BLOG / 🇮🇳 India / distress insolvency · · daily

India NCLT Insolvency Resolution Filings — October 06, 2026

India Corporate Insolvency & NCLT

By Gunpowder Editorial ·

8 high priority 2 medium priority 10 total filings analysed

Executive Summary

The India Corporate Insolvency & NCLT stream for October 6, 2026, shows a market in the midst of a high-volume insolvency cycle, with 8 of 10 filings involving companies under CIRP or related NCLT proceedings.

The dominant theme is the acceleration of resolution processes, evidenced by multiple Form G invitations (Sun Granite, TV Vision) and CoC approvals (IL&FS E&C, Unitech), yet execution risk remains elevated due to legal challenges and delays. Key period-over-period trends are limited by the nature of the filings, but the data reveals a pattern of stalled or challenged resolutions: ARSS Infrastructure's SRA withdrawal, Baron Infotech's NCLAT status quo, and Hi-Tech Gears' extended stay all signal that legal friction is a primary bottleneck. The sector is bifurcating between 'clean' resolutions moving to NCLT approval (IL&FS E&C) and 'stuck' cases facing appeals or substitution issues. The only non-insolvency filing, Privi Speciality Chemicals' amalgamation scheme, highlights a parallel trend of corporate restructuring via NCLT, indicating that the tribunal is a key venue for both distress and consolidation. Overall, the market is pricing in a slow, litigation-heavy recovery, with opportunities for distressed-asset investors but significant risks for existing shareholders facing dilution or plan failure.

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

Filing types in this digest: Insolvency · Corporate governance

Tracking the trend? Catch up on the prior India NCLT Insolvency Resolution Filings digest from October 05, 2026.

Investment Signals (8)

  • IL&FS Engineering and Construction ↓ (BULLISH)
    ▲

    Resolution proposal approved by CoC and now heading to NCLT Mumbai for approval, a critical milestone that could lead to a formal resolution plan and potential equity value recovery.

  • TV Vision Limited ↓
    ▲

    Initiated CIRP with Form G published on Sept 28, 2026, inviting EOI; the company is a potential candidate for a resolution-driven turnaround, but the lack of operational data and high debt load makes it a high-risk, high-reward play. [NEUTRAL/BEARISH]

  • Sun Granite Export Ltd ↓ (BEARISH)
    ▲

    CIRP initiated with no revenue, no fixed assets, and no employees; the company is a shell with zero operational value, making it a pure-play on the resolution process and potential for a reverse merger or fresh capital infusion.

  • Privi Speciality Chemicals ↓ (BULLISH)
    ▲

    NCLT has approved the amalgamation scheme, with a shareholder meeting scheduled for Oct 27, 2026; the scheme is expected to consolidate operations and reduce costs, potentially improving margins and simplifying the corporate structure.

  • Unitech International ↓ (NEUTRAL)
    ▲

    CoC meetings on Jul 27 and Aug 20, 2026, ratified CIRP expenses, indicating the process is moving forward but with no financial figures disclosed; the lack of transparency is a concern for minority shareholders.

  • ARSS Infrastructure Projects ↓ (BEARISH)
    ▲

    The withdrawal of the SRA's nominee (Roger Bravo) creates significant uncertainty; the company must find a substitute, and the pending listing of shares with the exchange is a major overhang.

  • Hi-Tech Gears (NEUTRAL)
    ▲

    The NCLAT has extended the interim stay on CIRP until Oct 7, 2026, providing temporary relief but prolonging the company's limbo; the outcome of the appeal is a key catalyst.

  • Baron Infotech ↓ (BEARISH)
    ▲

    The NCLAT Chennai's oral status quo order on Oct 1, 2026, in an appeal by an unsuccessful resolution applicant, is a negative signal, indicating that the resolution process is being challenged and could face further delays.

