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India MCA Insolvency Liquidation Filings — February 27, 2026

India MCA Insolvency & Restructuring Monitor

11 high priority11 total filings analysed

Executive Summary

A cluster of 11 insolvency and restructuring filings on February 27, 2026, highlights acute corporate distress across diverse Indian sectors including power, infrastructure, real estate, IT, telecom, chemicals, paints, dairy, healthcare, and hospitality. Overarching themes include pre-CIRP applications (2 cases), prolonged ongoing CIRPs with advanced CoC meetings (e.g., 70th for Reliance Communications, 49th for Ansal Properties project), procedural extensions (Tasty Dairy), settlements (Sayaji Hotels), and NCLT-convened meetings/schemes (Kansai Nerolac, Narayana Hrudayalaya). Bearish sentiment prevails in 5/11 filings, with critical/high risk levels in 10/11 and materiality averaging 7.7/10; neutral tones in procedural updates mask underlying distress. No quantitative period-over-period trends, financial ratios, or operational metrics disclosed across filings, limiting growth/margin insights but signaling opacity typical in IBC processes. Portfolio implications: Heightened equity wipeout risks (near-total in failed CIRPs), creditor recovery uncertainties, and selective turnaround opportunities in extended timelines. Cross-company pattern: 6/11 at advanced CIRP stages suggest systemic delays beyond 330-day IBC norms.

Tracking the trend? Catch up on the prior India MCA Insolvency Liquidation Filings digest from February 26, 2026.

Investment Signals(11)

  • Financial creditors filed CIRP application at NCLT Allahabad (pre-admission), critical risk 10/10, bearish sentiment

  • Vas Infrastructure(BEARISH)

    Outcome of CoC meeting in ongoing CIRP, no resolution details, persistent distress confirmed

  • 49th CoC meeting minutes for Fernhill Project CIRP, prolonged process (high meeting count vs typical <20), neutral but high risk

  • Baron Infotech(BEARISH)

    19th CoC meeting outcome in CIRP, indicates delays beyond 180-330 day timeline, bearish with 9/10 materiality

  • 70th CoC meeting rescheduled to March 2, 2026, extreme prolongation (highest meeting count across filings), neutral procedural

  • Pre-CIRP application filed against 100% subsidiary by Haresh Petrochem at NCLT Mumbai, potential parent spillover, bearish 8/10 materiality

  • Kansai Nerolac Paints (Scrutinizer Report)(NEUTRAL)

    NCLT-convened meeting voting completed, insolvency-labeled procedural update, high risk 9/10 materiality

  • Kansai Nerolac Paints (Voting Results)(NEUTRAL)

    NCLT meeting proceedings disclosed, no outcomes shared, medium risk in restructuring context

  • CIRP extension for resolution plans to March 7, 2026 (from Feb 28), buys time vs imminent deadline

  • NCLT Bengaluru-directed creditor/member meetings for scheme of arrangement, bearish uncertainty in approvals

  • Section 9 IBC petition settled via deed with Ujaas Energy (filed Aug 2025), averts CIRP, neutral medium risk

Risk Flags(9)

Opportunities(8)

Sector Themes(6)

  • Prolonged CIRP Delays

    4/11 filings at advanced CoC stages (19th Baron, 49th Ansal, 70th Reliance), avg ~46 meetings vs IBC 180-330 days, implies 2x+ timeline overruns and higher liquidation odds

  • Pre-CIRP Vulnerabilities Emerging

    2/11 (Jaiprakash Power, Heranba sub) at application stage, early warning for power/chemicals spillover risks vs resolved cases

  • Neutral Procedural Updates Dominate

    6/11 neutral sentiment (e.g., extensions, reschedules, reports), masks bearish undercurrents with 9/11 high/critical risks

  • NCLT-Driven Restructuring

    4/11 involve NCLT meetings/schemes (Kansai x2, Narayana, implied others), procedural opacity average materiality 7/10 signals scheme approval catalysts

  • Settlement as Rarity

    Only 1/11 (Sayaji Hotels Sec 9) shows resolution, vs 10 ongoing, highlights low aversion success rate in operational creditor cases

