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India NCLT Insolvency Resolution Filings — March 30, 2026

India Corporate Insolvency & NCLT

7 high priority10 medium priority17 total filings analysed

Executive Summary

Across 17 filings in the India Corporate Insolvency & NCLT stream, dominant themes include operational expansions (e.g., Adani Green adding 951 MW capacity), strategic acquisitions (Adani Enterprises, Bharti Airtel's $1B Nxtra infusion), and promoter confidence via minor buying (Bondada Engineering), contrasted by ongoing insolvency proceedings (Radhagobind Commercial's 6th COC meeting) and management churn (Birlasoft's 3 senior exits). Period-over-period trends show positive outliers like SKYIWAVE turnover up 10% YoY FY25 vs FY24 (Adani Ent acquisition), Bilcare's Caprihans stake up 3.57% via warrant conversions, and Nxtra capacity guidance from 300 MW to 1 GW; however, no broad revenue/margin compression evident, with neutral trading window closures across Adani/Jio signaling Q4 FY26 earnings. Critical developments: Bharti Airtel/Nxtra valuation at $3.1B post-investment (bullish data center play), Sammaan Capital's ₹750 Cr NCD raise at 9.75% (capital strengthening), and Ashok Leyland's 18.13% promoter shares pledged (encumbrance risk). Portfolio-level patterns highlight Adani ecosystem strength (5 filings, capacity/deals positive) vs isolated insolvency drags; actionable now: Buy dips in renewables/auto, monitor NCLT/COC for distress opportunities.

Tracking the trend? Catch up on the prior India NCLT Insolvency Resolution Filings digest from March 26, 2026.

Investment Signals(10)

  • New Apache RTR 160 4V launch with premium features (projector LED, slipper clutch) starting ₹1.25L, reinforcing 160cc leadership amid stable pricing vs inflation

  • 951 MW operationalized (251 MW Rajasthan + 700 MW Gujarat), total capacity to 18,933 MW; YoY capacity growth ~50% implied from prior trends

  • Promoter Dr. Bondada Raghavendra Rao bought 9,600 shares (0.009% stake), holding up to 45.052%; minor open-market buy signals conviction

  • Caprihans stake up 3.57% to 59.56% via 12.9L warrant conversions + ₹3.15 Cr pref share redemption; subsidiary liquidation adds GBP 196K cash

  • $1B Nxtra investment (Airtel $290M + PE $670M), valuation $3.1B, capacity guidance 300 MW to 1 GW by 2030 at 21% CAGR market growth

  • Acquired 100% SKYIWAVE for ₹3 Cr; target turnover up 10% YoY FY25 (₹16.51L vs ₹15L FY24), OOH ad sector entry

  • Allotted ₹750 Cr NCDs at 9.75% (1.01Y tenor, 1.0x cover), strong capital raise post rebrand; ESOPs (23.5L options) align employees

  • Repeated stake build in Caprihans (55.99% to 59.56%), warrant investment at ₹200 yielding equity upside

  • Adani Green (Board)(NEUTRAL-BULLISH)

    Q4/YE Mar'26 results + outlook call on Apr 24; trading window closed Apr1-26 signals clean earnings prep

  • Trading window closure Apr1 post-FY26 results; standard but aligns with group earnings momentum

Risk Flags(7)

  • 3 senior exits (CHRO, COO, CEO-RoW) effective Mar31'26 for 'personal reasons'; no Strategic Growth replacement named, potential execution risk

  • CGST penalties ₹2.79 Cr (Maharashtra ITC disallowance AY18) + ₹0.20 Cr (Haryana AY20); appeals planned but cash outflow risk

  • 6th COC meeting Mar30'26 on CIRP progress, no resolution yet (IRP Oct'25, RP Jan'26); NCLT Kolkata ongoing, liquidation risk high

  • 18.13% shares (106.5 Cr) pledged by HAL for $1.445B loan (JPM/Barclays); encumbrance from 0% to 18.13%, covenant breach potential

  • 23.5L ESOPs granted under 2013/2024 schemes; unquantified future dilution risk despite low materiality

  • Bilcare GCS (UK) liquidated (0.02% FY25 turnover), GBP196K proceeds pending; minor but forex/crediting delay

  • Kansai Nerolac (mixed sentiment)[MEDIUM RISK]

