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India NCLT Insolvency Resolution Filings — April 02, 2026

India Corporate Insolvency & NCLT

11 high priority10 medium priority21 total filings analysed

Executive Summary

Across 21 filings in the India Corporate Insolvency & NCLT stream, dominant themes include ongoing Corporate Insolvency Resolution Processes (CIRP) for firms like Rama Paper Mills and Baron Infotech, alongside positive advancements in NCLT-sanctioned schemes, mergers, and demergers in healthcare (Hindware, Narayana Hrudayalaya, Aster DM) and cement (Ambuja). Operational highlights feature Adani Ports achieving 500.8 MMT cargo (+11% YoY FY26, +11% YoY Mar'26 monthly record) driven by containers (+19% YoY FY26), Adani Power's 2500 MW RE RTC LoA for 25 years, and Bharti Airtel crossing 650M customers (India 368M mobile). Healthcare expansion via Apollo Hospitals' new Dwarka hospital on 9.33-acre lease adds capacity, while routine compliance (e.g., Reg 74(5) certificates in IDBI, Tanla, ONGC) and insider disclosures (ICICI Reg 29(2)) show stability. No broad period-over-period deteriorations except Adani Ports' rail (-7% YoY Mar'26) and GPWIS (-3% YoY Mar'26); positive sentiments prevail in 7/21 filings. Portfolio-level: Healthcare restructuring accelerates (4/21 filings), insolvency resolutions progress without plan approvals yet, signaling potential turnarounds. Key implication: Monitor NCLT catalysts for M&A alpha, with bullish infrastructure/power order wins offsetting insolvency drags.

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

Investment Signals(11)

  • Board approved multi-speciality hospital at Dwarka on 9.33-acre DDA lease (55 years, ₹33.3 Cr annual fee from Yr5); positive sentiment, no declines reported

  • LoA for 2500 MW RE RTC power supply to MSEDCL for 25 years post e-RA win; domestic contract, no related parties

  • Crossed 650M customers (2nd largest globally per GSMA), India 368M mobile +13M homes broadband +15M DTV; Africa 179M

  • Secured ₹42.50 Cr orders for telecom towers/PWMU (execution 2-8 months); strengthens orderbook in infra/sustainability

  • Birlasoft(BULLISH)

    Appointed Vikram Puranik as COO (eff. Apr1, 25+ yrs exp in AI/ops); CEO cites growth acceleration

  • 100% approval (unanimous votes, 57% shareholder participation) for NCLT scheme demerger to HHIL/Hindware

  • FY26 cargo 500.8 MMT (+11% YoY), Mar'26 record 46 MMT (+11% YoY), containers +19% YoY FY26, CWIT 1.06 MTEU (1st yr >1 MTEU)

  • NCLT Ahmedabad sanctioned Penna Cement merger (prior board Dec2024, NOC Apr2025); timely disclosures confirmed

  • Wipro(NEUTRAL-BULLISH)

    Board meeting Apr15-16 for Q4/YE Mar'26 results (IndAS/IFRS); trading window closed to Apr18 signals disciplined insider compliance

  • ICICI Bank(NEUTRAL-BULLISH)

    Allotted 753,218 ESOP shares (Apr2); reflects employee incentives, steady capital allocation

  • Adani Ports Containers(BULLISH)

    +14% YoY Mar'26, +19% YoY FY26; outperforms rail/logistics declines

Risk Flags(8)

  • CIRP ongoing, only 2/3 plans received by Mar27 extension (14th CoC Apr1); NCLT-directed reconsider/open bidding, no terms disclosed

  • 21st CoC Apr2 reviewed 4 plans (opened prior meeting), deliberated feasibility/viability but no approval/rejection; process drags

  • Mar'26 volume -7% YoY to 55,237 TEUs (despite FY26 +8% to 695,517 TEUs)

  • Adani Ports/GPWIS[LOW-MEDIUM RISK]

