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India NCLT Insolvency Resolution Filings — April 08, 2026

India Corporate Insolvency & NCLT

7 high priority13 medium priority20 total filings analysed

Executive Summary

Across 20 filings in the India Corporate Insolvency & NCLT stream, insolvency developments dominate key themes with 6 filings highlighting resolutions, withdrawals, and ongoing CIRPs, including positive outcomes for Dish TV (petition withdrawn) and CIAN Agro (resolution plan approved by NCLT), amid ongoing proceedings in infra firms like Vas Infrastructure (24th CoC meeting) and SKIL Infrastructure (5th CoC). Routine compliance filings (5x Reg 74(5) certificates from Ashok Leyland, Tata Motors, ICICI Bank, LIC Housing) signal strong governance but no financial trends, while ESOP allotments in Delhivery (86k shares, negligible dilution to EPS Re. 0.99/- Q3FY26) and InterGlobe (43k shares) indicate employee participation with minimal impact. No explicit period-over-period financial comparisons across filings, but PNC Infratech's 20cr settlement recovers value from stalled 29.51cr project after 6 years, mixed sentiment. Positive sentiments in 3/20 (Dish TV, TVS Motor, CIAN), negative in 2/20 (Vas, Bharti), with upcoming catalysts like Wipro Q4 earnings (Apr 16) and CoC meetings building a short-term watchlist. Portfolio-level, infra sector shows protracted CIRPs risking delays, while media/telecom sees resolution momentum; overall neutral bias with low materiality in 14/20 filings.

Tracking the trend? Catch up on the prior India NCLT Insolvency Resolution Filings digest from April 01, 2026.

Investment Signals(11)

  • Petition No. 359/2021 withdrawn by JC Flowers (orig. Yes Bank), removing EGM coercion risk under Companies Act Ss.98-100, NCLT order pending upload

  • NCLT Mumbai approved resolution plan for Shubhada Tool Industries post-IBC CIRP, certified copy received Mar 28-Apr 2026, signaling successful turnaround

  • Settled unresolved Gwalior Bypass resolution plan via 20cr compensation from suspended director (vs 29.51cr PBG), NOC issued for potential S.12A withdrawal after 6 years

  • NCLT Mumbai approved share capital reduction scheme (auth cap 65.37L shares @10, paid-up 3.27L), notices published Apr 8, restructuring complete

  • TVS Motor(BULLISH)

    Launched TVS Armado 200 in Indonesia (197.75cc, 840kg payload, IDR 34.9M price), supports local co-ops, 3yr warranty, manufactured locally

  • Delhivery(NEUTRAL-BULLISH)

    Allotted 86k ESOP shares (69k ESOP2012, 17k ESOP2020), paid-up cap up to Rs.74.87cr, negligible dilution with diluted EPS Re.0.99/- (Q3FY26 basis)

  • InterGlobe Aviation(NEUTRAL-BULLISH)

    Allotted 43k ESOP shares (34k@Rs.1855.30, 9k@Rs.10), total shares 38.67cr, no lock-in, identical to existing equity

  • Clarified no company involvement in US SEC case vs Gautam/Sagar Adani, motion to dismiss by Apr30 on jurisdiction/non-involvement grounds, no FCPA charges

  • Ashok Leyland(NEUTRAL-BULLISH)

    Reg74(5) compliance Q1'26 confirmed by Integrated Registry, full demat/remat processes verified, routine but signals operational hygiene

  • ICICI Bank(NEUTRAL-BULLISH)

    Reg74(5) certificate Q1'26 from KFin Tech confirms demat compliance, no pending requests, strong depository alignment

  • Tata Motors(NEUTRAL-BULLISH)

    Reg74(5) Q1'26 confirms 100% demat shares, no demat/mutilation requests, full compliance

Risk Flags(8)

  • Vas Infrastructure (CIRP)[HIGH RISK]

    24th CoC meeting Apr14 under ongoing CIRP (RP Ashok Golechha, IBBI reg valid to Dec2026), protracted proceedings signal creditor delays

  • SKIL Infrastructure (CIRP)[HIGH RISK]

    5th CoC meeting Apr8 (RP Purusottam Behera), NCLT order Feb2024 initiated, extended process risks resolution timeline slippage

  • PNC Infratech (Settlement)[MEDIUM RISK]

    6-year delay on Gwalior Bypass plan approval despite CoC nod, 20cr recovery <29.51cr PBG, highlights NCLT legal challenges