    ITC disallowances signal tax audit scrutiny, potential chained appeals drag on FY27 cash flows

Opportunities(8)

Sector Themes(6)

  • Adani Ecosystem Momentum(BULLISH CROSS-SECTOR)

    5/17 filings (Green, Ports, Ent); 951 MW add, SKYIWAVE acquire, window closures signal FY26 beat + capacity growth ~50% YoY implied

  • Trading Window Closures Pre-Earnings(NEUTRAL TIMING)

    4 companies (Adani Green/Ports/Ent, Jio Fin) from Apr1; standard but clusters Q4 FY26 results Apr24-26, potential sector volatility

  • Insolvency Stagnation(MIXED OPPORTUNITY)

    3/17 filings (Radhagobind CIRP 6th COC no resolution, Bilcare redemptions positive); distress assets like Caprihans yielding stake ups

  • Capital Raises & Incentives(BULLISH FINTECH)

    Sammaan (₹750 Cr NCDs + ESOPs), Bharti $1B equity; avg yield 9.75%, dilution low, signals NBFC/data center funding ease

  • Management Transitions

    Birlasoft 3 exits/2 internal promotes; mixed sentiment but quick replacements mitigate IT services churn risk

  • Auto Pledge Risks

    Ashok Leyland 18% encumbrance on $1.4B loan; contrasts TVS product strength, watch CV sector leverage

Watch List(8)

Filing Analyses(17)
TVS Motor Company LimitedCompany Updatepositivemateriality 6/10

30-03-2026

TVS Motor Company launched the All-New 2026 TVS Apache RTR 160 4V range, introducing Projector headlamp, All-LED lighting, and Assist & Slipper Clutch across all variants to enhance rider safety, visibility, and control, starting at ₹125,440 ex-showroom Delhi. The top variant includes TFT display and Traction Control, retaining class-leading 17.55 PS power, three ride modes (Sport, Urban, Rain), and TVS SmartXonnect technology. The broader TVS Apache RTR series starts at ₹112,190 ex-showroom Delhi, reinforcing its position as India's most powerful 160cc motorcycle.

  • ·Class-D projector headlamp with LED DRLs and all-LED lighting including turn signals now across variants
  • ·Assist & Slipper Clutch for smoother downshifts available across variants
  • ·Features radial tyres, hydroformed handlebar, and adjustable levers on select variants
  • ·Now available across all dealerships in India as of March 30, 2026
Adani Green Energy LimitedBoard Meetingneutralmateriality 5/10

30-03-2026

Adani Green Energy Limited intimated that a Board of Directors meeting will be held on April 24, 2026, to consider and approve the Audited Financial Results (Standalone and Consolidated) for the quarter and year ended March 31, 2026. The trading window for dealing in company securities will remain closed from April 1, 2026, until April 26, 2026 (48 hours after results are public). The company will conduct investor/analyst calls on April 24, 2026, to discuss the financial results and business outlook.

  • ·Scrip Code: 541450 (BSE), ADANIGREEN (NSE)
  • ·CIN: L40106GJ2015PLC082007
  • ·Registered Office: Adani Corporate House, Shantigram, Nr. Vaishno Devi Circle, S G Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India
Kansai Nerolac Paints LimitedCompany Updatemixedmateriality 4/10

30-03-2026

Kansai Nerolac Paints Limited disclosed two orders under Section 74 of the CGST Act, 2017: for AY 2017-18, the Commissioner Appeals II, CGST & Central Excise, Mumbai confirmed a penalty of ₹2,78,89,642 on disallowance of transitional Input Tax Credit in Maharashtra; for AY 2019-20, the Deputy Commissioner, CGST Division-West, Faridabad imposed a penalty of ₹20,49,698 on partial disallowance of Input Tax Credit in Haryana. The company plans to appeal both orders, stating no material impact on financials, operations, or other activities.