    Mar'26 -3% YoY to 2.0 MMT, FY26 -1% YoY to 21.7 MMT; weak segment amid overall growth

  • Norway sub liquidated Mar31 (₹0 turnover, -₹134.77L net worth or 0.67% parent); minimal impact but signals overseas cleanup

  • Reg29(2) SAST disclosure for potential acquisition/disposal crossing thresholds; no details on party/volume

  • Equity/secured/unsecured creditor meetings Apr2 for demerger scheme; results due Apr4, procedural risk if not unanimous

  • Merger hearing May22; ads published Apr2, oppositions due May20

Opportunities(9)

Sector Themes(6)

  • Healthcare Restructuring Acceleration

    4/21 filings (Hindware 100% approvals, Narayana x2 meetings Apr2 results Apr4, Aster hearing May22, Apollo expansion); NCLT schemes demerger/merger progress unlocks value, positive sentiment 2/4 [IMPLICATION: Buy dips for post-scheme rallies]

  • Insolvency Process Momentum

    Rama Paper (2 plans to CoC Apr1), Baron Infotech (21st CoC Apr2 reviewed 4 plans); extensions/deliberations but no approvals yet, neutral/negative sentiment [IMPLICATION: Monitor CoC votes for resolution alpha, avoid pre-approval]

  • Infrastructure Order Wins

    Adani Power 2500MW LoA, Bondada ₹42.5Cr towers/PWMU; domestic, no related parties, 2-25yr tenors [IMPLICATION: Sector tailwinds from RE/telecom/sustainability, +ve sentiment]

  • Ports/Logistics Mixed Volumes

    Adani Ports +11% YoY FY26 cargo/containers but rail -7%/-3% Mar'26 GPWIS; 500 MMT milestone [IMPLICATION: Container outperformance offsets, watch FY27 guidance]

  • Routine Compliance Stability

    5/21 low-materiality Reg74(5)/allotments (IDBI, Tanla, ONGC, ICICI ESOP); no impacts, neutral sentiment [IMPLICATION: Large-caps resilient, low event risk]

  • Insider/Trading Discipline

    Wipro window closed to Apr18, ICICI Reg29(2); no sales/buys detailed but compliance focus [IMPLICATION: Signals no panic selling pre-earnings]

Watch List(8)

Filing Analyses(21)
Wipro LimitedBoard Meetingneutralmateriality 6/10

02-04-2026

Wipro Limited has scheduled its Board of Directors meeting for April 15-16, 2026, to consider and approve the condensed audited standalone and consolidated financial results under IndAS, as well as consolidated financial results under IFRS, for the quarter and year ended March 31, 2026, with approval on April 16, 2026. The trading window for dealing in the Company's securities remains closed from March 16, 2026, to April 18, 2026 (both days inclusive). This intimation is pursuant to Regulation 29(1) of SEBI (LODR) Regulations, 2015.

Wipro LimitedInsider Trading / Sastneutralmateriality 8/10

02-04-2026

Wipro Limited has notified that its Board of Directors will meet on April 15-16, 2026, to consider and approve the condensed audited standalone and consolidated financial results under IndAS, as well as consolidated financial results under IFRS, for the quarter and year ended March 31, 2026. The financial results are scheduled for approval on April 16, 2026. The trading window for dealing in the company's securities remains closed from March 16, 2026, to April 18, 2026 (both days inclusive).

  • ·Intimation pursuant to Regulation 29(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • ·BSE scrip code: 507685; NSE symbol: WIPRO; NYSE: WIT
Apollo Hospitals Enterprise LimitedOtherspositivemateriality 8/10

02-04-2026

Apollo Hospitals Enterprise Limited's Board of Directors approved the establishment of a multi-speciality hospital at Dwarka, New Delhi, on a 9.33-acre land parcel leased from the Delhi Development Authority (DDA) for 55 years. The project will be implemented in phases through a Special Purpose Vehicle (SPV), with the license agreement to be executed within one year and an annual license fee of ₹33.3 Cr starting from the fifth year, subject to escalations. No negative developments or performance declines were reported.