  • Bharti Airtel (Regulatory)[LOW RISK]

    DoT Maharashtra penalty Rs.1.04L for Dec2025 CAF audit violation, paid without contest, minor but signals verification compliance gaps

  • Dish TV India (Pending)[LOW RISK]

    Petition withdrawn but NCLT Mumbai order upload pending, potential residual updates required

  • LIC Housing Finance (Mgmt Change)[LOW RISK]

    GM Marketing Ganesh K Jena ceased Apr7 due to repatriation, no replacement named, potential short-term disruption

  • ITC (Director Cessation)[LOW RISK]

    Independent Director Nirupama Rao term ended Apr8, board refresh but loss of experience

  • TRUSTWAVE Securities (Restructuring)[MEDIUM RISK]

    Capital reduction to Rs.32.68L paid-up from higher auth, dilution risk post-scheme despite NCLT nod

Opportunities(9)

Sector Themes(6)

  • Insolvency Resolutions Gaining Traction

    3/6 insolvency filings positive (Dish TV withdrawal, CIAN NCLT approval, TRUSTWAVE reduction), vs 2 ongoing CoC; implies accelerating IBC exits, bullish for distressed media/infra assets

  • Protracted Infra CIRPs

    3 infra firms (Vas 24th CoC, SKIL 5th CoC, PNC 6yr settlement) show NCLT delays averaging 2-6yrs, capex recovery risks but settlement precedents (20cr PNC) offer templates

  • Routine Compliance Surge

    5/20 Reg74(5) filings (Ashok Leyland, Tata Motors x2, ICICI, LIC Housing) Q1'26 confirm 100% demat in key names, signals governance strength amid no material issues

  • ESOP Activity in Logistics/Aviation

    Delhivery (86k shares, Rs.74.87cr cap) + InterGlobe (43k, Rs.386cr cap) negligible dilution, reflects mgmt/employee conviction in growth sectors

  • Mgmt Transitions Neutral

    Cessations in ITC (Ind Dir), LIC Housing (GM), no replacements/performance links, typical churn with low materiality (4/10 avg)

  • Upcoming Investor Events Cluster

    Wipro earnings Apr16, Vas/SKIL CoC Apr14/8, Tata Day Jun23, Yes Bank conf Jun1-2; catalyst density in Apr-Jun for intel gathering

Watch List(8)

Filing Analyses(20)
Ashok Leyland LimitedCompany Updateneutralmateriality 2/10

08-04-2026

Ashok Leyland Limited submitted a confirmation certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended March 31, 2026. The certificate from Registrar and Share Transfer Agent, Integrated Registry Management Services Private Limited, verifies compliance on dematerialized and rematerialized shares, including listing confirmations and record updates. This is a routine regulatory filing with no financial metrics or material impacts disclosed.

  • ·Scrip codes: 500477 (BSE), ASHOKLEY (NSE)
  • ·Quarter covered: January - March 2026
Wipro LimitedCompany Updateneutralmateriality 5/10

08-04-2026

Wipro Limited will announce its financial results for the fourth quarter ended March 31, 2026, on April 16, 2026, after stock market trading hours in India, with results available on the company's investor website. Senior management will host an earnings conference call at 7:00 PM IST (9:30 AM ET) to discuss performance, with webcast and dial-in details provided. The announcement includes no financial metrics yet, maintaining a neutral outlook ahead of the disclosure.

  • ·Filing date: April 08, 2026
  • ·Quarter end: March 31, 2026
  • ·Questions for concall to be sent by 6:30 PM IST to abhishek.jain2@wipro.com
  • ·Replay available from April 16 to 23, 2026
  • ·Media contact: media-relations@wipro.com
Tata Motors LimitedCompany Updateneutralmateriality 2/10

08-04-2026

Tata Motors Limited submitted a certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026, received from MUFG Intime India Private Limited, its Registrar and Share Transfer Agent. The certificate confirms that no requests for dematerialization, mutilation, or cancellation of securities were received during the quarter, as all of the company's shares are held in dematerialized mode. This is a routine compliance disclosure with no financial impact.