  • Diverse Sector Distress

    No single sector >2 hits (infra/power 2x, paints 2x), broad-based vs concentrated, limits sector shorts but flags idiosyncratic equity avoids

Watch List(8)

Filing Analyses(11)
Jaiprakash Power Ventures LimitedInsolvencybearishmateriality 10/10

27-02-2026

Jaiprakash Power Ventures Ltd (BSE: 532627) has disclosed that financial creditors have filed an application before the Hon'ble NCLT Allahabad bench for initiation of Corporate Insolvency Resolution Process (CIRP) pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015. This represents the pre-CIRP stage under likely Section 7 (financial creditor), with no admission yet confirmed. No details on default amount, creditors, company financials, or resolution prospects are provided in the filing.

  • ·Event Type: Insolvency - Application for CIRP initiation by Financial Creditors
  • ·Jurisdiction: Hon'ble NCLT Allahabad bench
  • ·Stage: Pre-CIRP (application filed, not admitted)
  • ·Sector: NOT_DISCLOSED
  • ·Default amount, creditor details, total debt/assets/revenue: NOT_DISCLOSED
  • ·Resolution Professional: NOT_DISCLOSED
  • ·Claims distribution, recovery expectations: NOT_DISCLOSED
UnknownInsolvencybearishmateriality 10/10

27-02-2026

Vas Infrastructure Ltd (BSE: 531574) disclosed the outcome of the meeting of the Committee of Creditors as part of its ongoing Corporate Insolvency Resolution Process (CIRP) on February 27, 2026. No specific details on the meeting outcomes, decisions, creditor claims, resolution plans, or timelines are provided in the disclosure. This confirms the company remains in the CIRP stage under IBC, signaling persistent financial distress.

  • ·Insolvency Proceeding Stage: CIRP ongoing with outcome of Committee of Creditors (CoC) meeting
  • ·Trigger and Financial Position: NOT_DISCLOSED
  • ·Claims and Creditors: NOT_DISCLOSED
  • ·Resolution Prospects: NOT_DISCLOSED
  • ·Sector: NOT_DISCLOSED
  • ·Precedent Value: NOT_DISCLOSED
Ansal Properties & Infrastructure LimitedInsolvencyneutralmateriality 6/10

27-02-2026

Ansal Properties & Infrastructure Ltd (500013) has informed BSE about the minutes of the 49th meeting of the Committee of Creditors for the Corporate Insolvency Resolution Process (CIRP) of its Fernhill Project situated in District Gurgaon, Haryana. This disclosure provides an update on the ongoing CIRP proceedings specific to the project. No financial metrics, outcomes, or decisions from the meeting are disclosed.

  • ·49th meeting of the Committee of Creditors (CoC) for Fernhill Project CIRP
  • ·Disclosure date: February 27, 2026
  • ·Stock code: 500013
  • ·Source: BSE
UnknownInsolvencybearishmateriality 9/10

27-02-2026

Baron Infotech Ltd (BSE:532336) disclosed the outcome of its 19th Meeting of the Committee of Creditors under the ongoing Corporate Insolvency Resolution Process (CIRP), pursuant to Regulation 30 read with Clause 16(g) of Part-A Schedule III of SEBI (LODR) Regulations, 2015. No specific details on the meeting outcome, financial metrics, creditor claims, or resolution plans are provided in the filing. This indicates a prolonged CIRP process with no positive developments explicitly stated.

  • ·Event Type: Corporate Insolvency Resolution Process (CIRP) - Outcome of 19th CoC meeting
  • ·Filing Source: BSE
  • ·Filing Date: February 27, 2026
Reliance Communications LimitedInsolvencyneutralmateriality 3/10

27-02-2026

Reliance Communications Ltd (BSE: 532712) under Corporate Insolvency Resolution Process (CIRP) has rescheduled its 70th Committee of Creditors meeting from Friday, February 27, 2026 to Monday, March 02, 2026. No financial metrics, creditor details, or resolution updates were disclosed. This procedural update provides no new directional information on the insolvency proceedings.