  • ·Board meeting held on April 2, 2026, from 4:00 p.m. to 5:45 p.m.
  • ·Land allotted on license basis; no promoter/promoter group interest in DDA.
  • ·Order/contract is domestic and does not fall within related party transactions.
Rama Paper Mills LimitedInsolvencynegativemateriality 9/10

02-04-2026

Raama Paper Mills Limited, under Corporate Insolvency Resolution Process (CIRP), received 2 resolution plans from shortlisted bidders (out of top 3: Ujala Renewables LLP Consortium, Poddar Global Private Limited, and Dr. Mukesh Kumar Agarwal) as directed by NCLT Prayagraj Bench on January 7, 2026. These plans, submitted by the extended deadline of March 27, 2026, were placed before the 14th CoC meeting on April 1, 2026. The development indicates ongoing insolvency proceedings with no financial details disclosed on plan terms.

  • ·NCLT Prayagraj Bench order dated 07.01.2026 directing CoC to reconsider plans or adopt open bidding for H1, H2, H4 bidders (H3 disqualified).
  • ·Fresh RFRP issued to top 3 bidders with initial submission deadline 19.03.2026, extended to 27.03.2026.
  • ·14th CoC meeting held on 01.04.2026.
Ambuja Cements LimitedInsolvencyneutralmateriality 7/10

02-04-2026

Ambuja Cements Limited issued a clarification on a March 30, 2026 media report confirming that the National Company Law Tribunal (NCLT) Ahmedabad sanctioned the Scheme of Arrangement for the merger of Penna Cement Industries Limited (Transferor Company) with Ambuja Cements Limited (Transferee Company) on the same date. The company highlighted prior disclosures to stock exchanges, including board approval on December 17, 2024, receipt of NOC on April 30, 2025, and shareholder meeting outcomes on December 30, 2025. Ambuja states that all relevant updates were timely disclosed, and the media article has no material impact on the company.

  • ·NCLT hearing reserved on March 19, 2026
  • ·NCLT order directing equity shareholders meeting issued November 2, 2025
  • ·Notice convening equity shareholders meeting issued November 26, 2025
Adani Power LimitedCompany Updatepositivemateriality 8/10

02-04-2026

Adani Power Limited received a Letter of Award from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) for the supply of 2500 MW RE RTC power for 25 years from the Scheduled Commencement Date of Supply, after being declared the successful bidder in e-RA results. The LoA was received at 8:30 PM on April 1, 2026. The contract is domestic with no promoter group interest or related party transactions.

  • ·Scrip Code: BSE 533096, NSE ADANIPOWER
  • ·Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
  • ·Details as per SEBI Master Circular dated January 30, 2026
Baron Infotech LtdInsolvencyneutralmateriality 9/10

02-04-2026

Baron Infotech Limited, under Corporate Insolvency Resolution Process (CIRP), conducted its 21st Committee of Creditors (CoC) meeting on April 2, 2026, reviewing four resolution plans opened in the prior 20th meeting. The CoC deliberated with Resolution Applicants to assess feasibility and viability, with the meeting concluding at approximately 18:35 Hrs (IST). No approval or rejection of plans was disclosed in this post facto intimation.

  • ·CIN: L72200TG1996PLC0O25855 (likely L72200TG1996PLC025855)
  • ·Script Code: 532336
  • ·RP Contact: Flat No. 113, Block - B, Sri Datta Sai Commercial Complex, Opp: Sapthagiri theatre, RTC ‘X' Roads, Hyderabad - 500 020; Phone: 040-27623101; Email: ip.baroninfotech@gmail.com
ICICI Bank LimitedInsider Trading / Sastneutralmateriality 2/10

02-04-2026

ICICI Bank Limited (BSE: 532174) filed a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011 on April 02, 2026 via BSE, notifying an intention to acquire or dispose of shares that could cross substantial acquisition thresholds. No specific details on the trading party, transaction type, volume, value, or holding changes are explicitly stated in the filing. This represents standard regulatory compliance with no disclosed quantitative impact.

