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India NCLT Insolvency Resolution Filings — April 29, 2026

India Corporate Insolvency & NCLT

5 high priority4 medium priority9 total filings analysed

Executive Summary

Across the 9 filings in the India Corporate Insolvency & NCLT stream, key themes include ongoing insolvency proceedings (e.g., multiple CoC meetings in CMI and Sab Events), resolution completions (Indosolar), and non-insolvency positive corporate actions like L&T's subsidiary divestment for ₹1,461 cr and Bondada's ₹125 cr orders from Adani entities. Adani Power reported strong subsidiary performance with Q4 revenues of ₹5,778 cr (outpacing FY ₹1,844 cr) and net profits ₹1,055 cr (vs FY ₹1,014 cr), signaling robust power sector health despite no YoY/QoQ comparisons available. Insolvency-related filings dominate with neutral/negative sentiment in 5/9 cases, highlighting prolonged processes (e.g., CMI's 43rd CoC), while positive divestments and orders suggest capital unlocking and growth in infra/power. No insider trading activity noted across filings, but capital allocation trends favor divestments (L&T) and order wins (Bondada cumulative 725 MW executed for Adani). Forward-looking catalysts cluster in May-June 2026 (earnings calls, AGMs, deal closes), with low open offer uptake in Sammaan (0.01%) indicating shareholder skepticism. Portfolio-level, insolvency drags persist but power/infra outliers shine; monitor NCLT outcomes for resolution accelerations.

Tracking the trend? Catch up on the prior India NCLT Insolvency Resolution Filings digest from April 22, 2026.

Investment Signals(12)

  • Divested entire stake in L&T Metro Rail (Hyderabad) for ₹1,461 cr, releasing corporate guarantee; subsidiary was marginal (0.43% cons rev ₹1,100 cr, 0.83% net worth ₹807 cr), streamlining balance sheet

  • Secured ₹125 cr orders for 75 MW solar BOS from Adani Green/Ports/Ambuja, boosting orderbook; cumulative Adani execution now 725 MW, 3-month execution timeline

  • Q4 subsidiary revenues ₹5,778 cr > FY ₹1,844 cr, net profit ₹1,055 cr > FY ₹1,014 cr; unmodified audit opinion, total sub assets ₹26,446 cr supports strong financials

  • Completed NCLT-approved (Apr 2022) fractional share sale disbursement via MUFG Intime, full IBC/Companies Act/SEBI compliance; marks resolution plan closure

  • Re-appointed MD Anil Sardana (effective Jul 11, 2026), no SEBI debarments; new internal auditor BDO amid restructuring signals governance continuity

  • Open offer tenders only 40,535 shares (0.01% of 34 cr offer size) as of Apr 28, per escrow; low uptake vs 26% target post-Avenir/IHC acquisition

  • CMI Ltd(BEARISH)

    Scheduled 43rd CoC meeting Apr 29, 2026, indicating prolonged insolvency (high meeting count outlier vs Sab's 5th); no agenda/outcomes disclosed

  • 5th CoC in PPIRP took on record RA eligibility affidavit/legal opinion per NCLT Apr 21 directions; ongoing process delays resolution

  • Birlasoft(NEUTRAL)

    Q4FY26 earnings call rescheduled to May 6, 6pm IST (from 5:30pm); no financial previews, neutral but minor delay in visibility

  • Deal close expected by Jun 30, 2026, with debt refinance releasing L&T guarantee; not RPT, positive capital allocation shift

  • Orders from unrelated Adani entities (no promoter/group interest), reinforcing execution strength at 725 MW cumulative

  • 30th AGM approved Jun 25, 2026; no material deviations in NCD proceeds utilization

Risk Flags(10)

  • 43rd CoC meeting (Apr 29, 2026) signals deeply prolonged process (outlier vs Sab's 5th CoC), potential for extended resolution delays

  • 5th CoC records RA eligibility per NCLT Apr 21, but ongoing affidavits/legal opinions indicate scrutiny/uncertainties in resolution applicant

  • Minimal tenders (0.01% or 40k shares of 341m target) suggest low public shareholder interest/conviction post-Avenir/IHC offer

  • Fractional share disbursement complete Apr 28, 2026 (4 years post-NCLT 2022), highlights execution lags in IBC processes

  • Q4FY26 call rescheduled (May 6, 6pm IST), minor delay but watch for any undisclosed issues in CK Birla Group IT firm

  • No CoC agenda/outcomes in 43rd meeting intimation, opacity in ongoing insolvency raises creditor/management tension risks

  • Disclosure per SEBI LODR 30/Sch III 16(g) follows Apr 28 prior intimation, but repeated CoC steps signal potential RA hurdles

  • Switched internal auditor to BDO from Harish Sharma due to restructuring; monitor for any underlying control issues

  • SPA executed Apr 29, close by Jun 30, 2026; dependency on Telangana govt/Hyderabad Metro refinance for guarantee release

  • ₹125 cr orders from Adani group entities (cumulative 725 MW), counterparty risk if Adani delays payments

Opportunities(10)

  • Unlock ₹1,461 cr cash from marginal sub (0.43% rev contrib), guarantee release by Jun 30 boosts balance sheet flexibility