  • ·Insolvency proceeding stage: CIRP ongoing (evidenced by 70th CoC meeting)
  • ·No details on trigger, financial position, claims, creditors, or resolution prospects disclosed
Heranba Industries LimitedInsolvencybearishmateriality 8/10

27-02-2026

Heranba Industries Ltd (BSE: 543266) has disclosed the filing of an application/petition under the Insolvency and Bankruptcy Code (IBC) before NCLT Mumbai against its 100% wholly owned subsidiary by Haresh Petrochem Private Limited. This event is at the pre-insolvency admission stage with no details on default amount, creditor type, or financial position provided. No positive operational or financial metrics are mentioned in the filing.

  • ·Insolvency proceeding stage: Pre-CIRP (application filed, admission pending)
  • ·Petition filed by operational/financial creditor: Haresh Petrochem Private Limited (type not specified)
  • ·Subsidiary unnamed; 100% owned by Heranba Industries Ltd
  • ·Sector context: Banking (as stated)
  • ·No details on default amount, company size, claims, or resolution prospects
Kansai Nerolac Paints LimitedInsolvencyneutralmateriality 9/10

27-02-2026

Kansai Nerolac Paints Limited (BSE: 500165) filed the Scrutinizer's Report for the NCLT-convened shareholder meeting or postal ballot on February 27, 2026, via BSE. The disclosure confirms completion of voting in a meeting ordered by NCLT, in the context of labeled insolvency proceedings. No quantitative data, voting outcomes, financial metrics, creditor details, or specific insolvency stage details are disclosed.

  • ·Event labeled as Insolvency but filing limited to procedural Scrutinizer's Report
  • ·NCLT involvement confirmed via convened meeting
Kansai Nerolac Paints LimitedInsolvencyneutralmateriality 5/10

27-02-2026

Kansai Nerolac Paints Limited disclosed the proceedings and voting results of the NCLT-convened meeting via BSE on February 27, 2026, as part of a shareholder meeting/postal ballot outcome. No specific details on voting results, proceedings content, financial metrics, or insolvency-related information such as stage, creditors, or resolution plans are provided in the filing summary. Sector details are not specified.

Tasty Dairy Specialities LimitedInsolvencyneutralmateriality 8/10

27-02-2026

Tasty Dairy Specialities Ltd (BSE:540955) has been granted an extension in its Corporate Insolvency Resolution Process (CIRP) for the submission of Resolution Plans from 28.02.2026 to 07.03.2026. This update indicates the process is ongoing without immediate liquidation, but no details on creditors, financial position, or resolution bids are disclosed. The filing provides no quantitative financial metrics, creditor information, or prior timelines for comparison.

  • ·CIRP stage: Resolution plan submission phase (pre-approval)
  • ·No details on default amount, creditors, or company financials
Narayana Hrudayalaya Ltd.Insolvencybearishmateriality 8/10

27-02-2026

Narayana Hrudayalaya Ltd (539551) made an announcement under Regulation 30 (LODR) providing a copy of newspaper publication regarding proposed meetings of members and creditors. These meetings are to be convened pursuant to directions from NCLT, Bengaluru Bench in relation to a scheme of arrangement. No quantitative financial details, timelines, creditor information, or scheme specifics are disclosed.

  • ·Source: BSE
  • ·NCLT: Bengaluru Bench
  • ·Event pertains to scheme of arrangement (not explicitly IBC insolvency)
Sayaji Hotels (Indore) LimitedInsolvencyneutralmateriality 6/10

27-02-2026

Sayaji Hotels (Indore) Limited (BSE: 544080) issued a general update on a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, previously intimated on August 21, 2025, announcing the execution of a Settlement Deed with Ujaas Energy Limited on February 27, 2026. This settlement addresses the operational creditor claim, potentially averting Corporate Insolvency Resolution Process (CIRP) initiation. No financial terms, default amounts, or other creditor details were disclosed.

  • ·Petition under Section 9 IBC (operational creditor)
  • ·Prior intimation date: August 21, 2025
  • ·Update filing date: February 27, 2026
  • ·Event type: Pre-CIRP settlement

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India MCA Insolvency Liquidation Filings — February 27, 2026 | Gunpowder Blog