IDBI Bank LimitedCompany Updateneutralmateriality 2/10

02-04-2026

IDBI Bank Limited submitted a certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, confirming that details of securities dematerialized/rematerialized during the quarter ended March 31, 2026, have been furnished to all relevant stock exchanges. The confirmation is based on certificates received from KFin Technologies Ltd., the Registrar and Share Transfer Agent, for both NSDL and CDSL depositories. This is a routine compliance filing with no financial or operational impacts disclosed.

  • ·Filing Date: April 02, 2026
ADVAIT ENERGY TRANSITIONS LIMITEDInsolvencyneutralmateriality 2/10

02-04-2026

Advait Energy Transitions Limited (formerly Advait Infratech Limited) informed stock exchanges that its wholly owned subsidiary Advait Energy Holdings AS (Norway) has undergone voluntary winding up and liquidation effective March 31, 2026. The subsidiary contributed No turnover (₹0.00 or 0.00%) but a negative net worth of ₹(-)134.77 Lacs (0.67% of parent's net worth) in FY 2024-25. The parent company expects to receive NoK 7059 (less charges) post bank account closure, indicating minimal financial impact.

  • ·Disclosure made pursuant to Regulation 30 of SEBI (LODR) and SEBI Circular dated January 30, 2026.
  • ·All other details in Annexure A (e.g., sale agreement, buyers, related party transactions, slump sale) marked as Not Applicable.
BIRLASOFT LIMITEDCompany Updatepositivemateriality 7/10

02-04-2026

Birlasoft Limited announced the appointment of Vikram Puranik as Chief Operating Officer (COO), effective April 1, 2026, based in Pune, India. Vikram brings over 25 years of experience in building AI-first engineering organizations and driving delivery excellence, previously as Chief of Engineering Delivery and Operations at GlobalLogic. CEO Angan Guha stated that Vikram's leadership will strengthen operational excellence and accelerate Birlasoft’s growth and innovation agenda.

  • ·Birlasoft is a global technology company focused on Cloud, AI, Data, and enterprise solutions, part of the multibillion-dollar CKA Birla Group.
  • ·Vikram Puranik holds a Bachelor’s degree in Electronics and Telecommunications Engineering and a Postgraduate degree in Computer Software Engineering.
  • ·Filing date: April 2, 2026; Appointment effective: April 1, 2026.
ICICI Bank LimitedCompany Updateneutralmateriality 3/10

02-04-2026

ICICI Bank Limited allotted 753,218 equity shares of face value Rs. 2 each on April 2, 2026, under the ICICI Bank Employees Stock Option Scheme-2000. The allotment was approved by two Executive Directors at 11:31 a.m., pursuant to powers delegated by the Board on October 21, 2023. The notice was issued to BSE Limited and National Stock Exchange of India Limited.

  • ·Approval time: 11:31 a.m. on April 2, 2026
  • ·Board delegation date: October 21, 2023
Bharti Airtel LimitedCompany Updatepositivemateriality 9/10

02-04-2026

Bharti Airtel has crossed 650 million customers, achieving the milestone of becoming the world’s second largest telecom operator by mobile customer base according to GSMA Intelligence, with operations across India and Africa. In India, it serves over 368 million mobile customers, first to launch 5G Plus services, over 13 million homes with high-speed internet, and over 15 million through Digital TV offerings. Airtel Africa has over 179 million customers across 14 countries, supported by Airtel Money with over 52 million users.

