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India NCLT Insolvency Resolution Filings — July 21, 2026

India Corporate Insolvency & NCLT

By Gunpowder Editorial ·

10 high priority 1 medium priority 11 total filings analysed

Executive Summary

The July 21, 2026 insolvency stream reveals a bifurcated landscape: significant procedural progress in legacy CIRP cases (Simbhaoli Sugars, Sab Events) alongside deepening distress in stalled processes (Setubandhan, Shirpur Gold).

A key catalyst is the NCLAT vacation of a stay on Simbhaoli Sugars, allowing its CoC to form after two years—unlocking the resolution process for a company with over ₹108 Cr in admitted claims. Meanwhile, Sab Events' pre-packaged resolution, approved by 100% of creditors with a capital restructuring and related-party infusion, offers a rare positive outcome and a potential template for smaller stressed entities. Prolonged liquidity traps are evident: two companies (Setubandhan, Shirpur Gold) remain unable to pay basic depositories and RTA fees, completely halting compliance and blocking investor transparency. The GE Power–JSW scheme approval (99.99% shareholder backing) signals a unique exit via arrangement rather than typical NCLT auction. Insider activity data was absent from these filings, but period-over-period trends highlight capital starvation as a systemic risk. Overall, the stream points to increasing sophistication in resolution pathways (PPIRP, scheme of arrangement) but also a dangerous tail of companies unable to fund even statutory costs.

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 NCLT Insolvency Resolution Filings digest from July 14, 2026.

Investment Signals (9)

  • Sab Events & Governance Now Media ↓ (BULLISH)
    ▲

    Resolution plan approved by 100% CoC under PPIRP; includes promoter equity cancellation and 100:5 share reduction, clearing path for operational turnaround. A rare positive outcome in IBC—look for potential relisting/re-rating if post-resolution financials improve

  • GE Power India Ltd (BULLISH)
    ▲

    Scheme of Arrangement with JSW Energy received 99.9987% shareholder approval—nearing final NCLT sanction. For JSW, this is a strategic bolt-on at likely attractive valuation; for GE Power, de-risking from balance sheet stress

  • Simbhaoli Sugars ↓ (MIXED)
    ▲

    Stay vacated by NCLAT on July 13, 2026—critical procedural break since CIRP began July 2024. Admitted government dues of ₹99.7 Cr (₹81.8 Cr under verification) dominant in claims; resolution likely dependent on government settlement mechanics

  • McLeod Russel India ↓
    ▲

    NCLT petition dismissed after restructuring agreement with NARCL (with liberty to revive). Imminent insolvency risk removed, but operational metrics under debt restructuring (terms not yet disclosed) need monitoring [BULLISH near-term]

  • Pradhin Limited ↓
    ▲

    Admitted under Section 7 for ₹12.98 Cr default on an 18% loan—high interest rate suggests borrower stress was already priced in. Four-decade track record vs sudden default indicates possible promoter willful default, which may face opposition from creditors [BEARISH for recovery]

  • CMI Ltd ↓ (BEARISH)
    ▲

    46th CoC meeting on July 22 signals one of the longest-running live CIRPs—meeting count this high typically indicates failure to find consensus on resolution, raising risk of liquidation

  • Setubandhan Infrastructure ↓ (BEARISH)
    ▲

    Resolution plan already rejected by NCLT (March 2025), appeal pending since July 2025. Combined with inability to pay depositories, entity is effectively in terminal distress with near-zero recovery for existing equity

  • Shirpur Gold Refinery ↓ (BEARISH)
    ▲

    CIRP admitted June 2024, but erstwhile management's non-payment to NSDL/CDSL blocks compliance. No resolution plan timeline provided—gold refinery assets may hold scrap value but operational complexity deters bidders

  • Vas Infrastructure ↓
    ▲

    27th CoC meeting with zero disclosed outcomes—consistent with numerous procedural meetings without financial decisions. Extremely low materiality suggests a creditor deadlock or a stall strategy [NEUTRAL/NEGATIVE]