Risk Flags (7)

  • ARSS Infrastructure Projects↓ [HIGH RISK]
    ▼

    SRA nominee withdrawal (Roger Bravo) and pending share listing with exchange; high risk of resolution plan failure and value erosion for shareholders

  • Baron Infotech↓ [HIGH RISK]
    ▼

    NCLAT status quo order on Oct 1, 2026, in appeal by unsuccessful applicant; potential for prolonged legal battle and further delays in resolution

  • Hi-Tech Gears [MEDIUM RISK]
    ▼

    Interim stay on CIRP extended; company remains in operational limbo, with no clarity on when the appeal will be resolved

  • Sun Granite Export↓ [HIGH RISK]
    ▼

    Zero revenue, zero fixed assets, and no employees; the company is a shell with no underlying business, making recovery for shareholders highly unlikely

  • TV Vision↓ [HIGH RISK]
    ▼

    CIRP initiated with no disclosed financials; the company's ability to attract a viable resolution applicant is uncertain, and existing shareholders face significant dilution

  • Unitech International↓ [MEDIUM RISK]
    ▼

    CoC meetings only ratified CIRP expenses; no progress on a resolution plan, indicating the process is moving slowly and may face challenges in attracting a bidder

  • IL&FS Engineering and Construction↓ [MEDIUM RISK]
    ▼

    Resolution proposal approved by CoC but pending NCLT approval; risk of rejection or modification by the tribunal, which could delay recovery

Opportunities (6)

  • IL&FS Engineering and Construction↓ (OPPORTUNITY)
    ◆

    CoC-approved resolution proposal filed with NCLT; if approved, this could unlock significant value for shareholders, especially if the plan involves a debt-for-equity swap or fresh capital infusion

  • Privi Speciality Chemicals↓ (OPPORTUNITY)
    ◆

    Amalgamation scheme to consolidate operations and reduce costs; the scheme's approval could lead to improved margins and a re-rating of the stock

  • TV Vision↓ (OPPORTUNITY)
    ◆

    CIRP initiated, and the company is now formally inviting EOI; for distressed-asset investors, this could be an opportunity to acquire a listed entity at a discount, though the lack of operational data is a risk

  • Sun Granite Export↓ (OPPORTUNITY)
    ◆

    The company is a shell with no operations, but its listed status could attract a reverse merger or a fresh infusion of capital, making it a potential special situation play

  • Hi-Tech Gears (OPPORTUNITY)
    ◆

    The interim stay on CIRP provides a window for the company to negotiate a settlement with creditors; if successful, this could avoid a full-blown insolvency and preserve shareholder value

  • ARSS Infrastructure Projects↓ (OPPORTUNITY)
    ◆

    The withdrawal of the SRA nominee could create an opportunity for a new investor to step in with a better proposal, though the pending listing of shares is a major overhang

Sector Themes (4)

  • Legal Friction in Resolutions
    ◆

    3 of 10 filings (ARSS, Baron Infotech, Hi-Tech Gears) involve legal challenges or status quo orders, indicating that litigation is a major bottleneck in the resolution process, delaying value realization for creditors and shareholders.

  • Shell Companies in CIRP
    ◆

    Sun Granite and TV Vision are both non-operational with no revenue, highlighting a trend of shell companies entering CIRP; these are high-risk, low-recovery situations for investors, but they offer potential for reverse mergers or fresh capital infusion.

  • Resolution Process Milestones
    ◆

    4 of 10 filings (IL&FS E&C, Unitech, Sun Granite, TV Vision) show progress in the resolution process, from CoC approvals to Form G issuance, indicating that the IBC machinery is functioning, albeit slowly.

  • Corporate Restructuring via NCLT
    ◆

    Privi Speciality Chemicals' amalgamation scheme is a reminder that NCLT is not just for insolvency but also for corporate restructuring, offering a path for companies to streamline operations and improve efficiency.

Watch List (7)

  • Hi-Tech Gears (WATCH)
    👁

    NCLAT hearing on Oct 7, 2026, to decide on the interim stay; the outcome will determine the company's near-term fate

  • Privi Speciality Chemicals↓ (WATCH)
    👁

    Shareholder meeting on Oct 27, 2026, to approve the amalgamation scheme; approval is a key catalyst for the stock

  • Sun Granite Export↓ (WATCH)
    👁

    EOI submission deadline on Oct 19, 2026; the number and quality of bids will indicate investor interest in the company's assets

  • TV Vision↓ (WATCH)
    👁

    Form G issued on Sept 28, 2026; monitor for EOI submissions and any potential resolution applicants

  • IL&FS Engineering and Construction↓ (WATCH)
    👁

    NCLT filing for resolution proposal approval; monitor for any objections or delays in the approval process