  • ·Networks cover over two billion people
  • ·Operations in 15 countries across India and Africa, plus presence in Bangladesh and Sri Lanka through associates
  • ·Airtel recently announced foray into NBFC space via Airtel app
  • ·Strategic partnerships with Eutelsat OneWeb and SpaceX for LEO satellite broadband
Tanla Platforms LimitedCompany Updateneutralmateriality 2/10

02-04-2026

Tanla Platforms Limited submitted a certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026, received from Registrar and Share Transfer Agent KFin Technologies Limited. The certificate confirms that details of securities dematerialized and rematerialized during the period have been furnished to BSE Limited and National Stock Exchange of India Ltd. This is a routine compliance filing with no financial metrics reported.

Bondada Engineering LimitedCompany Updatepositivemateriality 7/10

02-04-2026

Bondada Engineering Limited has secured multiple orders aggregating to Rs. 42.50 Crores (approx.) from Telangana Police Housing, Infratech & Consultancy Services Corporation Limited (TGPICS) for supply of self-supported communication towers and prefabricated equipment rooms, and from Fixity Technologies Private Limited for Plastic Waste Management Units (PWMU) under Swachh Andhra Corporation (SAC) to be executed via subsidiary ATPOLE Technologies. These orders strengthen the company's order book in telecom infrastructure and environmental sustainability segments. No declines or flat metrics reported.

  • ·Execution timeframe: 2 to 8 months from signing of the contract
  • ·Orders awarded by domestic entities
  • ·No interest from promoter/promoter group or group companies in awarding entities
  • ·Orders do not fall within related party transactions
  • ·Nature: Design, Supply, Fabrication, Erection, Installation, Commissioning & Maintenance of telecom towers and prefabricated rooms; End-to-end execution of PWMU project
Hindware Home Innovation LimitedInsolvencypositivemateriality 9/10

02-04-2026

Hindware Home Innovation Limited announced the unanimous approval of the Composite Scheme of Arrangement involving demerger from Hindware Home Innovation Limited (Demerged Company/Remaining Transferor), transfer to HHIL Limited (Resulting Company), and Hindware Limited (Transferee Company), as approved in NCLT-convened meetings on March 7, 2026. All resolutions passed with 100% votes in favor from unsecured creditors of both companies and equity shareholders of Hindware Home Innovation Limited, with no votes against. Shareholder participation was 57.06% of total outstanding shares.

  • ·Record date for creditors and shareholders: September 30, 2025
  • ·NCLT order dated December 03, 2025, with corrigenda on December 10, 2025 and January 22, 2026
  • ·Meetings held at Somany Conference Hall, Kolkata
  • ·Promoters and Promoter Group shares: 44,117,738 (100% voted in favor)
  • ·Public Institutions shares polled: 2.44%; Public Non-Institutions: 10.82%
Narayana Hrudayalaya Ltd.Insolvencyneutralmateriality 8/10

02-04-2026

Narayana Hrudayalaya Limited conducted meetings of Equity Shareholders at 10:00 A.M., Secured Creditors at 11:30 A.M., and Unsecured Creditors at 12:30 P.M. on April 02, 2026 via VC/OAVM to consider and approve the Scheme of Arrangement with NH Integrated Care Private Limited (Demerged Company), as directed by NCLT Order dated February 13, 2026. The meetings were chaired by Shri Theerthesh B S with Smt. Manali Shah as Scrutinizer, and voting results will be submitted to stock exchanges by April 04, 2026. No financial metrics or performance data were disclosed in the proceedings summary.

