval on their first motion application for a proposed scheme of arrangement. The NCLT dispensed with meetings of SFL's equity shareholders (100% consent obtained) and all creditors of both companies, but directed a virtual meeting of SCL's equity shareholders to approve the scheme. The company will seek clarifications/modifications on the order.

  • · The NCLT order was pronounced on June 12, 2026 and uploaded the same day.
  • · SFL is a wholly owned subsidiary of SCL.
  • · SFL is an NBFC-ICC (middle layer) registered with RBI since October 4, 2024.
  • · The scheme involves transfer of the demerged undertaking (liabilities included) to SCL, which will have positive net worth post-implementation.
  • · SFL will file an application seeking clarifications/modifications on the order.
  • · The company had previously intimated the exchanges on December 31, 2025, April 22, 2026, and May 7, 2026 regarding the scheme.
Unknown Insolvency neutral materiality 6/10

13-06-2026

Sammaan Capital Limited (formerly Indiabulls Housing Finance) and its wholly owned subsidiary Sammaan Finserve Limited have received NCLT approval on their first motion application for a proposed scheme of arrangement (demerger). The NCLT order dated June 12, 2026 dispensed with meetings of equity shareholders of the demerged company (100% consent obtained) and all creditors of both companies, but directed a virtual meeting of equity shareholders of the resulting company (Sammaan Capital) to approve the scheme. The company will also seek clarifications/modifications on the order.

  • · The Demerged Company (Sammaan Finserve) is a wholly owned subsidiary of the Resulting Company (Sammaan Capital).
  • · Sammaan Finserve is a non-deposit taking NBFC-ICC (middle layer) registered with RBI since October 4, 2024.
  • · The NCLT dispensed with meetings of secured and unsecured creditors of both companies because the scheme does not envisage any compromise with creditors and the resulting company will have positive net worth post-implementation.
  • · The company intends to file an application seeking clarifications/modifications on the NCLT order.
  • · The scheme involves transfer of the demerged undertaking (liabilities included) to the resulting company.

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