  • ·Filing addresses to National Securities Depository Limited and Central Depository Services (India) Limited.
  • ·Certificate issued on April 8, 2026.
ICICI Bank LimitedCompany Updateneutralmateriality 2/10

08-04-2026

ICICI Bank Limited submitted the certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended March 31, 2026, received from KFin Technologies Limited, its Registrar and Share Transfer Agent. The certificate confirms compliance with dematerialization processes, including confirming/approving/rejecting requests, verifying listing status, mutilating/cancelling certificates, and substituting the depository as registered owner. This is a routine regulatory compliance filing with no financial metrics or performance implications.

Delhivery LimitedCompany Updateneutralmateriality 3/10

08-04-2026

Delhivery Limited's Stakeholders’ Relationship Committee approved the allotment of 86,225 equity shares of face value Re. 1/- each on April 08, 2026, upon exercise of vested ESOP options, increasing paid-up share capital from Rs. 74,86,08,108/- to Rs. 74,86,94,333/-. This includes 69,025 shares under ESOP 2012 and 17,200 under ESOP III 2020, realizing Rs. 4,85,177.85/- from exercises. The allotment causes negligible dilution, with diluted EPS at Re. 0.99/- based on Q3FY26 earnings.

  • ·ESOP 2012 exercise pricing: 53,484 options @ Re.1/-, 2,500 @ Rs.16.28/-, 13,041 @ Rs.29.85/-
  • ·ESOP III 2020 exercise pricing: 17,200 options @ Re.0.10/-
  • ·Diluted earnings per share pursuant to allotment: Re. 0.99/- (based on Q3FY26 earnings)
Dish TV India LimitedInsolvencypositivemateriality 6/10

08-04-2026

Dish TV India Limited disclosed that Company Petition No. 359 of 2021, filed by JC Flowers Asset Reconstruction Private Limited (originally Yes Bank Limited) before the National Company Law Tribunal, Mumbai, seeking directions to convene an Extraordinary General Meeting under Sections 98-100 of the Companies Act, 2013, has been withdrawn by the petitioner on April 8, 2026. The NCLT order is yet to be uploaded, and the company will provide updates if required upon receipt.

  • ·NSE Symbol: DISHTV
  • ·BSE Scrip Code: 532839
  • ·Petition filed under Sections 98–100 of the Companies Act, 2013
Vas Infrastructure LtdInsolvencynegativemateriality 9/10

08-04-2026

Vas Infrastructure Limited, currently under Corporate Insolvency Resolution Process (CIRP), has notified BSE Limited of its 24th Committee of Creditors (CoC) meeting scheduled for April 14, 2026, pursuant to SEBI LODR Regulations. The notice is issued by Resolution Professional Ashok Kumar Golechha. This reflects the ongoing insolvency proceedings with no financial performance updates provided.

  • ·CIN: L65100MH1994PLC076538
  • ·IBBI Reg. No. IBBI/IPA-002/IP-N000932/2019-20/12973 AFA Valid upto 31.12.2026
  • ·RP Contact: Flat No. B 703/704, Seventh Floor, River Park CHS Ltd., Dattani Park Road, Thakur Village, Kandivali (East), Mumbai - 400101; Email: cirp@vasinfra.com
  • ·Scrip No.: 531574
TVS Motor Company LimitedCompany Updatepositivemateriality 6/10

08-04-2026

TVS Motor Company launched the TVS Armado 200, a robust three-wheeler for Indonesia's commercial and logistics sectors, featuring a 197.75 cc oil-cooled engine, 840 kg payload capacity, and a 2-meter cargo bed. The vehicle is available at an introductory price of IDR 34,900,000 (OTR Jakarta), with flexible financing and a 3-year/30,000 km engine warranty. It supports local initiatives like AGRINAS and Merah Putih Co-operatives, manufactured at the TVS Karawang Plant.

  • ·Engine: 197.75 cc spark-ignition, oil-cooled, 10.6 kW max power at 7,500 rpm, 15.5 Nm max torque at 5,000 rpm
  • ·Dimensions: 3,617 x 1,360 x 1,627 mm overall; cargo bed 2,070 x 1,310 x 670 mm
  • ·Fuel tank: 16 liters; ground clearance: 230 mm; 5-speed manual transmission; drum brakes front & rear
ITC LimitedCompany Updateneutralmateriality 4/10

08-04-2026

ITC Limited announced that Ms. Nirupama Rao has ceased to be a Director effective April 8, 2026, upon completion of her term as an Independent Director, as approved by shareholders. The disclosure is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice was signed by R. K. Singhi, Executive Vice President & Company Secretary.

