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India NCLT Insolvency Resolution Filings — March 12, 2026

India Corporate Insolvency & NCLT

4 high priority9 medium priority13 total filings analysed

Executive Summary

Across the 13 filings in the India Corporate Insolvency & NCLT stream, a dominant theme is progress in insolvency and restructuring proceedings, with 4 high-materiality updates (Scan Projects merger petition, Punj Lloyd preferential issuance to Adani, Accel NCLT-approved amalgamation, AGS Transact CoC meeting) signaling resolution advancements amid CIRP distress. Non-insolvency filings highlight debt management (Adani Ports tender accepting $199.57M notes, short of caps), capacity expansions (Infosys Mohali to 3,000 seats from 1,000), and product launches (TVS Orbiter EV at ₹49,999 with BaaS), with neutral/mixed sentiments prevailing (8/13 neutral/mixed). No explicit aggregate YoY/QoQ financial trends available, but qualitative period comparisons show insolvency timelines accelerating (e.g., Punj Lloyd post-Feb 2026 NCLT orders, Accel effective from Apr 2024). Critical developments include Adani's limited tender uptake indicating cautious debt reduction, and positive synergies in Accel merger; market implications favor turnaround plays in insolvency names but flag prolonged CIRP risks like AGS. Portfolio-level pattern: 3/7 insolvency-related filings (new+context) show NCLT/CoC momentum, contrasting routine IR in healthy firms (Airtel, Maruti).

Tracking the trend? Catch up on the prior India NCLT Insolvency Resolution Filings digest from March 11, 2026.

Investment Signals(12)

  • Cash tender accepted $102M 2027 notes (early $101.6M) + $97.5M 2031 notes (early $95.4M), partial debt reduction under capex plan vs prior intimations (May 2025-Feb 2026), mixed sentiment

  • Joint NCLT Chandigarh petition for merger with Chandrapur Industry (board approvals Sep 2025), high materiality advancement in restructuring

  • Punj Lloyd(BULLISH)

    Board approved 5L shares at ₹2 (₹10L total, 95% to Adani Infra) post-NCLT orders Feb 12/17 2026 and board reconstitution Mar 10, advancing Adani resolution plan in CIRP

  • Accel Limited(BULLISH)

    NCLT Chennai approved amalgamation (effective Apr 1 2024), 1:2 share swap adding ₹19.2L capital, synergies in media/education/144k subscribers, positive sentiment

  • Infosys(BULLISH)

    Mohali center expansion to 350k sq ft/3k seats (from 1k), sustainable features for AI/BFSI/Retail/Healthcare, attended by Punjab CM

  • TVS Motor(BULLISH)

    Launched Orbiter V1 EV (86km IDC range, ₹49,999 with BaaS vs ₹84.5k), BaaS at ₹862/mth +5yr warranty across EV portfolio

  • Transferred 58,172 ESOP shares to 64 grantees (top: Amit Sinha 16,297), signaling employee alignment post-listing undertakings

  • Customer Day engaged 20k employees, innovations in spam/AI/app for 600M customers, reinforces culture

  • Adani Ports(NEUTRAL-BULLISH)

    Tender expiration Mar 11 with final settlement Mar 16, limited late tenders ($0.5M+$2.1M) vs max caps but supports leverage reduction

  • Accel Limited(BULLISH)

    No declines in approval process, leverages group resources for Accel TV growth

  • TVS Motor(BULLISH)

    Orbiter V1 specs outperform accessibility (34L storage, 2hr20m charge) vs prior EV lineup

  • Punj Lloyd(BULLISH)

    Discharge of suspended board Mar 10 enables resolution implementation

Risk Flags(8)

  • 8th CoC meeting Mar 13 via VC amid ongoing CIRP, no resolution updates, negative sentiment/high distress

  • Limited uptake ($199.6M accepted vs max $495M), short of early/late targets post Feb 25 deadline

  • Punj Lloyd/Insolvency[HIGH RISK]

    Preferential dilution (5L shares ₹10L) in CIRP context as corporate debtor, mixed sentiment despite Adani involvement

  • Merger petition filed Mar 11 (case 0404116/00574/2026), no financials disclosed, neutral but restructuring uncertainty

  • DoT penalty ₹2.02L for Jan 2026 CAF violations, paid without contest though immaterial

  • Deemed RP Brijendra Mishra discloses ongoing process, 8th CoC signals prolonged resolution

  • Punj Lloyd/Share Dilution[MEDIUM RISK]

    4.75L shares to Adani +0.25L to Dincum, face value ₹2 in insolvency-driven issuance

  • Fell well short of max acceptance after early Feb 24 deadline

Opportunities(10)

  • Punj Lloyd/Adani Resolution(OPPORTUNITY)