  • ARSS Infrastructure Projects↓ (WATCH)
    👁

    Monitor for any updates on the substitution of the SRA nominee and the status of the share listing with the exchange

  • Baron Infotech↓ (WATCH)
    👁

    Monitor for any further orders from NCLAT Chennai on the status quo and the appeal by the unsuccessful resolution applicant

Filing Analyses (10)
Sun Granite Export Ltd Insolvency negative materiality 9/10

06-10-2026

Sun Granite Export Ltd. has initiated the Corporate Insolvency Resolution Process (CIRP) by publishing Form G on October 2, 2026, inviting Expressions of Interest (EOI) from resolution applicants. The company is non-operational with no revenue, no fixed assets, and no employees as per its FY 2024-25 audited financials. The deadline for EOI submission is October 19, 2026, with resolution plans due by December 18, 2026.

  • · The company's PAN is AADCS8998P and CIN is L14102OR1991PLC002834.
  • · The registered office is at VILL PANIORA, PO PALASPUR VIA JANLA, Khordha, Khurda, Odisha – 752054, India.
  • · The company has no fixed assets and is not operational.
  • · The last date for submission of EOI is 19-10-2026.
  • · The provisional list of resolution applicants will be issued on 29-10-2026.
  • · The final list of prospective resolution applicants will be issued on 13-11-2026.
  • · The last date for submission of resolution plans is 18-12-2026.
  • · The company is not registered as an MSME.
  • · The Resolution Professional's IP Registration No. is IBBI/IPA-002/IP-N01023/2020-2021/13276, with AFA validity up to 31.12.2026.
  • · The process-specific email ID is cirp.sungranite@gmail.com.
The Hi-Tech Gears Limited Insolvency negative materiality 8/10

06-10-2026

The Hi-Tech Gears Limited has informed the exchanges that the NCLAT, due to lack of time, could not hear the matter on October 5, 2026, and has rescheduled the hearing to October 7, 2026. The NCLAT has also directed the continuation of the interim stay on the Corporate Insolvency Resolution Process (CIRP) that was originally granted on September 3, 2024. The company remains under the protection of the stay, with the next hearing scheduled in two days.

  • · The appeal is listed as Company Appeal (AT) (Insolvency) No. 1734 of 2024.
  • · The interim stay on the CIRP was originally granted on September 3, 2024.
  • · The next hearing is scheduled for October 7, 2026.
  • · The appellant is Naveen Jain, a Company Secretary/Shareholder of The Hi-Tech Gears Ltd.
  • · The respondents include Happy Forgings Ltd. and the Interim Resolution Professional (IRP), Mr. Deepak Thukral.
ARSS Infrastructure Projects Ltd Insolvency negative materiality 9/10

06-10-2026

ARSS Infrastructure Projects Ltd disclosed that Roger Bravo Secured Development Fund, the nominee of the Successful Resolution Applicant (Ocean Capital Market Limited), has withdrawn its willingness to hold 7,35,00,000 equity shares (about 81.55% of paid-up capital) allotted under the NCLT-approved Resolution Plan. Roger Bravo has given an unconditional no-objection to substitution by the SRA or another nominee. The company will take steps to effect the substitution, but the listing of these shares remains pending with the exchange, creating uncertainty around the implementation of the resolution plan.

  • · The NCLT Cuttack Bench approved the Resolution Plan on 29 August 2025 in IA(IB) No. 283/CB/2023 in CP(IB) No. 34/CB/2021.
  • · The shares were allotted via PAS-3 filings (SRN- AC2925810 dated 07/04/2026 and SRN- AC0660769 dated 02/01/2026).
  • · The application for listing of the shares is still pending with the exchange, and the shares have not yet been credited to the allottee's demat account.
  • · Roger Bravo has confirmed it will hold the shares in trust until further instructions and will not exercise any voting or shareholder rights.
  • · Roger Bravo has given unconditional no-objection to cancellation/reversal/rectification of the allotment and fresh allotment to another nominee.
Sun Granite Export Ltd Corporate Governance negative materiality 8/10

06-10-2026

Sun Granite Export Ltd has informed the stock exchange that it has obtained approval from the Registrar of Companies, Cuttack for a three-month extension (up to December 31, 2026) to hold its Annual General Meeting for FY ended March 31, 2026. The extension is necessitated because the company is undergoing Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated August 5, 2026, with Raghunath Bhandari appointed as Resolution Professional. The board's powers are suspended under IBC, 2016, and the RP is still in the process of taking control of books and records, causing delays in finalizing financial statements.

