India MCA Insolvency Liquidation Filings — March 17, 2026

17-03-2026

NCLT Chandigarh Bench has received and is proceeding on a Section 7 IBC application filed by Omkara Assets Reconstruction Private Limited against Telephone Cables Limited for a default of ₹1,806.57 Cr (as on 30.04.2024), following transfer from Punjab & Haryana High Court where a winding-up order was passed on 24.07.2015. No assets have been sold by the Official Liquidator, and CIRP must be exhausted before liquidation, with plant & machinery sale attempts failing earlier. The company, set up in 1989 for manufacturing polyethylene insulated jelly-filled telephone cables, has been non-operational and in distress for over a decade.

• ·Winding-up petition CP No.272/2003 filed by Bhushan Steel Limited; winding-up order dated 24.07.2015
• ·High Court transfer order dated 22.03.2024; no irreversible actions like asset sales occurred
• ·Debt assigned by IDBI to SASF, then to Omkara ARC vide deed dated 23.09.2024/31.08.2024; substitution allowed 09.09.2025
• ·Failed sale of plant & machinery confirmed 03.12.2019 but purchaser backed out
• ·Claims invitation published 27.12.2022, last date 26.01.2023; OL status report 08.07.2024
• ·Date of default: 24.07.2015; Recall notice by IDBI: 23.04.2002
• ·IRP proposed: Ducturus Resolution Professionals Pvt. Ltd., consent dated 27.11.2025, allowed 02.12.2025
• ·Factory operational for over 15 years post-1989 incorporation before distress

17-03-2026

Mercantile Ventures Limited submitted the Scrutinizer's report confirming unanimous approval (100% in favor) by 14 unsecured creditors, representing a total value of ₹2.16 Cr, for the Scheme of Amalgamation with India Radiators Limited at the NCLT-convened meeting on March 13, 2026. No votes were cast against the scheme. The approval follows NCLT directions dated February 2, 2026, with prior disclosures on the amalgamation scheme.

• ·Cut-off date for unsecured creditors: September 30, 2025
• ·Remote e-voting period: March 10, 2026 (9:00 AM) to March 12, 2026 (5:00 PM IST)
• ·Meeting held via Audio-Visual mode (OAVM) on March 13, 2026 at 1:00 PM
• ·NCLT order date: February 2, 2026 in CA(CAA)/103/CHE/2025
• ·No proxies used; no objections raised by any unsecured creditor

17-03-2026

Sumeet Industries Limited has been declared the successful bidder (H1) for the acquisition of Nakoda Limited's Phase-3 Chips Manufacturing Plant under slump sale via the Corporate Insolvency Resolution Process (CIRP) under IBC, 2016, at a total consideration of ₹23.47 Cr. This acquisition includes land (11,534 sq. meters) and plant & machinery at Village Karanj, Surat, Gujarat, expanding the company's Polyester Chips production capacity by approximately 400 Tons per day. The Board also approved the Draft Letter of Offer for a proposed Rights Issue of Equity Shares.

• ·E-Auction conducted on 09 March 2026 via EBKRAY/BAANKNET platform.
• ·Letter of Intent dated 11.03.2026; acquisition to complete within 180 days from 17.03.2026 subject to approvals.
• ·Nakoda Limited incorporation date: 13.08.1984; under CIRP with Liquidator appointed by NCLT Ahmedabad on 08 February 2023.
• ·Assets located at Village Karanj, Tal Mandvi, District Surat, Gujarat-394110.
• ·Board meeting held on 17.03.2026 from 11:00 A.M. to 12:35 P.M.

17-03-2026

Adani Enterprises Limited (AEL) has received oral approval from the Hon’ble NCLT Allahabad Bench on March 17, 2026, for its resolution plan dated October 14, 2025 (with clarifications on November 5, 2025) in the corporate insolvency resolution process of Jaiprakash Associates Limited. This follows a letter of intent issued on November 19, 2025, identifying AEL as the successful resolution applicant. A detailed disclosure will be made upon availability of the written order, with implementation potentially involving Adani group entities or SPVs.

• ·Disclosure pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015
• ·Prior disclosure on November 19, 2025 regarding letter of intent
• ·NCLT order under Section 31 of Insolvency and Bankruptcy Code, 2016

17-03-2026

The Hon’ble NCLT Allahabad Bench orally pronounced an order on March 17, 2026, approving the resolution plan dated October 14, 2025 (with clarifications dated November 5, 2025) submitted by Adani Enterprises Limited for Jaiprakash Associates Limited under Section 31 of the IBC. The plan mandates delisting of all existing securities, NIL consideration to shareholders, and complete cancellation of pre-CIRP share capital (including equity, preference shares, and convertible instruments) for zero value on the Effective Date (within 90 days of NCLT approval). A detailed disclosure will follow upon receipt of the written order.

• ·Prior disclosure dated November 27, 2025 regarding application for resolution plan approval.
• ·Scrip Codes: 532532 (BSE), JPASSOCIAT (NSE).
• ·Liquidation value insufficient to satisfy secured creditors in full, per Successful Resolution Applicant.

17-03-2026

Hon’ble NCLT Allahabad Bench orally pronounced an order on March 17, 2026, approving the resolution plan submitted by Adani Enterprises Ltd. for the insolvency of Jaiprakash Associates Limited (promoter of Jaiprakash Power Ventures Limited). The plan mandates delisting of JAL securities, NIL consideration to existing shareholders, and complete cancellation of pre-CIRP share capital for zero value, marking a total wipeout for shareholders with no positive payout or recovery indicated.

• ·Previous disclosures: June 3, 2024 (JPVL) and November 27, 2025 (JAL)
• ·Resolution plan dated October 14, 2025, with email clarifications dated November 5, 2025
• ·Scrip codes: JPVL (NSE: JPPOWER, BSE: 532627); JAL (NSE: JPASSOCIAT, BSE: 532532)
• ·Effective Date: not later than 90 days from NCLT approval
• ·Detailed written order disclosure to follow upon availability

17-03-2026

Shilpa Medicare Limited has intimated the receipt of NCLT Bangalore's certified true copy order dated February 27, 2026, approving the Scheme of Amalgamation of its wholly owned subsidiary, Shilpa Therapeutics Private Limited, into the parent company, effective from the appointed date of April 1, 2025. The scheme was approved by requisite majorities in creditor meetings, with no objections received from regulators. However, the subsidiary is loss-making, and both entities have pending statutory dues (₹3.59 Cr for Shilpa Medicare) and MSME payments (₹53.13 L for Shilpa Medicare).

• ·NCLT order delivered on February 27, 2026; certified copy received March 16, 2026.
• ·Board approval of scheme on June 21, 2023; first motion order May 2, 2024; creditor meetings July 2, 2024.
• ·Regional Director noted need for NOC from charge holders, SEBI/stock exchanges, IT authorities, and undertakings for settling dues and employee interests.
• ·Transferor company originally incorporated April 2, 2004; transferee November 20, 1987.