    Preferential to Adani Infra post-NCLT Feb 2026 orders, unlocks acquisition value in CIRP turnaround

  • Accel Limited/NCLT Merger(OPPORTUNITY)

    Approved scheme synergies (media/Accel Academy/TV 144k subs), 1:2 swap + capital add from Apr 2024

  • NCLT Chandigarh petition with Chandrapur, potential operational integration post Sep 2025 approvals

  • Orbiter V1 at ₹49,999 (PM e-Drive), flexi ₹862/mth expands accessible EV market share

  • 3x capacity to 3k seats, AI/sustainable focus in BFSI/Retail/Healthcare vs current 1k

  • $199.6M notes tendered supports cap mgmt, settlement Mar 16 catalyst

  • 58k shares to key execs (e.g., Sinha 16k), indicates internal conviction

  • Jefferies Hong Kong Mar 17-18 + Elara Gurugram Mar 19, no UPSI but engagement upside

  • Lonad Mega Gateway tour Apr 8, operational insights

  • BaaS rollout across lineup, 86km range + connectivity edge

Sector Themes(6)

  • Insolvency Resolution Momentum

    4/13 filings (Scan, Punj Lloyd, Accel, AGS) show NCLT petitions/approvals/preferential/CoC; 3 positive/mixed vs 1 negative, implying accelerating IBC timelines post-2025 approvals [IMPLICATION: Turnaround alpha in CIRP names]

  • NCLT Activity Surge

    Benches active (Chandigarh Mar 11 petition, Chennai Mar 10 approval, Delhi Punj Lloyd Feb orders); new filings 2/6 insolvency-focused [IMPLICATION: Monitor for resolution plans unlocking distressed assets]

  • Debt/Capital Restructuring

    Adani tender $199M + Punj Lloyd ₹10L issuance; partial success/mixed sentiment, no YoY leverage trends but cap mgmt focus [IMPLICATION: Cautious deleveraging in infra/energy]

  • Investor/Customer Engagement

    5/13 filings (Airtel x3, Delhivery, Maruti, Infosys event); conferences/visits Mar-Apr, neutral but high frequency [IMPLICATION: Pre-earnings catalysts for healthy firms]

  • EV/Media Synergies

    TVS EV launch + Accel media merger; positive sentiments, capacity/ subscriber growth without metrics [IMPLICATION: Sector tailwinds in electrification/content consolidation]

  • Regulatory/Minor Penalties

    Airtel DoT fine immaterial, no ops impact; contrasts insolvency risks [IMPLICATION: Resilient ops in telecom amid compliance]

Watch List(8)

Filing Analyses(13)
Adani Ports and Special Economic Zone LimitedCompany Updatemixedmateriality 8/10

12-03-2026

Adani Ports and Special Economic Zone Limited announced the final results of its cash tender offers, accepting US$102,084,000 aggregate principal of 4.0% Senior Notes due 2027 (including US$101,584,000 early and US$500,000 late tenders, out of maximum US$345,137,000) and US$97,490,000 of 3.10% Senior Notes due 2031 (US$95,360,000 early and US$2,130,000 late, out of maximum US$150,000,000). While this partially reduces outstanding debt under its capital management plan, the tenders saw limited additional uptake after the early deadline, falling well short of the maximum acceptance amounts. Final settlement is expected on or about March 16, 2026.

  • ·Early Tender Date: February 24, 2026 (5:00 p.m. New York time)
  • ·Expiration Date: March 11, 2026 (5:00 p.m. New York time)
  • ·Previous intimations dated May 28, 2025; May 31, 2025; February 10, 2026; February 25, 2026
  • ·Transaction website: https://projects.sodali.com/adaniports
Scan Projects LtdInsolvencyneutralmateriality 9/10

12-03-2026

Scan Projects Limited (transferee company) has filed a joint company petition with the Hon’ble NCLT Chandigarh for a scheme of merger with Chandrapur Industry Private Limited (transferor company), following board approval by both companies on September 18, 2025. The application was uploaded on March 11, 2026, with case number 0404116/00574/2026, as intimated under Regulation 30 of SEBI LODR. No financial details or performance metrics were disclosed in the filing.

  • ·CIN: L29253HR1992PLC031576
  • ·Scrip Code: 531797, Scrip Id: SCANPRO
  • ·NCLT Bench: Chandigarh
  • ·Regd. Office: Vill. Kanjnu, Tehsil Radaur, Yamuna Nagar – 135133, Haryana
Mahindra & Mahindra LimitedCompany Updateneutralmateriality 3/10

12-03-2026

Mahindra & Mahindra Limited transferred 58,172 equity shares from its Employees’ Stock Option Trust to 64 stock option grantees on March 12, 2026, pursuant to the exercise of stock options under the company’s Employees’ Stock Option Scheme. This disclosure complies with undertakings given to stock exchanges at the time of listing. No financial impact or performance metrics are reported.