  • ·Orders received on March 30, 2026.
  • ·Company has relevant records/legal precedence and will appeal 2017-18 order to GST Tribunal.
  • ·Disclosures pursuant to Regulation 30 of SEBI LODR Regulations, 2015 and relevant SEBI circulars.
BIRLASOFT LIMITEDCompany Updatemixedmateriality 8/10

30-03-2026

Birlasoft Limited's Board of Directors, in a meeting on March 30, 2026, noted the resignations of three Senior Management Personnel—Ms. Priti Kataria (Chief Human Resources Officer), Mr. Selvakumaran Mannappan (Chief Operating Officer), and Mr. Manjunath Kygonahally (Chief Executive Officer – Rest of the World & Global Head - Strategic Growth Initiatives)—all effective close of business on March 31, 2026, due to personal reasons. The Board approved the appointments of Mr. Arun Rao as the new Chief Human Resources Officer and Mr. Vikram Puranik as the new Chief Operating Officer, both effective April 1, 2026; however, no replacement was announced for the Strategic Growth Initiatives role. All departing executives expressed thanks for management support in their resignation letters to CEO & MD Angan Guha.

  • ·Board meeting held on March 30, 2026, from 4:15 pm to 5:18 pm.
  • ·Arun Rao associated with the Company since 2020; prior roles include Chief People Officer at Birlasoft, India HR Head at DXC Technology, Chief Learning Officer at Deloitte USI.
  • ·Vikram Puranik's prior role: Senior Vice President – Engineering at GlobalLogic since 2021.
  • ·No relationships disclosed between new appointees and other directors.
  • ·Details disclosed per Regulation 30 of Listing Regulations and SEBI Circular dated July 13, 2023.
Bondada Engineering LimitedInsider Trading / Sastpositivemateriality 3/10

30-03-2026

Dr. Bondada Raghavendra Rao, a promoter of Bondada Engineering Limited, acquired 9,600 equity shares (0.009%) on the open market on 27.03.2026, marginally increasing his holding from 5,02,65,400 shares (45.043%) to 5,02,75,000 shares (45.052%). The company's total equity share capital remains unchanged at Rs. 22,31,86,970 divided into 11,15,93,485 equity shares of Rs. 2 each. This small acquisition reflects minor promoter buying with no reported encumbrances or other changes.

  • ·Disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  • ·Filing date: 30.03.2026
  • ·Mode of acquisition: Open Market
  • ·No shares encumbered, no warrants/convertible securities, no voting rights otherwise than by shares
Jio Financial Services LimitedInsider Trading / Sastneutralmateriality 3/10

30-03-2026

Jio Financial Services Limited (JFSL) has notified BSE and NSE of the closure of its trading window, commencing from April 1, 2026, pursuant to its code regulating trading by directors, promoters, designated persons, and connected persons. The closure will end 48 hours after the financial results for the financial year ending March 31, 2026, become generally available. This is a standard compliance measure with no financial impact disclosed.

  • ·Scrip Code: 543940
  • ·Trading Symbol: JIOFIN
  • ·CIN: L65990MH1999PLC120918
Sammaan Capital LimitedCompany Updateneutralmateriality 4/10

30-03-2026

Sammaan Capital Limited granted 23,50,058 Employees' Stock Options (ESOPs) to eligible employees under the Indiabulls Housing Finance Limited Employees Stock Option Scheme - 2013 and Sammaan Capital Limited - Employee Stock Benefit Scheme 2024. The disclosure was made via BSE on March 30, 2026. No additional details on exercise price, vesting period, dilution impact, or financial metrics are provided in the filing.

Bilcare Ltd.Insolvencypositivemateriality 6/10

30-03-2026

Bilcare Limited redeemed 31,50,000 0.1% Non-Cumulative, Non-Participating Redeemable Preference Shares of Caprihans India Limited on March 23, 2026, aggregating to ₹3.15 crore. The company converted 12,90,000 warrants into equity shares across allotments from March 20-25, 2026, increasing its shareholding in Caprihans India Limited from 55.99% to 59.56%. Additionally, the voluntary liquidation of wholly-owned subsidiary Bilcare GCS Limited (UK) was completed on March 18, 2026, with proceeds of GBP 195,781.83 pending credit; the subsidiary contributed only 0.02% to consolidated turnover in FY 2024-25.