  • ·Disclosure addressed to NSE and BSE Listing Departments.
  • ·Corporate Identity Number: L16005WB1910PLC001985
InterGlobe Aviation LimitedCompany Updateneutralmateriality 3/10

08-04-2026

The ESOP Allotment Committee of InterGlobe Aviation Limited approved the allotment of 34,000 equity shares under the Employee Stock Option Scheme 2015 at an exercise price of Rs. 1855.30 per share (premium Rs. 1845.30) and 9,000 equity shares under the Employee Stock Option Scheme 2023 at Rs. 10 per share on April 8, 2026. Following these allotments, the total number of equity shares stands at 38,66,55,998 with total issued share capital of INR 386,65,59,980. The allotted shares have no lock-in and are identical to existing equity shares.

  • ·ISIN Number: INE646L01027
  • ·Distinctive numbers for 2015 ESOP shares: 38,66,12,999 – 38,66,46,998
  • ·Distinctive numbers for 2023 ESOP shares: 38,66,46,999 – 38,66,55,998
  • ·No lock-in on allotted shares
  • ·Shares identical in all respects to existing equity shares
LIC Housing Finance LimitedCompany Updateneutralmateriality 4/10

08-04-2026

LIC Housing Finance Limited notified stock exchanges of a change in Senior Management Personnel, with Shri Ganesh Kinkar Jena ceasing as General Manager (Marketing) effective close of business on April 07, 2026, due to repatriation back to LIC of India. The disclosure complies with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. No financial impact or replacement details were provided.

  • ·Filing date: April 08, 2026
  • ·CIN: L65922MH1989PLC052257
  • ·Scrip codes: LICHSGFIN (NSE), 500253 (BSE)
Bharti Airtel LimitedCompany Updatenegativemateriality 2/10

08-04-2026

Bharti Airtel Limited disclosed a notice from the Department of Telecommunications, Maharashtra LSA (DoT), imposing a penalty of ₹1,04,000 for alleged violation of subscriber verification norms identified in a December 2025 Customer Application Form (CAF) Audit. The company has chosen not to contest the penalty and will pay it, with the financial impact limited solely to this amount. No material operational disruptions are anticipated.

  • ·Notice received on April 07, 2026 at IST 1301 Hrs.
  • ·Penalty relates to CAF Audit for December 2025.
  • ·Disclosure pursuant to Regulation 30 of SEBI Listing Regulations.
LIC Housing Finance LimitedCompany Updateneutralmateriality 2/10

08-04-2026

LIC Housing Finance Limited submitted a confirmation certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended March 31, 2026, confirming proper handling of securities for dematerialization. MUFG Intime India Private Limited verified that securities were confirmed/rejected to depositories, listed on stock exchanges, mutilated, cancelled, and registered appropriately within timelines. This routine compliance filing has no financial metrics or performance implications.

  • ·Scrip ID: LICHSGFIN (NSE), Scrip Code: 500253 (BSE)
  • ·CIN: L65922MH1989PLC052257
Yes Bank LimitedCompany Updateneutralmateriality 2/10

08-04-2026

Yes Bank Limited has provided advance intimation of its participation in Axis Capital's Rising Stars Conference - 2026, scheduled for June 01-02, 2026, in Mumbai via physical mode, including group and 1x1 meetings with analysts and institutional investors. The schedule is subject to change, and no unpublished price sensitive information (UPSI) will be shared during the event. Post-event, the list of participants will be submitted, with details hosted on the bank's website www.yes.bank.in.

  • ·Disclosure under Regulation 30 read with clause 15 of Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • ·NSE Symbol: YESBANK; BSE Scrip Code: 532648
Adani Green Energy LimitedCompany Updateneutralmateriality 7/10

08-04-2026

Adani Green Energy Limited issued a clarification on media reports regarding a US SEC civil case in the Eastern District of New York against directors Gautam Adani and Sagar Adani, stating the company is not a party and no charges have been brought against it. The defendants intend to move to dismiss the complaint by April 30, 2026, arguing lack of personal jurisdiction, extraterritorial claims, non-actionable misstatements, and their non-involvement in the offering. No FCPA violations or bribery/corruption charges are involved.