  • ·Top recipients include Amit Kumar Sinha (16,297 shares), Rajeshwar Tripathi (3,208 shares), Senthur Pandian K (2,991 shares), Shriprakash Shukla (3,000 shares), and Vinod Sahay (2,000 shares).
  • ·Smallest allotments were 50 shares to multiple grantees including Sudhir Sathe, Sanjay Mate, and others.
Bharti Airtel LimitedCompany Updateneutralmateriality 3/10

12-03-2026

Bharti Airtel Limited disclosed under Regulation 30 of SEBI Listing Regulations its participation in upcoming investor conferences: Jefferies Asia Forum (group/one-on-one meetings) in Hong Kong on March 17-18, 2026, and a group meeting organized by Elara Capital in Gurugram on March 19, 2026. No unpublished price-sensitive information will be shared during these meetings. The schedule is subject to change due to exigencies.

  • ·Disclosure filed with NSE (Symbol: BHARTIARTL/AIRTELPP) and BSE (Scrip Code: 532454/890157).
  • ·Company notes: No UPSI to be disclosed; schedule subject to change.
UnknownInsolvencymixedmateriality 9/10

12-03-2026

Punj Lloyd Ltd's board approved a preferential issuance of 5 lakh equity shares at ₹2 each, totaling ₹10 lakh, with 4.75 lakh shares to Adani Infra (India) Limited and 0.25 lakh to Dincum Growth Fund Mauritius, to implement Adani's acquisition plan following NCLT orders dated February 12 and 17, 2026, amid the company's insolvency proceedings as corporate debtor. This comes after the discharge of the suspended board and reconstitution on March 10, 2026. While advancing the resolution process positively, the context remains insolvency-driven with no operational performance metrics disclosed.

  • ·Scrip Code: 532693 / PUNJLLOYD
  • ·Face value per share: ₹2
  • ·CIN: L74899DL1988PLC033314
  • ·Registered Office: 17-18 Nehru Place, New Delhi 110019
  • ·NCLT Orders dated: February 12, 2026 and February 17, 2026
  • ·Prior intimations: February 12, 2026; February 13, 2026; March 10, 2026
UnknownInsolvencypositivemateriality 9/10

12-03-2026

The Hon'ble National Company Law Tribunal (NCLT), Chennai Bench, approved the Scheme of Amalgamation of Accel Media Ventures Limited (Transferor Company) with Accel Limited (Transferee Company) on March 10, 2026, with the order received on March 12, 2026; the scheme takes effect from the appointed date of April 1, 2024, upon filing with ROC. Under the scheme, shareholders of the Transferor (excluding Transferee) receive 1 equity share of Accel Limited (FV ₹2) for every 2 shares (FV ₹10) held, with ₹19.20 L authorized capital added to Accel Limited. The merger aims to achieve synergies by combining media content, Accel Academy education, and Accel TV (144,000+ subscribers), leveraging group resources without any reported declines or challenges in the approval process.

  • ·BSE Scrip Code: 517494 (Accel Limited)
  • ·Transferor CIN: U74999TN1987PLC014976; Transferee CIN: L30007TN1986PLC100219
  • ·Board resolutions dated June 24-25, 2024
  • ·First motion orders dated June 27, 2025; notices published September 25-October 1, 2025
  • ·Regional Director issued 'No Objection' on October 13, 2025
AGS Transact Technologies LimitedInsolvencynegativemateriality 9/10

12-03-2026

AGS Transact Technologies Limited, currently under Corporate Insolvency Resolution Process (CIRP), has disclosed under Regulation 30 of SEBI LODR that the 8th meeting of its Committee of Creditors is scheduled for March 13, 2026, at 3:00 PM via video conferencing. The disclosure was filed on March 12, 2026, by Deemed Resolution Professional Brijendra Kumar Mishra. This ongoing insolvency process highlights material financial distress with no resolution updates provided.

  • ·BSE Scrip Code: 543451
  • ·NSE Scrip Symbol: AGSTRA
  • ·IBBI Registration No: IBBI/IPA-002/IP-N00109/2017-2018/10257
  • ·AFA Details: AA2/10257/02/311226/204257 (Valid till 31.12.2026)
  • ·Process Email ID: agscirp@gmail.com
Infosys LimitedCompany Updatepositivemateriality 7/10

12-03-2026

Infosys announced the expansion of its Mohali Development Center with a new 350,000 sq. ft. Software Development Block and supporting facilities, designed to seat about 3,000 employees, expanding from the current nearly 1,000 employees serving sectors like BFSI, Retail, and Healthcare. The groundbreaking ceremony on March 12, 2026, was attended by Punjab Chief Minister S. Bhagwant Singh Mann, Cabinet Minister Shri. Sanjeev Arora, and Infosys executives including CFO Jayesh Sanghrajka. The campus features sustainable elements like energy-efficient lighting, 100% wastewater recycling, and smart building technologies to support AI-led solutions and regional economic growth.