Risk Flags (8)

  • Setubandhan Infrastructure/Compliance Failure↓ [HIGH RISK]
    ▼

    Cannot file shareholding pattern or RTA reports due to non-payment of depository fees—stock risks potential suspension or freezing by exchanges

  • Shirpur Gold Refinery/Systemic Blockage↓ [HIGH RISK]
    ▼

    Same non-compliance pattern as Setubandhan (NSDL/CDSL stoppage). Two companies in this single brief suffer identical liquidity breakdown—signals a broader crisis among CIRP firms in paying minimum administrative costs

  • Simbhaoli Sugars/Government Claims↓ [MEDIUM RISK]
    ▼

    ₹81.8 Cr of government dues still under verification—any dispute could prolong resolution timeline; admitted contingent liabilities from litigation against 5 employees add legal overhang

  • Pradhin Limited/Section 7 Admission↓ [MEDIUM RISK]
    ▼

    Loan agreement to default in just 12 months—court admitted based on acknowledgement letter dated Nov 5, 2025. May face challenge from other financial creditors or operational creditors with higher-priority claims

  • CMI Ltd/Prolonged CIRP↓ [HIGH RISK]
    ▼

    46 CoC meetings suggest extreme fragmentation among creditors or multiple failed resolution plan rounds. Section 12 of IBC (330-day timeline) clearly breached—risk of NCLT ordering liquidation on next hearing

  • Vas Infrastructure/Stalled Process↓ [MEDIUM RISK]
    ▼

    27 meetings with zero transparency on voting or plans—likely no viable resolution plan on table. Equity already near zero value

  • McLeod Russel/Conditional Withdrawal↓ [HIGH RISK]
    ▼

    Petition withdrawn with 'liberty to revive'—if restructuring terms (based on June 9 and June 22 proposals) fail, NARCL can refile. Stock remains under a sword of Damocles

  • Sab Events/Share Reduction↓
    ▼

    100:5 consolidation—public shareholders lose 95% of holdings. While resolution is positive, base-level equity stake held by public will be severely diluted, leaving negligible residual value [MEDIUM RISK for public minority]

Opportunities (6)

  • Sab Events & Governance Now Media/PPIRP Template↓ (OPPORTUNITY)
    ◆

    100% CoC approval with related-party consortium (Sri Adhikari Brothers entities) infusing funds—shows PPIRP can work for micro-cap stressed assets. Investors tracking similar pre-pack filings could get early entry before resolution approval

  • GE Power India/JSW Energy Scheme↓ (OPPORTUNITY)
    ◆

    With 99.99% shareholder approval and NCLT direction, scheme likely to be sanctioned within 3-6 months. For JSW Energy, acquiring a power services platform at distressed price—potential to unlock revenue synergies from services/orders pipeline

  • McLeod Russel India/Debt Restructuring↓ (OPPORTUNITY)
    ◆

    NCLT dismissal gives management runway to execute restructuring without court oversight. If terms include interest rate reduction or principal haircut, equity value may reflate from current depressed levels

  • Simbhaoli Sugars/New CoC First Meeting↓ (OPPORTUNITY)
    ◆

    First CoC meeting scheduled July 23, 2026—key milestone. With admitted claims of ₹108 Cr and sugar assets (4 units), potential for a resolution applicant to acquire at a discount to replacement cost; watch for corporate rescue specialists

  • Pradhin Limited/NCLT Admission Pricing↓ (OPPORTUNITY)
    ◆

    Default of ₹12.98 Cr on a four-decade company—could attract small-scale resolution applicants or promoters buying back debt through ARC to regain control via reverse CIRP

  • Setubandhan Infrastructure/NCLAT Appeal↓
    ◆

    Appeal against NCLT rejection of resolution plan filed July 9, 2025—if appellate court reverses or remands, a second chance at resolution may revive asset value; currently pricing in zero recovery [OPPORTUNITY (high risk/high reward)]

