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Independent Director Resigns Amid Ongoing Corporate Insolvency Resolution Process (CIRP)
Mr. Naveen Prakash has resigned as an Independent Director of India Power Corporation Limited (formerly DPSC Limited) effective July 31, 2026. This resignation occurs while the company is already under the Corporate Insolvency Resolution Process (CIRP) following an NCLT Hyderabad Bench order dated May 15, 2026. The company is currently managed by an Interim Resolution Professional (IRP). With a TTM PAT of only ₹13 Cr and a 12-month price decline of 42.4%, the departure of independent oversight during insolvency adds to the company's governance challenges.
Confidence: HIGH
What changedAn Independent Director has resigned from the board while the company is undergoing a court-mandated insolvency resolution process.
Why it mattersIndependent directors are crucial for protecting minority shareholder interests, especially during insolvency proceedings where the board's powers are suspended and vested in a Resolution Professional.
NCLT Order Date: 15th May, 2026Resignation Effective Date: 31st July, 2026TTM Revenue: ₹683 Cr12-Month Price Return: -42.4%
📅 Short termThe resignation is likely to be viewed negatively by the market, reinforcing concerns about the company's stability during the insolvency process.
📈 Long termThe long-term outlook is entirely dependent on the successful outcome of the CIRP and the company's ability to manage its regulatory tariff environment in West Bengal.
⚠ Risk flags
- Corporate Insolvency Resolution Process (CIRP)
- Management instability
- High regulatory sensitivity
- Low operating margins (0.5%)
Key Highlights
Resignation of Mr. Naveen Prakash effective from the close of business hours on July 31, 2026
Company remains under CIRP as per the Hon’ble NCLT order dated May 15, 2026
The company reported a TTM revenue of ₹683 Cr with a thin operating margin of 0.5%
Share price has seen a significant 12-month return of -42.4% as of the announcement date
👀 What to Watch
Investors should closely monitor the progress of the Corporate Insolvency Resolution Process (CIRP) and any updates regarding the resolution plan submitted to the NCLT. The departure of an independent director during such a critical phase warrants caution regarding board-level oversight.
2nd CoC Meeting Held for India Power Corp (DPSC Ltd) Under Insolvency Process
India Power Corporation Limited (formerly DPSC Ltd) is currently undergoing a Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated May 15, 2026. The company held its 2nd Committee of Creditors (CoC) meeting on July 20, 2026, to deliberate on agenda items under the Interim Resolution Professional (IRP). With a TTM revenue of ‡683 Cr and a market cap of ‡727 Cr, the outcome of this insolvency process is the most critical factor for shareholders. The stock has already seen a 46.1% decline over the past 12 months, reflecting the severe financial distress.
Confidence: HIGH
What changedThe company has progressed to the second formal meeting with its creditors under the court-mandated insolvency process.
Why it mattersThe CIRP process will determine if the company can be revived under new ownership or if it will face liquidation; current equity holders are at high risk of capital loss.
NCLT Order Date: May 15, 2026Debt-to-Equity Ratio: 0.18TTM Revenue: ‡683 Cr12-Month Price Return: -46.1%Promoter Holding: 59.33%
📅 Short termExpect continued high volatility and downward pressure on the stock price as the insolvency process unfolds.
📈 Long termThe long-term outlook is entirely dependent on the NCLT-approved resolution plan; structural viability remains uncertain.
⚠ Risk flags
- Insolvency proceedings (CIRP)
- Potential for total equity wipe-out
- Management control shifted to Resolution Professional
- Significant regulatory sensitivity
Key Highlights
CIRP initiated by Hon'ble NCLT, Hyderabad Bench-I via order dated May 15, 2026
2nd Meeting of the Committee of Creditors (CoC) concluded on July 20, 2026
Company reported a TTM revenue of ‡683 Cr against a debt of ‡119 Cr
Stock price has corrected by 46.1% over the last 12 months as of July 2026
Meeting duration was 1.5 hours, conducted via video conferencing
👀 What to Watch
Investors should closely monitor future filings for the 'Resolution Plan' or 'Expression of Interest' from potential bidders, as equity value is often significantly diluted or extinguished in insolvency settlements.