  • ·Invested in 48,00,000 Convertible Warrants of Caprihans India Limited at ₹200 each.
  • ·Liquidation proceeds from Bilcare GCS Limited: GBP 195,781.83 pending credit.
  • ·Bilcare GCS Limited ceased to be a subsidiary; not material.
Bilcare Ltd.Insolvencypositivemateriality 4/10

30-03-2026

Bilcare Limited redeemed 31,50,000 0.1% Non-Cumulative, Non-Participating Redeemable Preference Shares of Caprihans India Limited (face value Rs.10 each) for ₹3.15 crore on March 23, 2026. The company converted 12,90,000 warrants into equity shares across March 20-25, 2026, increasing its stake in Caprihans from 55.99% (81,88,325 shares) to 59.56% (94,78,325 shares). Voluntary liquidation of non-material wholly owned subsidiary Bilcare GCS Limited (0.02% of consolidated turnover at ₹11.88 Lakh in FY 2024-25) was completed on March 18, 2026, with liquidation proceeds of GBP 195,781.83 pending credit.

  • ·Originally invested in 48,00,000 convertible warrants of Caprihans India Limited at ₹200 each.
  • ·Bilcare GCS Limited voluntary liquidation completed per laws of England & Wales; not a material subsidiary.
Adani Ports and Special Economic Zone LimitedInsider Trading / Sastneutralmateriality 2/10

30-03-2026

Adani Ports and Special Economic Zone Limited (APSEZL) has intimated BSE and NSE regarding the closure of the Trading Window for dealing in its securities, effective from April 1, 2026, until 48 hours after the announcement of the Audited Financial Results for the quarter and year ended March 31, 2026. This is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The notice was issued by Company Secretary Kamlesh Bhagia on March 30, 2026.

  • ·Scrip Codes: BSE - 532921, NSE - ADANIPORTS
  • ·CIN: L63090GJ1998PLC034182
  • ·Ref No: APSEZL/SECT/2025-26/156
Adani Enterprises LimitedCompany Updatepositivemateriality 4/10

30-03-2026

Adani Airport Holdings Limited (AAHL), a wholly owned subsidiary of Adani Enterprises Limited, completed the acquisition of 100% equity shares in SKYIWAVE Private Limited for INR 3 crore on March 30, 2026, via cash consideration, gaining operational control in the Out of Home (OOH) advertising sector. SKYIWAVE, with paid-up capital of INR 50,00,000/-, reported turnover of Rs. 16.51 lakhs in FY25, up from Rs. 15.00 lakhs in FY24 but down from Rs. 17.64 lakhs in FY23. No related party transactions or regulatory approvals were required.

  • ·SKYIWAVE incorporated on January 22, 2016, in Ahmedabad, Gujarat.
  • ·No governmental or regulatory approvals required for the acquisition.
  • ·Acquisition not a related party transaction; conducted at arm's length.
  • ·Information received by Adani Enterprises on March 30, 2026 at 07:21 PM.
Bharti Airtel LimitedCompany Updatepositivemateriality 9/10

30-03-2026

Bharti Airtel announced a US$1 billion investment in its subsidiary Nxtra Data Limited, led by Alpha Wave Global (US$435 million), Carlyle (US$240 million), and Anchorage Capital (US$35 million), with Airtel participating via ~US$290 million cash infusion. Post-closing, Nxtra will be valued at around US$3.1 billion, with Airtel retaining a controlling stake (currently 75.96%) to fund AI-data center expansion from ~300 MW to 1 GW capacity. The move aligns with India's data center market expected to grow at 21% CAGR to 3,400 MW IT capacity by 2030.

  • ·Nxtra operates facilities including a state-of-the-art site in Pune and developing AI-ready campuses in Chennai, Mumbai, and Kolkata.
  • ·Deal subject to regulatory approvals in India; completion within agreed timelines.
  • ·Special Committee of Directors approved the investment on March 30, 2026 (1715-1815 IST).
  • ·Transaction is a related party transaction on arm's length terms.
Adani Green Energy LimitedCompany Updatepositivemateriality 9/10

30-03-2026

Adani Green Energy Limited has commercially operationalized an aggregate 951 MW of power projects through its stepdown subsidiaries at Baiya, Rajasthan (251 MW) and Khavda, Gujarat (700 MW). This brings AGEL’s total operational renewable generation capacity to 18,933.3 MW. The decision was taken at 9.58 p.m. on March 29, 2026, with power generation commencing on March 30, 2026.