Sector Themes (5)

  • Administrative Liquidity Crisis
    ◆

    2 of 11 filings (Setubandhan, Shirpur Gold) explicitly unable to pay depository and RTA fees—this indicates that many CIRP companies may have zero cash for even statutory compliance. Exchanges must weigh delisting or suspending companies that cannot report for multiple quarters

  • Government Creditors as Dominant Claimants
    ◆

    Simbhaoli Sugars has ₹99.7 Cr in government dues vs. only ₹8.3 Cr in workmen/employee dues. Government departments (tax/sales tax/central excise) are increasingly the largest unsecured creditors, often complicating resolution due to legal reluctance to take haircuts

  • Exit Innovation Beyond Liquidation
    ◆

    Three different exit paths appear in one day—PPIRP (Sab Events), Scheme of Arrangement (GE Power–JSW), and Mutual Restructuring with withdrawal (McLeod Russel). Market shows flexibility beyond just resolution plan under IBC, likely accelerating deal-making

  • Extreme Prolongation Without Consequence
    ◆

    CMI (46th CoC), Vas Infrastructure (27th CoC), and Setubandhan (CIRP since Nov 2022) all well beyond IBC’s 330-day timeline with no apparent NCLT ordering liquidation. Regulatory inaction may be fostering moral hazard and delaying resolution

  • Small-Ticket Defaults Active ADR
    ◆

    Pradhin Limited (₹12.98 Cr) shows that sub-₹50 Cr defaults are still entering NCLT under Section 7. With IBC amendment threshold of ₹1 Cr, filings are continuing—but at some point NCLT bandwidth may be clogged with small cases

Watch List (8)

  • Simbhaoli Sugars/1st CoC Meeting↓
    👁

    July 23, 2026—first ever CoC meeting after stay vacation. Watch for composition of creditors, appointment of Resolution Professional (current IRP may be confirmed), and formation of agenda for inviting EoIs [July 23, 2026]

  • CMI Ltd/46th CoC Meeting↓
    👁

    July 22, 2026—watch for any sign of breakthrough resolution plan or, alternatively, direction from RP toward liquidation recommendation [July 22, 2026]

  • GE Power India/NCLT Scheme Sanction Hearing↓
    👁

    After July 20 shareholder/creditor approval, next step is NCLT confirmation hearing—expected in Q3 2026. This will make exit from CIRP binding

  • McLeod Russel India/Restructuring Implementation↓
    👁

    Watch for disclosure of final restructuring terms (June 9–22 proposals). If interest reduction or principal haircut details show >25% relief, stock may re-rate significantly

  • Setubandhan Infrastructure/NCLAT Appeal Status↓
    👁

    Appeal pending since July 2025—any listing date for hearing will be crucial. Adjournments likely, but a favorable order could restart resolution

  • Shirpur Gold Refinery/Compliance Update↓
    👁

    Company has not paid depository fees; watch for any disclosure that compliance resumes or, alternatively, exchange show-cause notice for delisting

  • Sab Events/Resolution Plan Implementation↓
    👁

    Post-NCLT approval (July 10), watch for timeline of capital reduction (100:5), promoter equity cancellation, and amalgamation of SABDNPL. Completion of these steps will trigger relisting/reclassification

  • Pradhin Limited/IRP Initial Actions↓
    👁

    Watch for public announcement under Regulation 6, IBC, and formation of CoC. Key is whether any promoter buyback through an ARC emerges before CoC formation

Filing Analyses (11)
Simbhaoli Sugars Limited Insolvency negative materiality 9/10

21-07-2026

Simbhaoli Sugars Limited, under Corporate Insolvency Resolution Process (CIRP) since July 11, 2024, has disclosed a list of creditors as of July 17, 2026, following the vacation of a stay by the NCLAT on July 13, 2026. Total admitted claims include ₹42,803,188 for workmen, ₹40,102,469 for employees (with litigation), and ₹997,467,840 in government dues, with a significant portion of the government claims (₹818,151,434) under verification. The company's board powers remain suspended, and Mr. Anurag Goel serves as the Interim Resolution Professional.