2nd CoC Meeting Scheduled for July 20, 2026, Amid Ongoing Insolvency Process
DPSC Limited (India Power Corporation Limited) is currently undergoing a Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated May 15, 2026. The company has announced the second meeting of the Committee of Creditors (CoC) for July 20, 2026, to discuss the resolution proceedings. With a market capitalization of ₹731 Cr and TTM revenue of ₹683 Cr, the insolvency process poses a significant risk to existing equity shareholders. The stock has already seen a 45.8% decline over the past 12 months, reflecting the distress.
Confidence: HIGH
What changedThe company has progressed to the second formal meeting of its creditors under the court-mandated insolvency process.
Why it mattersInsolvency proceedings typically lead to significant restructuring, potential change in control, or liquidation, all of which usually result in substantial erosion of equity value.
CoC Meeting Date: July 20, 2026NCLT Order Date: May 15, 2026Total Debt: ₹119 CrMarket Cap: ₹731 CrTTM Revenue: ₹683 Cr
📅 Short termExpect continued high volatility and downward pressure as the insolvency process unfolds and creditor demands are clarified.
📈 Long termThe long-term survival of the entity depends on the approval of a viable resolution plan; equity value remains highly speculative in such scenarios.
⚠ Risk flags
- Total loss of equity value
- Management displacement by Resolution Professional
- Regulatory and legal uncertainty
Key Highlights
NCLT Hyderabad Bench-I initiated CIRP via an order dated May 15, 2026
2nd Meeting of the Committee of Creditors (CoC) scheduled for July 20, 2026, at 4:00 P.M.
Company reported a TTM revenue of ₹683 Cr and a thin PAT of ₹13 Cr prior to insolvency
Debt-to-Equity ratio stands at 0.18 with total debt of ₹119 Cr as per latest context
Stock price has declined 22.2% in the last 3 months leading up to this period
👀 What to Watch
Investors should closely monitor the outcomes of CoC meetings for any proposed resolution plans or potential liquidation risks, as equity holders are last in the priority of claims.
SFIO Initiates Investigation into DPSCLTD Affairs Amid Ongoing Insolvency Process
DPSCLTD (India Power Corporation) has received a notice from the Serious Fraud Investigation Office (SFIO) to provide information regarding an investigation into the affairs of SREI Infrastructure Finance and other entities. This development follows the company's admission into the Corporate Insolvency Resolution Process (CIRP) by the NCLT on May 15, 2026. The SFIO investigation was originally ordered on April 23, 2026, under Section 212(1)(c) of the Companies Act. While the company states there is no immediate financial impact, the investigation adds significant legal oversight to an already distressed entity.
Confidence: HIGH
What changedThe company is now subject to a formal investigation by the Serious Fraud Investigation Office (SFIO) while simultaneously undergoing insolvency proceedings.
Why it mattersAn SFIO investigation indicates potential scrutiny of past financial conduct, which could complicate the resolution process and impact the valuation of the company's assets during the insolvency proceedings.
CIRP Commencement Date: 15th May, 2026SFIO Order Date: 23.04.2026Notice Receipt Date: 14th July, 2026TTM Revenue: Rs 683 CrMarket Cap: Rs 730 Cr
📅 Short termThe stock is likely to face continued pressure and volatility as the market digests the implications of a fraud investigation alongside insolvency.
📈 Long termThe long-term outlook is entirely dependent on the NCLT resolution plan and the outcome of the SFIO's findings regarding the company's past affairs.
⚠ Risk flags
- Corporate Insolvency Resolution Process (CIRP)
- SFIO Investigation
- Suspended Board of Directors
- Regulatory tariff dependency
Key Highlights
NCLT Hyderabad Bench-I admitted the company to CIRP on May 15, 2026, suspending the Board of Directors.
SFIO investigation ordered on April 23, 2026, under Section 212(1)(c) of the Companies Act, 2013.
Notice for information under Section 217(1) was received by the company on July 14, 2026.
The investigation involves SREI Infrastructure Finance Limited and other 'Companies Under Investigation' (CUIs).
Company is currently managed by Interim Resolution Professional (IRP) Ms. Sreenivasa Mano Ranjani Medarametla.