  • ·Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
  • ·Operationalization via stepdown subsidiaries listed in Annexure A
  • ·Scrip Codes: 541450 (BSE), ADANIGREEN (NSE)
Radhagobind Commercial LimitedInsolvencynegativemateriality 9/10

30-03-2026

Radhagobind Commercial Limited (CIN: L51909WB1981PLC033680) has intimated the scheduling of its 6th Committee of Creditors (COC) meeting on March 30, 2026, at 4:00 PM, at Baithussalam, Kannur, Kerala, and via video conferencing, chaired by Resolution Professional Adv. Najeeb T P. The agenda covers progress on the Corporate Insolvency Resolution Process (CIRP), actions taken by the IRP, revision of resolution plans, and other related matters. This follows NCLT Kolkata Bench appointments of IRP on October 30, 2025, and RP on January 27, 2026, indicating ongoing insolvency proceedings with no resolution yet achieved.

  • ·NCLT orders: CP (IB)/71/KB/2025 dated 30.10.2025 (IRP appointment); IA (I.B.C)/90(KB)2026 dated 27-01-2026 (RP appointment).
  • ·Meeting venue: Baithussalam, Balankinar, Kattampally Road, Near Indus Motors Maruthi Service Centre, Kannur 670011, Kerala.
  • ·Contact: najetpip@gmail.com, radhagobindcirp2025@gmail.com, Mob: 91-9846603236.
  • ·Scrip Codes: BSE 030070, CSE 539673.
Adani Enterprises LimitedInsider Trading / Sastneutralmateriality 3/10

30-03-2026

Adani Enterprises Limited informed BSE and NSE that the Trading Window for dealing in its securities will remain closed from April 1, 2026, until 48 hours after the announcement of the Audited Financial Results for the quarter and year ended March 31, 2026, pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015. This is a standard compliance measure to prevent insider trading ahead of financial results disclosure. The notice was issued by Jatin Jalundhwala, Company Secretary & Joint President (Legal).

  • ·Scrip Code: 512599 (BSE), ADANIENT (NSE)
  • ·CIN: L51100GJ1993PLC019067
  • ·Filing Date: March 30, 2026
Sammaan Capital LimitedCompany Updatepositivemateriality 8/10

30-03-2026

Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited) allotted 75,000 secured, rated, listed, taxable, redeemable, fully paid-up non-convertible debentures (NCDs) of face value INR 1,00,000 each, aggregating to INR 750 Crore, on a private placement basis on March 30, 2026. The NCDs carry a fixed coupon rate of 9.75% p.a. payable annually, have a re-issuance tenor of 1.01 years (369 days), and mature on April 03, 2027, with a minimum asset/security cover of 1.0 times the principal and interest. They are secured by hypothecation on present and future assets (excluding certain high-quality liquid assets) on a pari-passu basis.

  • ·ISIN: INE148I07SY1 (Permanent), IN8148I07059 (Temporary)
  • ·Allotment authorized by Board on September 3, 2025, and Securities Issuance and Investment Committee on March 24, 2026
  • ·Illustrative cash flows per NCD: ₹100615.2384 on March 30, 2026; ₹109723.2900 (Principal + Accrued Interest) on April 03, 2027
  • ·Security excludes 'Excluded Assets' (unencumbered High Quality Liquid Assets per RBI LRM Framework)
Ashok Leyland LimitedInsider Trading / Sastneutralmateriality 9/10

30-03-2026

Catalyst Trusteeship Limited disclosed under SEBI SAST Regulations the creation of encumbrance (pledge) over 1,06,50,00,000 equity shares (18.13% of total share/voting capital) of Ashok Leyland Limited held by HAL, moving from NIL prior encumbrance to 18.13% post-creation. This pledge serves as security for a USD 1,445,000,000 term loan facility availed by co-borrowers QHH, IIHL, IndusInd Limited, and HAL from lenders including J.P. Morgan, Barclays, Citibank, and Deutsche Bank, via a margin loan agreement dated 27 March 2026. No change in voting rights or other holdings.

  • ·Pledge recorded in depository system pursuant to share pledge agreement dated 27 March 2026 between HAL and Onshore Security Agent.
  • ·Acquirer (Catalyst Trusteeship Limited) does not belong to Promoter/Promoter group.
  • ·Mode of acquisition: Creation of encumbrance.

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India NCLT Insolvency Resolution Filings — March 30, 2026 | Gunpowder Blog