  • ₹125 cr solar BOS for 75 MW (3-month exec), scales Adani ties to 725 MW; renewable infra alpha vs sector peers

  • Sub Q4 rev ₹5,778 cr, profit ₹1,055 cr outperform FY; undervalued power play with clean audit/AGM Jun 25

  • NCLT 2022 plan fully executed (fractional sales disbursed Apr 28), potential re-rating post-IBC cleanup

  • MD re-appointment Jul 11, 2026 signals stability; pair with strong sub assets ₹26k cr for long power exposure

  • Low 0.01% tenders leave room for higher acceptance if validated; monitor escrow for Avenir/IHC control premium

  • 5th CoC on eligibility (per NCLT Apr 21) could fast-track PPIRP resolution, turnaround potential if RA clears

  • Rescheduled Q4FY26 call May 6 with mgmt Q&A/playback to May 8; digital transform focus (Cloud/AI) in CK Birla

  • 43rd meeting Apr 29 outcomes could signal resolution progress despite length, contrarian IBC recovery play

  • No RPT in Adani orders reinforces execution creds; relative outperformance vs insolvency peers

Sector Themes(6)

  • Prolonged Insolvency Processes

    3/9 filings (CMI 43rd CoC, Sab 5th CoC, Indosolar 4-yr lag) show extended IBC timelines, avg >20 CoC meetings outlier risk vs norms; implications: delayed resolutions pressure valuations

  • Power/Infrastructure Strength(BULLISH SECTOR)

    Adani Power subs Q4 rev ₹5,778 cr > FY ₹1,844 cr, Bondada 725 MW cumulative; 3/9 positive filings cluster here, outperforming insolvency drags

  • Capital Unlocking via Divestments

    L&T ₹1,461 cr sale (marginal 0.43% rev sub), no RPT; trend of guarantee releases aids D/E ratios vs reinvestment in insolvent peers

  • Low Shareholder Participation

    Sammaan 0.01% open offer tenders; signals conviction gap in acquisition plays amid NCLT context, watch for validation spikes

  • Neutral Resolution Progress

    4/9 neutral sentiment in insolvency (Indosolar complete, Sab/CMI ongoing); mixed CoC activity but compliance-heavy disclosures limit downside

  • Upcoming Catalysts Cluster

    Earnings (Birlasoft May 6), AGMs (Adani Jun 25), closes (L&T Jun 30); 5 events in 2 months heighten volatility in power/IT/IBC names

Watch List(8)

Filing Analyses(9)
Sammaan Capital LimitedCompany Updateneutralmateriality 4/10

29-04-2026

Avenir Investment RSC Ltd (Acquirer) along with IHC Capital Holding LLC (PAC) has updated on the open offer for acquisition of up to 34,17,54,286 equity shares of face value INR 2 each, representing 26.05% of the expanded voting share capital of Sammaan Capital Limited. As per the escrow demat account statement received on April 28, 2026, 40,535 equity shares (0.01% of the offer size) have been tendered by public shareholders, of which 40,245 were tendered on April 28, 2026. These tenders are subject to validation, verification, and acceptance in accordance with SEBI (SAST) Regulations and the Letter of Offer dated April 03, 2026.

  • ·Escrow Demat Account: MIIPL SAMMAAN CAPITAL LTD OPEN OFFER ESCROW DEMAT ACCOUNT with Ventura Securities Limited (DP ID: IN303116, Client ID: 15728188, PAN: AABCI3612A)
  • ·Disclosure based on Letter of Offer dated April 03, 2026, and Addendum dated April 09, 2026
BIRLASOFT LIMITEDCompany Updateneutralmateriality 3/10

29-04-2026

Birlasoft Limited has rescheduled its Q4FY26 Earnings Conference Call from 5:30 pm IST to 6:00 pm IST on May 6, 2026, to discuss financial results for the quarter and fiscal year ended March 31, 2026. The call will feature management comments followed by a Q&A session and will be recorded with playback available until May 8, 2026. Birlasoft, part of the CKA Birla Group, employs over 11,000 professionals focused on digital transformation in Cloud, AI, Data, and enterprise solutions.

  • ·Dial-in numbers provided: India +91 22 6280 1179, Universal +91 22 7115 8840, toll-free options for multiple countries.
  • ·Playback dial-in: India (+91 22 71945757), code 29386#, available May 6-8, 2026.
  • ·Investor contact: abhinandan.singh@birlasoft.com
Larsen & Toubro LimitedCompany Updatepositivemateriality 4/10

29-04-2026

Larsen & Toubro Limited has executed a Share Purchase Agreement to dispose of its entire shareholding in subsidiary L&T Metro Rail (Hyderabad) Limited to Hyderabad Metro Rail Limited (a Government of Telangana Enterprise) for a consideration of ₹1,461.47 crores. The subsidiary contributed marginally to the company's performance in FY25, with revenue of ₹1,100.13 crores (0.43% of consolidated revenue) and net worth of ₹807.49 crores (0.83% of consolidated net worth). The transaction is expected to close by June 30, 2026, after which the subsidiary will cease to be part of L&T, and the company's corporate guarantee on its debt will be released.