👀 What to Watch
Investors should monitor the progress of the CIRP and any specific findings from the SFIO investigation, as these will determine the eventual recovery value for stakeholders.
SFIO Section 212 Investigation Initiated for India Power Corp (DPSCLTD)
India Power Corporation Limited (DPSCLTD) has received a notice from the Serious Fraud Investigation Office (SFIO) to investigate its affairs under Section 212(1)(c) of the Companies Act, 2013. The investigation, which also involves SREI Infrastructure Finance Limited, follows an MCA order dated April 23, 2026. This development occurs while the company is already under the Corporate Insolvency Resolution Process (CIRP) since May 15, 2026. The company is currently required to furnish information under Section 217(1) and claims no immediate financial impact, though the regulatory risk is high.
Confidence: HIGH
What changedThe company is now under a formal fraud investigation by the SFIO, adding significant legal complexity to its ongoing insolvency proceedings.
Why it mattersAn SFIO probe suggests potential serious irregularities in past operations, which could impact the resolution process and stakeholder recovery.
CIRP Admission Date: 15th May, 2026SFIO Notice Date: 14th July, 2026MCA Order Date: 23.04.2026TTM Revenue: Rs 683 CrMarket Cap: Rs 730 Cr
📅 Short termNegative sentiment is expected to persist as the market evaluates the risks associated with a fraud investigation and insolvency.
📈 Long termThe outcome of the SFIO probe and the CIRP process will determine if the company can successfully restructure or face liquidation.
⚠ Risk flags
- SFIO Fraud Investigation
- Insolvency (CIRP)
- Suspended Board
- SREI Group Linkage
Key Highlights
SFIO investigation initiated under Section 212(1)(c) of the Companies Act, 2013
Company admitted to CIRP by NCLT Hyderabad on May 15, 2026
Notice for information under Section 217(1) received on July 14, 2026
Investigation linked to SREI Infrastructure Finance Limited and other entities
Board of Directors remains suspended due to the ongoing insolvency process
👀 What to Watch
Investors should monitor the SFIO's findings and the CIRP resolution process, as these will determine the company's future and potential recovery for creditors.
DPSC Ltd Downgraded to 'IVR D' (Default) Following CIRP Admission
Infomerics Valuation and Rating Ltd has downgraded DPSC Limited's (India Power Corporation) bank loan ratings to 'IVR D' (Default) for both long-term and short-term facilities. This action follows the company's admission into the Corporate Insolvency Resolution Process (CIRP) by the NCLT Hyderabad on May 15, 2026. The downgrade reflects confirmed delays in meeting debt service obligations and the transfer of management control to an Interim Resolution Professional (IRP). The company is currently contesting the insolvency order before the NCLAT.
Confidence: HIGH
What changedThe company's credit rating has been moved to the 'Default' category from 'IVR C'/'IVR A4' following its formal entry into the insolvency process.
Why it mattersA default rating and CIRP admission indicate a breakdown in the company's ability to service debt, leading to a loss of promoter control and extreme uncertainty regarding the future of equity shareholders.
Total Rated Bank Facilities: Rs 50.74 CroreRated Debt vs TTM Revenue: ~7.4%CIRP Admission Date: May 15, 2026TTM Net Profit: Rs 13 CrMarket Capitalization: Rs 735 Cr
📅 Short termThe stock is likely to remain under severe pressure or face trading restrictions as the market processes the default status and insolvency proceedings.
📈 Long termThe long-term outlook is entirely dependent on the CIRP outcome; structural changes including potential delisting, liquidation, or massive equity dilution are possible.
⚠ Risk flags
- Corporate Insolvency Resolution Process (CIRP) active
- Default on debt obligations
- Loss of management control to IRP
- Ongoing litigation at NCLAT
Key Highlights
Long-term and Short-term ratings downgraded to 'IVR D' (Default) on July 9, 2026
Total bank loan facilities affected amount to Rs 50.74 Crore
CIRP initiated by Hon’ble NCLT, Hyderabad Bench-I via order dated May 15, 2026
Management control transferred to IRP Ms. Sreenivasa Mano Ranjani Medarametla
Rating Watch with Negative Implications (RWNI) maintained due to ongoing NCLAT legal proceedings
👀 What to Watch
Investors should closely monitor the NCLAT proceedings and the CIRP timeline, as equity value is typically at high risk during insolvency. Watch for the IRP's updates regarding the invitation for resolution plans or any stay orders from higher courts.