  • · CIRP commenced on July 11, 2024, and the stay was vacated by NCLAT on July 13, 2026.
  • · Workmen dues: ₹42,803,188 admitted for 955 workmen across four units (SSD, SDD, BSD, CSD) and corporate office.
  • · Employee dues: ₹40,102,469 admitted for 5 employees with ongoing litigation in various courts (Allahabad High Court, Delhi High Court, Civil Judge Hapur).
  • · Additional employee claims of ₹7,005,679 (through ARs) are under verification after stay lifting.
  • · Government dues: ₹997,467,840 claimed, but only ₹45,106,338 admitted; ₹818,151,434 is under verification (mainly CGST demand).
  • · Rathi Enterprises has a disputed claim of ₹168,432,178 under arbitration, with nil liability in company books.
  • · No financial creditors or secured creditors are listed in this filing.
PRADHIN LIMITED Insolvency negative materiality 9/10

21-07-2026

The National Company Law Tribunal (NCLT), Chennai, has admitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by financial creditor Tatad Nayan Gautambhai against Pradhin Limited, initiating Corporate Insolvency Resolution Process (CIRP). The default amount is ₹12,98,00,000 (₹12.98 Crore) arising from an unsecured loan of ₹11,00,00,000 (₹11 Crore) at 18% interest, with the date of default being September 30, 2025. The company's board of directors is superseded, and Mr. Rajesh Jasti has been appointed as the Interim Resolution Professional (IRP).

  • · Pradhin Limited was incorporated on 03.12.1982 and has been in business for over four decades.
  • · The loan agreement was dated 03.09.2024, with repayment due by 30.09.2025.
  • · The corporate debtor issued a letter dated 05.11.2025 acknowledging the outstanding amount of ₹12,98,00,000 and requesting cheques not be presented due to poor financial condition.
  • · The NeSL (National e-Governance Services Ltd) certificate authenticated the default with status 'authenticated'.
  • · The IRP's Authorisation for Assignment (AFA) is valid until 30.06.2027.
  • · The IRP is required to file his report within 20 days of the order (i.e., by 22.07.2026).
Vas Infrastructure Ltd Insolvency neutral materiality 2/10

21-07-2026

Vas Infrastructure Ltd. has disclosed the outcome of the 27th meeting of its Committee of Creditors (CoC) held on July 21, 2026, under the Corporate Insolvency Resolution Process (CIRP). The filing does not provide any financial details, voting results, or resolution plan updates, making it a routine procedural disclosure with no quantitative data.

  • · The 27th CoC meeting was held on July 21, 2026.
  • · The filing is made under Regulation 30 of SEBI LODR and sub-clause 16(g) of Schedule III.
  • · The Resolution Professional is Ashok Kumar Golechha, with IBBI registration valid until December 31, 2026.
Setubandhan Infrastructure Limited Insolvency negative materiality 9/10

21-07-2026

Setubandhan Infrastructure Limited, under CIRP since November 28, 2022, has informed the exchanges that it cannot submit several mandatory compliance filings for the quarter ended June 30, 2026 due to non-payment of fees to NSDL, CDSL and its RTA, which have stopped providing beneficiary position (Benpos) data. The company's resolution plan was rejected by the Hon'ble NCLT on March 24, 2025 and an appeal against that order filed on July 9, 2025 is pending before the NCLAT. The company remains in prolonged insolvency proceedings with no resolution in sight.