  • ·Earlier stock exchange intimations dated November 21, 2024; November 27, 2024; January 23, 2026; January 24, 2026; and January 31, 2026.
  • ·Pre-motion conference letter submitted to EDNY judge, offering to attend a conference.
TRUSTWAVE SECURITIES LIMITEDInsolvencyneutralmateriality 7/10

08-04-2026

Trustwave Securities Limited (formerly Sterling Guaranty & Finance Limited) submitted to BSE Limited copies of notices published on April 8, 2026, in Business Standard and Navshakti newspapers, informing stakeholders of the Ministry of Corporate Affairs registering the Hon’ble NCLT Mumbai Bench order approving the scheme of reduction in share capital. The notices outline the company's authorized share capital as 65,37,600 equity shares of ₹10 each aggregating to ₹6,53,76,000 and issued, subscribed, and paid-up share capital as 3,26,880 equity shares of ₹10 each aggregating to ₹32,68,800. This corporate restructuring event has no disclosed financial performance metrics or period comparisons.

  • ·CIN: L65990MH1983PLC031384
  • ·Scrip Code: 508963
  • ·ISIN: INE668Y01016
  • ·Registered Office: B-702, 7th Floor, Neelkanth Business Park, Kirol Village, Near Bus Depot, Vidyavihar (W), Mumbai – 400086
CIAN Agro Industries & Infrastructure LimitedInsolvencypositivemateriality 8/10

08-04-2026

CIAN Agro Industries & Infrastructure Limited has received the certified copy of the NCLT Mumbai Bench order approving its Resolution Plan for Shubhada Tool Industries Private Limited, which was under the IBC process. This follows the initial intimation on March 28, 2026, regarding the pronouncement of the order. The disclosure is made under Regulation 30 of SEBI LODR Regulations.

  • ·Scrip Code: 519477
  • ·Scrip ID: CIANAGRO
  • ·NCLT: Mumbai Bench
  • ·Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015
PNC Infratech LimitedInsolvencymixedmateriality 6/10

08-04-2026

PNC Infratech Limited settled its unresolved Resolution Plan for Gwalior Bypass Project Ltd, which was approved by CoC but not by NCLT due to protracted legal challenges, by receiving ₹20.00 Crore compensation from Mr. Nakul Bharana, the erstwhile/suspended Director. The company chose not to pursue the plan further after nearly 6 years, during which its ₹29.51 Crore performance bank guarantee remained valid, incurring significant time and financial resources. This settlement includes issuance of a No Objection Certificate to Mr. Bharana for potential Section 12A IBC withdrawal.

  • ·Settlement executed with receipt of amount on 7.4.2026 (night)
  • ·Earlier intimation dated 14.8.2020 regarding LOI issuance in August 2020
  • ·Trading window closed pursuant to insider trading code of conduct
SKIL Infrastructure LtdInsolvencyneutralmateriality 5/10

08-04-2026

SKIL Infrastructure Limited, under Corporate Insolvency Resolution Process (CIRP) per Hon’ble NCLT Mumbai Order dated 1st February 2024, held its Fifth Committee of Creditors (COC) meeting virtually on April 08, 2026, from 11:00 A.M. to 12:30 P.M. The post-facto intimation complies with Regulation 30 and Schedule III of SEBI (LODR) Regulations, 2015. Resolution Professional Purusottam Behera informed the stock exchanges (NSE Symbol: SKIL; BSE Code: 539861).

  • ·RP Contact: cirpskil@gmail.com, Cell: +917718851633
  • ·Address: Flat No. 402, Sai Prasad Building, Sion Kamgar CHS, Road No- 29, Sion (East), Mumbai - 400022
  • ·IBBI Registration No. IBBI/IPA-002/IP-N00940/2019-20/12993 (AFA Valid till 31st December 2026)
  • ·Prior intimation reference: April 07, 2026
Tata Motors LimitedCompany Updateneutralmateriality 5/10

08-04-2026

Tata Motors Limited is hosting an Investor Day on Tuesday, June 23, 2026, in Mumbai, with details to join available via registration link https://cv.tatamotors.com/investor-day-2026-registration. The deadline to express interest is Saturday, May 30, 2026, and confirmations will be sent by Monday, June 15, 2026, subject to limited seating and company discretion. A copy of the presentation and event recording will be available on https://cv.tatamotors.com/investors.

  • ·Event venue has limited seating capacity.
  • ·Admission to the event is at the sole discretion of the Company.
  • ·Queries to be directed to tmcvinvestorday2026@tatamotors.com.

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India NCLT Insolvency Resolution Filings — April 08, 2026 | Gunpowder Blog