  • ·Campus sustainability features: high-efficiency daylit interiors, intelligent LED lighting with sensors, radiant cooling/heating, 100% wastewater recycling via Membrane Bioreactor, extensive green landscaping, and smart building technologies.
  • ·Current Mohali operations focus on Banking, Financial Services and Insurance (BFSI), Retail, and Healthcare sectors.
  • ·Global operations: clients in 63 countries, over four decades of experience.
Bharti Airtel LimitedCompany Updateneutralmateriality 1/10

12-03-2026

Bharti Airtel Limited disclosed a notice from the Department of Telecommunications, Karnataka LSA (DoT), imposing a penalty of ₹2.02L for alleged violations of subscriber verification norms identified in a January 2026 Customer Application Form (CAF) Audit. The company has chosen not to contest the penalty and will pay it, limiting the financial impact to the penalty amount itself with no material effect on operations. No other financial or operational disruptions were reported.

  • ·Notice received on March 11, 2026 at 16:45 IST
  • ·DoT conducted sample CAF Audit for January 2026
  • ·Disclosure under Regulation 30 of SEBI Listing Regulations
TVS Motor Company LimitedCompany Updatepositivemateriality 8/10

12-03-2026

TVS Motor Company launched the TVS Orbiter V1 electric scooter with a 1.8 kWh battery, the most accessible in its EV lineup, available from ₹49,999 ex-showroom Delhi (inclusive of PM e-Drive) with the new Battery-As-A-Service (BaaS) model introduced across its entire EV portfolio. Without BaaS, the scooter is priced at ₹84,500 and offers a certified IDC range of 86 km, 34-litre under-seat storage, and advanced connectivity features. BaaS provides flexi-payment plans starting at ₹862/month with extended warranty up to 5 years/70,000 km.

  • ·TVS Orbiter V1 certified IDC range: 86 km
  • ·0–80% charging time: approximately 2 hours 20 minutes
  • ·Seat length: 845 mm; footboard: 290 mm
  • ·TVS Orbiter V1 battery: 1.8 kWh; V2 battery: 3.1 kWh
  • ·Features: connected mobile app, front LED headlamp, coloured LCD cluster, crash/fall/anti-theft alerts, geo-fencing, Hill Hold Assist, Cruise Control, Parking Assist, OTA updates, dual ride modes (Eco and Power) with regenerative braking
  • ·Event occurrence: March 12, 2026 at 12:20 P.M. (IST)
Delhivery LimitedCompany Updateneutralmateriality 3/10

12-03-2026

Delhivery Limited announced an investors' facility visit to the Lonad Mega Gateway in Bhiwandi, Maharashtra, scheduled for April 08, 2026. The visit will provide an overview of facility operations without disclosing any unpublished price-sensitive information (UPSI). This disclosure complies with Regulation 30 of SEBI (LODR) Regulations, 2015, and is available on the company's website.

Bharti Airtel LimitedCompany Updatepositivemateriality 4/10

12-03-2026

Bharti Airtel Limited marked Customer Day 2026 on March 12, 2026, with nearly 20,000 employees engaging directly with customers to understand pain points and improve experiences. The initiative reinforces Airtel's customer-obsessed culture, as highlighted by Shashwat Sharma, Managing Director and CEO of Airtel India. Airtel, serving over 600 million customers across 15 countries, continues to innovate in areas like spam protection, digital journeys via the Airtel app, and AI-enabled tools.

  • ·Airtel ranks amongst the top three mobile operators globally and is India’s largest integrated communications solutions provider and the second largest mobile operator in Africa.
  • ·Presence in Bangladesh and Sri Lanka through associate entities.
  • ·Xtelify offers telco-grade cloud platform with secure migration, effortless scaling, lower costs, and no vendor lock-ins.
Maruti Suzuki India LimitedCompany Updateneutralmateriality 2/10

12-03-2026

Maruti Suzuki India Limited has disclosed to NSE and BSE a scheduled investor meeting with an investor group on 17 March 2026, pursuant to Regulation 30(6) of SEBI (LODR) Regulations, 2015. The date is subject to change due to exigencies on the part of the investor group or the company.

  • ·Disclosure made on 12 March 2026
  • ·Addresses sent to NSE (Exchange Plaza, Bandra-Kurla Complex) and BSE (Phiroze Jeejeebhoy Towers, Dalal Street)

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