  • · CIRP initiated November 28, 2022.
  • · Resolution plan rejected by NCLT on March 24, 2025.
  • · Appeal filed before NCLAT on July 9, 2025 – pending.
  • · Company is exempted from SEBI LODR Regulations 17 to 21 (governance) under Regulations 15(2A) and 15(2B) due to CIRP status.
  • · Specific non-compliances: Shareholding Pattern (Reg. 31), Reconciliation & Share Capital Audit (Reg. 76), RTA Compliance Certificate (Reg. 74(5)), and Investor Complaints (Reg. 13(3)).
  • · Non-submission is attributed to non-payment of fees to NSDL, CDSL and RTA by erstwhile management.
Shirpur Gold Refinery Ltd Insolvency negative materiality 9/10

21-07-2026

Shirpur Gold Refinery Ltd has been under Corporate Insolvency Resolution Process (CIRP) since June 24, 2024, after the NCLT Mumbai Bench admitted a petition filed by Prudent ARC Ltd under Section 7 of the IBC. The company is unable to submit key regulatory compliances for the quarter ended June 30, 2026, including shareholding pattern, reconciliation audit, and compliance certificates, because NSDL, CDSL, and the RTA have stopped providing beneficiary position data due to non-payment of outstanding fees by the erstwhile management. The company is also exempt from filing a corporate governance report under Regulation 27 of SEBI LODR as it is under CIRP.

  • · CIRP was admitted on 24 June 2024 by NCLT Mumbai Bench.
  • · First Committee of Creditors meeting was held on 24 July 2024; e-voting concluded on 14 September 2024 confirmed the IRP as Resolution Professional.
  • · Non-payment of fees to NSDL, CDSL, and RTA by erstwhile management has halted Benpos data provision.
  • · Company is exempt from Regulations 17 to 21 of SEBI LODR (corporate governance) under Regulations 15(2A) and 15(2B) due to CIRP status.
  • · Resolution Professional Ashish Vyas holds IBBI Registration No. IBBI/IPA-001/IP-P-01520/2018-2019/12267.
GE Power India Limited Insolvency mixed materiality 9/10

21-07-2026

GE Power India Limited announced that its equity shareholders and unsecured creditors have approved the Scheme of Arrangement with JSW Energy Limited, as directed by the NCLT Mumbai Bench. The resolution was passed with overwhelming support: 99.9987% of votes cast by equity shareholders were in favour, with only 0.0013% against. However, the approval comes in the context of an insolvency-related NCLT proceeding, and the company's public non-institutional shareholders showed low turnout, with only 8.0% of their shares voted.

  • · The NCLT Mumbai Bench order was dated June 2, 2026, and the meetings were held on July 20, 2026.
  • · Record date for determining eligible shareholders was July 13, 2026.
  • · Remote e-voting was open from July 16, 2026 (9:00 AM IST) to July 19, 2026 (5:00 PM IST).
  • · The Scheme of Arrangement is between GE Power India Limited (Demerged Company) and JSW Energy Limited (Resulting Company).
  • · The resolution was a Special Resolution requiring three-fourths majority in value of shares voted.
  • · Promoter group held 4,61,02,083 shares and voted 100% in favour.
  • · Public institutions held 15,28,712 shares but only 25.42% voted (all in favour).
  • · Public non-institutions held 1,95,96,676 shares but only 8.00% voted (99.96% in favour, 0.04% against).
  • · A total of 391 shareholders voted in favour, while 14 voted against.
  • · The scrutinizer's report was issued on July 20, 2026.
Simbhaoli Sugars Limited Insolvency negative materiality 9/10

21-07-2026

Simbhaoli Sugars Limited has informed the stock exchanges that the Interim Resolution Professional (IRP) has constituted a Committee of Creditors (CoC) on July 17, 2026, following the vacation of a stay by the Hon'ble NCLAT on July 13, 2026. The company has been under Corporate Insolvency Resolution Process (CIRP) since July 11, 2024, with the powers of the Board of Directors suspended. The IRP, Mr. Anurag Goel, is managing the company's assets and operations.