  • · The CIRP was initiated by an NCLT order dated August 5, 2026.
  • · The first meeting of the Committee of Creditors (CoC) was held on September 3, 2026, where the IRP was appointed as RP.
  • · The extension is sought under the third proviso to Section 96(1) of the Companies Act, 2013.
  • · The company's CIN is L14102OR1991PLC002834 and it is listed on BSE (Scrip Code: 531013).
TV Vision Limited Insolvency negative materiality 9/10

06-10-2026

TV Vision Limited has initiated the Corporate Insolvency Resolution Process (CIRP) by issuing Form G (Invitation for Expression of Interest) dated September 28, 2026, as disclosed to the stock exchanges under Regulation 30 of SEBI LODR. The company is now under the control of Resolution Professional Alok Kumar Murarka. This filing marks a formal step in the insolvency proceedings, inviting potential resolution applicants.

  • · Form G was published on September 28, 2026, the same day it was dated.
  • · The company's registered office is at 7th Floor, Adhikari Chambers, Oberoi Complex, New Link Road, Andheri (W), Mumbai - 400 053.
  • · The company is listed on BSE (Scrip No. 540083) and NSE (Symbol: TVVISION).
  • · Resolution Professional Alok Kumar Murarka is registered with IBBI under registration number IBBI/IPA-001/IP-P-01934/2019-2020/13006.
Unitech International Ltd Insolvency neutral materiality 5/10

06-10-2026

Unitech International Ltd disclosed that the 13th meeting of its Committee of Creditors (CoC) was held on 27.07.2026 via video conferencing, during which the resolution to ratify CIRP expenses incurred by the Resolution Professional was approved. The company remains under Corporate Insolvency Resolution Process (CIRP), with Mr. Nitin Narang serving as Resolution Professional. No financial figures were disclosed in this filing.

  • · Meeting date: 27.07.2026 at 12:00 P.M. via Video Conferencing
  • · Agenda Item B1 (ratification of CIRP expenses) was approved by the Committee of Creditors
  • · Resolution Professional's IBBI Registration Number: IBBI/IPA-002/IP-N00828/2019-2020/12629
  • · AFA valid till 30.06.2027
Unitech International Ltd Insolvency neutral materiality 5/10

06-10-2026

Unitech International Ltd, currently under Corporate Insolvency Resolution Process (CIRP), disclosed that its 15th Committee of Creditors (CoC) meeting was held on 20.08.2026 via video conferencing. The CoC approved the ratification of CIRP expenses incurred by the Resolution Professional (RP) as per Regulation 34 of the IBBI (CIRP) Regulations, 2016. No other agenda items or financial figures were disclosed, and the company remains under insolvency proceedings.

  • · Filing date: 06.10.2026; letter dated 25.09.2026
  • · CoC meeting date: 20.08.2026 at 06:00 P.M. via Video Conferencing
  • · Agenda Item B1 (ratification of CIRP expenses) was approved by the CoC
  • · RP's IBBI Registration Number: IBBI/IPA-002/IP-N00828/2019-2020/12629
  • · RP's AFA valid till 30.06.2027
  • · Company scrip code: 531867; scrip name: UNITINT
Baron Infotech Ltd Insolvency negative materiality 5/10

06-10-2026

Baron Infotech Ltd, currently under Corporate Insolvency Resolution Process (CIRP), held its 3rd Monitoring Committee meeting on October 6, 2026. The committee noted an oral status quo order from the NCLAT Chennai Bench dated October 1, 2026, in an appeal filed by unsuccessful resolution applicant Vivek Kumar Ratakonda, which may delay the resolution process. No financial figures or operational updates were disclosed in this post-facto intimation.