  • ·Meetings convened pursuant to NCLT Order dated February 13, 2026 in Company Application (CAA) No. 50/BB/2025.
  • ·Remote e-voting available from March 30, 2026 at 9:00 A.M. (IST) till April 01, 2026 at 5:00 P.M. (IST), with additional e-voting during meetings.
  • ·Proceedings available on company website www.narayanahealth.org.
  • ·Advertisements published in ‘The Hindu’ (English) and ‘Udayavani’ (Kannada).
Aster DM Healthcare LimitedInsolvencyneutralmateriality 9/10

02-04-2026

Aster DM Healthcare Limited disclosed newspaper advertisements published on April 2, 2026, in Business Standard (English) and Andhra Jyothi (Telugu) Hyderabad editions, pursuant to Regulations 30 and 47 of SEBI Listing Regulations and NCLT order dated March 23, 2026, regarding the hearing of the joint company petition for the Scheme of Amalgamation with Quality Care India Limited on May 22, 2026. The advertisements detail the petition under Sections 230-232 of the Companies Act, 2013, involving Quality Care India Limited (Transferor) and Aster DM Healthcare Limited (Transferee). No financial impacts or performance metrics are disclosed in this procedural update.

  • ·NCLT petition presented on March 23, 2026; hearing fixed for May 22, 2026 at Hyderabad Bench.
  • ·Advertisements accessible at https://www.asterdmhealthcare.in/investors/aster-qcil-merger/scheme-of-merger.
  • ·Notices for support/opposition to be sent to Mr. R. Inbaraju, Advocate, by May 20, 2026.
Narayana Hrudayalaya Ltd.Insolvencyneutralmateriality 8/10

02-04-2026

Narayana Hrudayalaya Limited conducted meetings of Equity Shareholders (10:00 A.M.), Secured Creditors (11:30 A.M.), and Unsecured Creditors (12:30 P.M.) on April 02, 2026 via VC/OAVM to consider approval of the Scheme of Arrangement between NH Integrated Care Private Limited (Demerged Company) and Narayana Hrudayalaya Limited (Resulting Company), as directed by NCLT Bengaluru Bench Order dated February 13, 2026 in CAA No. 50/BB/2025. The meetings complied with Companies Act, 2013, SEBI Listing Regulations, and Secretarial Standard-2, with e-voting provided remotely from March 30 to April 01, 2026 and during the meetings. Voting results for all meetings will be submitted to stock exchanges by April 04, 2026, with proceedings available on the company's website.

  • ·NCLT Company Application (CAA) No. 50/BB/2025
  • ·Remote e-voting period: March 30, 2026 (9:00 A.M. IST) to April 01, 2026 (5:00 P.M. IST)
  • ·Meetings concluded at 10:35 A.M., 11:48 A.M., and 12:48 P.M. respectively
  • ·Advertisements published in 'The Hindu' (English) and 'Udayavani' (Kannada)
Adani Ports and Special Economic Zone LimitedCompany Updatemixedmateriality 9/10

02-04-2026

APSEZ crossed the 500 MMT cargo milestone in FY26 with 500.8 MMT total (+11% YoY), achieving its highest ever monthly volume of 46 MMT in Mar’26 (+11% YoY) driven by containers (+14% YoY in Mar’26 and +19% YoY in FY26); CWIT handled 1.06 MTEU in FY26, surpassing 1 MTEU in its first year, with a record 134,960 TEUs in Mar’26. However, logistics rail volume declined 7% YoY to 55,237 TEUs in Mar’26 despite FY26 growth of +8% to 695,517 TEUs, while GPWIS volume fell 3% YoY to 2.0 MMT in Mar’26 and 1% YoY to 21.7 MMT in FY26. Haifa port ramped up to 0.77 MMT in Mar’26 from 0.59 MMT in Feb’26.

Oil & Natural Gas Corporation LimitedCompany Updateneutralmateriality 2/10

02-04-2026

Oil & Natural Gas Corporation Limited (ONGC) disclosed a Compliance Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The certificate from Registrar & Share Transfer Agent Alankit Assignments Limited confirms that physical equity share certificates received for dematerialization were verified, listed on stock exchanges, mutilated, cancelled, and the depository substituted as the registered owner. This is a standard regulatory compliance submission with no financial metrics or performance implications.

  • ·Certificate issued by Alankit Assignments Limited on April 1, 2026
  • ·ONGC disclosure dated April 2, 2026

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