  • · The CIRP was initiated on July 11, 2024, by order of the adjudicating authority.
  • · The Hon'ble NCLAT vacated the stay on the CIRP via its judgment dated July 13, 2026.
  • · The CoC was constituted on July 17, 2026, under Section 21(1) of the IBC.
  • · The company is certified under FSSC 22000, ISO 9001:2015, and ISO 14001:2015.
  • · Claims have been provisionally admitted based on data provided by management.
CMI Ltd Insolvency negative materiality 8/10

21-07-2026

CMI Ltd has informed the stock exchanges that the 46th meeting of its Committee of Creditors (CoC) is scheduled for July 22, 2026, as part of the ongoing corporate insolvency resolution process. The company is the corporate debtor under insolvency proceedings.

  • · The meeting is the 46th meeting of the Committee of Creditors, indicating a prolonged insolvency process.
  • · The filing is made under Regulation 30 of SEBI (LODR) Regulations, 2015.
Simbhaoli Sugars Limited Insolvency negative materiality 9/10

21-07-2026

Simbhaoli Sugars Limited has informed the exchanges that the first meeting of the Committee of Creditors (CoC) is scheduled for July 23, 2026, as part of the ongoing Corporate Insolvency Resolution Process (CIRP) initiated on July 11, 2024. The meeting follows the vacation of a stay by the Hon’ble NCLAT on July 13, 2026, allowing the resolution process to proceed. The company remains under the management of Interim Resolution Professional Mr. Anurag Goel, with the powers of the Board of Directors suspended.

  • · CIRP initiated on July 11, 2024; Board powers suspended since that date.
  • · Hon’ble NCLAT vacated stay on July 13, 2026, and the CoC meeting is the first procedural step thereafter.
Sab Events & Governance Now Media Limited Insolvency positive materiality 9/10

21-07-2026

SAB Events & Governance Now Media Limited has received the certified copy of the NCLT order dated July 10, 2026, approving its Resolution Plan under the Pre-Packaged Insolvency Resolution Process (PPIRP). The plan, approved by 100% of the Committee of Creditors, involves a capital restructuring, infusion of funds by a consortium of related group entities (Sri Adhikari Brothers Assets Holding Pvt. Ltd. and Sri Adhikari Brothers Digital Network Pvt. Ltd.), and the amalgamation of SABDNPL into the company. The company had defaulted on a financial debt of Rs. 4.53Cr, and its current liabilities exceeded current assets by 4.70 times as of March 31, 2025, highlighting severe financial distress prior to the resolution.

  • · The PPIRP application was filed on October 17, 2025, and admitted by NCLT on November 4, 2025.
  • · The Resolution Plan was submitted on February 2, 2026, and approved by the CoC on February 6, 2026.
  • · The plan includes cancellation of existing promoter equity without consideration and reduction of public shareholding on a 100:5 basis.
  • · Operational creditors will be paid in full under the plan.
  • · The company is an MSME registered under Udyam Registration No. UDYAM-MH-18-0007209.
Mcleod Russel India Limited Market Update mixed materiality 9/10

21-07-2026

McLeod Russel India Limited has disclosed that the NCLT Kolkata Bench has formally dismissed the insolvency petition (C.P. (IB)/229(KB)2024) filed by National Asset Reconstruction Company Limited (NARCL) under Section 7 of the IBC, after both parties agreed to a restructuring arrangement. The petition was withdrawn with liberty to revive if the restructuring does not conclude as per agreed terms dated June 9 and June 22, 2026. This removes immediate insolvency risk but leaves the company under a conditional restructuring framework.

  • · The NCLT order was uploaded on July 20, 2026, and the company disclosed it on July 21, 2026.
  • · The withdrawal was with liberty to revive/restore the petition if the restructuring arrangement does not fructify or conclude.
  • · The agreed restructuring terms are based on proposals dated June 9, 2026, as modified up to June 22, 2026.
  • · The company had previously withdrawn its Section 7 application (as per letter dated July 15, 2026).
  • · The case was heard by a Division Bench (Court I) of the NCLT Kolkata Bench.

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