  • · The Monitoring Committee meeting was held on Tuesday, October 6, 2026, starting at 5:00 pm and concluding around 6:55 pm IST.
  • · The status quo order was pronounced orally by the NCLAT Chennai Bench on October 1, 2026.
  • · The appeal was filed by the unsuccessful resolution applicant, Mr. Vivek Kumar Ratakonda.
  • · The company's scrip code on BSE is 532336.
Privi Speciality Chemicals Limited Insolvency neutral materiality 7/10

06-10-2026

Privi Speciality Chemicals Limited has filed a scheme of amalgamation with the National Company Law Tribunal (NCLT) to merge two wholly-owned/related entities — Privi Fine Sciences Private Limited (Transferor Company 1) and Privi Biotechnologies Private Limited (Transferor Company 2) — into itself (Transferee Company). The NCLT has dispensed with meetings of creditors and shareholders of the transferor companies and of creditors of the transferee company, but ordered a meeting of equity shareholders of Privi Speciality Chemicals Limited on 27 October 2026 to consider the scheme. The appointed date for the amalgamation is 1 October 2025, and the scheme is intended to consolidate operations, reduce costs, and simplify the corporate structure.

  • · The NCLT order dated 7 September 2026 dispensed with meetings of members, secured and unsecured creditors of Transferor Company 1; members and unsecured creditors of Transferor Company 2; and secured and unsecured creditors of the Transferee Company.
  • · A meeting of equity shareholders of Privi Speciality Chemicals Limited (Transferee Company) will be held on 27 October 2026 through OAVM to consider the scheme.
  • · The appointed date for the amalgamation is 1 October 2025.
  • · The Board of Directors of all three companies approved the scheme in meetings held on 19 December 2025.
  • · The Transferee Company obtained No Objection Letters from NSE (ref. NSE/LIST/52681 dated 5 May 2026) and BSE (ref. DCS/AMAL/RD/R37/53/2026-27 dated 6 May 2026).
  • · Transferor Company 2 (Privi Biotechnologies Private Limited) is a wholly owned subsidiary of the Transferee Company; upon amalgamation, its shares held by the Transferee Company will be cancelled and no new shares will be issued.
  • · Shareholders of Transferor Company 1 will receive 1 equity share of ₹10 each of the Transferee Company for every 135 fully paid equity shares of ₹10 each held in Transferor Company 1.
  • · Representations regarding the scheme may be made to the NCLT within 30 days from receipt of the notice.
IL&FS Engineering and Construction Company Limited Market Notice neutral materiality 8/10

06-10-2026

IL&FS Engineering and Construction Company Limited has disclosed that its resolution process, overseen by IL&FS under the supervision of the Ministry of Corporate Affairs and orders of the Hon'ble NCLT/NCLAT, has reached a key milestone. The Board of IL&FS has approved the filing of the resolution proposal before the Hon'ble NCLT, Mumbai, after it was approved by the requisite majority of the Committee of Creditors. This is a significant step forward in the company's insolvency resolution process.

  • · The resolution proposal has already been approved by the requisite majority of the Committee of Creditors (CoC).
  • · The next step is filing the proposal before the Hon'ble NCLT, Mumbai, for consideration and approval.
  • · The resolution process is being supervised by the Ministry of Corporate Affairs (MCA) under orders of Hon'ble NCLT/NCLAT.

Get daily alerts with 8 investment signals, 7 risk alerts, 6 opportunities and full AI analysis of all 10 filings

Start free trial Browse all digests

₹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

October 03, 2026

India NCLT Insolvency Resolution Filings — October 03, 2026

October 02, 2026

India NCLT Insolvency Resolution Filings — October 02, 2026

October 01, 2026

India NCLT Insolvency Resolution Filings — October 01, 2026

September 29, 2026

India NCLT Insolvency Resolution Filings — September 29, 2026

🇮🇳 More from India

View all →

October 07, 2026

India Pre-Market Regulatory Roundup — October 07, 2026

India Pre-Market Regulatory Roundup

October 07, 2026

India Upcoming Corporate Actions BSE NSE — October 07, 2026

India Upcoming Corporate Actions BSE NSE

October 07, 2026

BSE Sensex 30 Stocks Regulatory Filings — October 07, 2026

BSE Sensex 30 Stocks Regulatory Filings

October 07, 2026

India Merger Acquisition MCA Regulatory Filings — October 07, 2026

India Merger Acquisition MCA Regulatory Filings
← All India digests