DPSCLTD Under CIRP: Promoter Group Sells 62,402 Shares Amid Insolvency Proceedings
India Power Corporation Limited (formerly DPSC Ltd) is currently undergoing the Corporate Insolvency Resolution Process (CIRP) following an NCLT Hyderabad order dated May 15, 2026. As a result, the Board of Directors is suspended, and the company is under the authority of an Interim Resolution Professional (IRP). During this period, a promoter group entity, Aksara Commercial Private Limited, sold 62,402 equity shares in the open market between June 25 and June 30, 2026. This transaction, valued at approximately Rs 4.55 lakh, marginally reduced the entity's stake from 6.15% to 6.14%.
Confidence: HIGH
What changedThe company has transitioned into a formal insolvency process (CIRP), shifting control from the Board to an IRP, while a promoter group entity has begun selling shares.
Why it mattersInsolvency proceedings indicate that the company is unable to meet its debt obligations, posing a severe risk to equity shareholders. The small promoter sale during this period may reflect a lack of confidence or a need for liquidity by the specific promoter entity.
Shares Sold: 62,402Transaction Value: Rs 4,54,714CIRP Admission Date: 15th May, 2026Post-Transaction Holding (Aksara): 6.14%TTM Revenue: Rs 683 Cr
📅 Short termThe stock is likely to face downward pressure and high volatility as the market processes the insolvency status and the suspension of the Board.
📈 Long termThe long-term outlook is entirely dependent on the successful outcome of the CIRP and the terms of any resolution plan approved by the Committee of Creditors.
⚠ Risk flags
- Corporate Insolvency Resolution Process (CIRP)
- Suspension of Board of Directors
- Potential equity wipe-out or massive dilution
- Promoter group selling shares
Key Highlights
Company admitted to Corporate Insolvency Resolution Process (CIRP) by NCLT Hyderabad on May 15, 2026
Promoter group entity Aksara Commercial Private Limited sold 62,402 shares in the open market
Total value of the share disposal recorded at Rs 4,54,714
Aksara Commercial's holding decreased from 5,98,68,377 shares (6.15%) to 5,98,05,975 shares (6.14%)
Powers of the Board of Directors remain suspended as per Section 7 of the IBC
👀 What to Watch
Investors should closely monitor the NCLT proceedings and the submission of resolution plans by potential bidders. In CIRP cases, existing equity is often subject to significant dilution or complete write-offs depending on the final resolution plan.
DPSCLTD: Executive Director Ceases Tenure Amid Ongoing Insolvency Process (CIRP)
India Power Corporation Limited (formerly DPSC Limited) has announced the cessation of Mr. Debashis Bose as Executive Director effective June 30, 2026, following the completion of his tenure. This management change occurs while the company is under the Corporate Insolvency Resolution Process (CIRP), initiated by the NCLT Hyderabad Bench on May 15, 2026. As the company is under CIRP, the powers of the Board of Directors are currently suspended, and the company is being managed by an Interim Resolution Professional (IRP). The company reported a TTM revenue of Rs 683 Cr and a thin PAT of Rs 13 Cr, with a low OPM of 0.5%.
Confidence: HIGH
What changedAn Executive Director has exited the company following the end of his term, occurring during a period where the Board's authority is already legally suspended due to insolvency proceedings.
Why it mattersWhile the Board is already suspended, the departure of experienced management during a restructuring phase can complicate the transition and resolution process for a company with a high debt-to-equity ratio of 0.18 and low profitability.
NCLT Order Date: 15th May, 2026Cessation Date: 30th June, 2026TTM Revenue: Rs 683 CrDebt: Rs 119 CrOperating Profit Margin: 0.5%
📅 Short termThe stock is likely to remain volatile and under pressure as the market reacts to the ongoing insolvency proceedings and the lack of a functional Board.