  • ·Share Purchase Agreement executed on April 29, 2026
  • ·Transaction not a related party transaction
  • ·Upon closing, Hyderabad Metro Rail Limited to refinance LTMRHL debt, releasing L&T's Corporate Guarantee and Letter of Comfort
  • ·L&T has no identifiable promoter
Indosolar LtdInsolvencyneutralmateriality 4/10

29-04-2026

Indosolar Limited completed the disbursement of net proceeds from the sale of fractional share entitlements arising from the share capital reduction under the NCLT-approved Resolution Plan dated April 21, 2022. The fractional shares were consolidated and sold in the open market by Trustee M/s MUFG Intime Private Limited on behalf of eligible shareholders, with proceeds communicated via email on April 28, 2026. The process fully complies with the Insolvency and Bankruptcy Code, 2016, Companies Act, 2013, and SEBI regulations.

  • ·NCLT Order date: April 21, 2022
  • ·Event occurrence: April 28, 2026, 19:48 hrs
  • ·ISIN: INE866K01023
  • ·Script Code: 533257 (BSE), Company Symbol: WAAREEINDO (NSE)
Sab Events & Governance Now Media LimitedInsolvencyneutralmateriality 9/10

29-04-2026

SAB Events & Governance Now Media Limited informed stock exchanges about the outcome of the 5th Committee of Creditors (CoC) meeting under the ongoing Pre-Packaged Insolvency Resolution Process (PPIRP), where the CoC considered and took on record the Affidavit and Legal Opinion on the eligibility of the Resolution Applicant submitted to the NCLT. This follows NCLT directions dated April 21, 2026, and a prior intimation on April 28, 2026. The disclosure complies with SEBI LODR Regulations 30 and Schedule III Para 16(g).

Bondada Engineering LimitedCompany Updatepositivemateriality 8/10

29-04-2026

Bondada Engineering Limited has secured multiple orders aggregating to ₹125.30 Cr for the supply of goods and onsite services of Balance of System (BOS) components for a 75 MW solar power project at Khavda, Kutch, Gujarat, from Adani Green Energy Ltd, Adani Ports & SEZ Ltd, and Ambuja Cements Ltd. This development strengthens the company's order book in renewable energy infrastructure and brings its cumulative capacity executed for the Adani Group to 725 MW. The orders are to be executed within 3 months from receipt and involve no promoter group interest or related party transactions.

  • ·Orders awarded by domestic entities.
  • ·No interest by promoter/promoter group or group companies in the awarding entities.
  • ·Orders do not fall within related party transactions.
  • ·Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015.
CMI LtdInsolvencynegativemateriality 9/10

29-04-2026

CMI Limited, the Corporate Debtor under insolvency proceedings, has announced the scheduling of its 43rd Committee of Creditors (CoC) Meeting on April 29, 2026, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation complies with sub-clause 16(g) of Clause A of Part A of Schedule III of the Listing Regulations. No details on the meeting agenda or outcomes were disclosed.

  • ·BSE Scrip Code: 517330
  • ·NSE Scrip Code: CMICABLES
  • ·Meeting scheduled for Wednesday, 29th April, 2026
Adani Power LimitedResultpositivemateriality 10/10

29-04-2026

Adani Power Limited's Board approved the audited standalone and consolidated financial results for the quarter and FY ended March 31, 2026, receiving an unmodified opinion from S R B C & Co. LLP; the 17 subsidiaries included total assets of ₹26,446.39 Cr, with revenues of ₹5,778.11 Cr (Q4) versus ₹1,843.52 Cr (FY) and net profits of ₹1,054.91 Cr (Q4) versus ₹1,014.20 Cr (FY). The Board re-appointed Mr. Anil Sardana as Managing Director for 1 year effective July 11, 2026, appointed BDO India Services Private Limited as new Internal Auditor replacing Harish Sharma due to restructuring, and approved convening the 30th AGM on June 25, 2026.

  • ·Board meeting commenced at 12:30 p.m. and concluded at 15:20 p.m. on April 29, 2026
  • ·Mr. Anil Sardana affirmed not debarred from holding office of Director by SEBI or other authority
  • ·Internal auditor change due to organizational restructuring
  • ·Enclosed utilization statement for issue proceeds of Non-Convertible Securities with no material deviations noted
Adani Power LimitedBoard Meetingpositivemateriality 10/10

29-04-2026

Adani Power Limited's Board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with an unmodified opinion from Statutory Auditors M/s. S R B C & Co. LLP; the consolidated results incorporate seventeen subsidiaries with total assets of ₹26,446.39 Cr, revenues of ₹5,778.11 Cr (quarter) and ₹1,843.52 Cr (year), and net profit after tax of ₹1,054.91 Cr (quarter) and ₹1,014.20 Cr (year). The Board re-appointed Mr. Anil Sardana as Managing Director for one year effective July 11, 2026, appointed M/s. BDO India Services Private Limited as new Internal Auditor, and approved the 30th AGM on June 25, 2026. No material deviations noted in utilization of non-convertible securities proceeds.

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