📈 Long termThe company's long-term viability is entirely dependent on the successful outcome of the CIRP and the approval of a resolution plan that can stabilize its 798 sq. km distribution network and industrial client base.
⚠ Risk flags
- Corporate Insolvency Resolution Process (CIRP)
- Suspended Board of Directors
- Extremely low operating margins (0.5%)
- Regulatory sensitivity regarding power tariffs
Key Highlights
Mr. Debashis Bose ceased to be Executive Director on June 30, 2026, upon completion of his tenure.
The company was admitted to CIRP by the NCLT Hyderabad Bench via an order dated May 15, 2026.
The insolvency application was admitted under Section 7 of the IBC, 2016, leading to the suspension of Board powers.
The company is currently under the authority of an Interim Resolution Professional (IRP), Ms. Sreenivasa Mano Ranjani Medarametla.
👀 What to Watch
Investors should closely monitor the progress of the Corporate Insolvency Resolution Process (CIRP) and any updates regarding the submission of resolution plans by potential bidders. The suspension of board powers and management turnover during insolvency increases operational and governance risks.
DPSC Ltd Under Insolvency; Promoter Group Sells 1.97 Lakh Shares for Rs 14.76 Lakh
DPSC Limited (India Power Corporation) is currently undergoing the Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated May 15, 2026. During this process, the powers of the Board of Directors remain suspended under an Interim Resolution Professional. Recently, Aksara Commercial Private Limited, a promoter group entity, sold 1,97,082 equity shares in the open market between June 17 and June 24, 2026. This sale, valued at Rs 14.76 lakh, marginally reduced the promoter group's stake from 6.17% to 6.15%.
Key Highlights
Company admitted to CIRP by NCLT Hyderabad Bench-I on May 15, 2026, under Section 7 of IBC
Promoter group entity Aksara Commercial sold 1,97,082 shares for a total value of Rs 14,76,337
Promoter group holding decreased from 6.17% (6,00,65,459 shares) to 6.15% (5,98,68,377 shares)
Powers of the Board of Directors are currently suspended due to the ongoing insolvency process
The disposal of shares was executed through on-market transactions on the National Stock Exchange
👀 What to Watch
Investors should be extremely cautious as equity value often gets significantly eroded or wiped out during insolvency resolution. The sale of shares by a promoter group entity during the CIRP process is a negative signal for minority shareholders.
DPSC Ltd (India Power) CIRP: ₹8,362 Crore Financial Creditor Claims Admitted
India Power Corporation Limited (formerly DPSC Limited) is currently undergoing a Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated May 15, 2026. The Interim Resolution Professional has admitted secured financial creditor claims totaling ₹8,362.36 crores, with State Bank of India holding a dominant 52.23% voting share. Additionally, government operational claims of ₹229.08 crores, primarily for electricity duty and GST, have been verified and admitted. This process indicates severe financial distress and a formal restructuring of the company's massive debt obligations.
Key Highlights
Total secured financial creditor claims admitted amount to ₹8,362.36 crores out of ₹8,776.53 crores claimed.
State Bank of India is the largest creditor with an admitted claim of ₹4,365.62 crores and a 52.23% voting share.
REC Limited holds the second-largest voting share at 21.34% with an admitted claim of ₹1,784.06 crores.
Government operational claims (Electricity Duty & GST) totaling ₹229.08 crores have been admitted.
The company is officially under the control of an Interim Resolution Professional as per IBC 2016 regulations.
👀 What to Watch
Investors should be extremely cautious as equity shareholders often face a total wipeout or massive dilution during the IBC resolution process. The high level of admitted debt compared to the company's typical valuation suggests limited to no recovery for retail investors.
Promoter Group Aksara Commercial Sells 3.83 Lakh Shares of India Power Corp (DPSCLTD)
India Power Corporation Limited (formerly DPSC Limited) is currently undergoing the Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated May 15, 2026. During this period, Aksara Commercial Private Limited, a promoter group entity, sold 3,83,498 equity shares in the open market between June 15 and June 16, 2026. The sale, valued at approximately ₹28.75 lakhs, resulted in the entity's stake decreasing from 6.20% to 6.17%. This disclosure is a mandatory filing under SEBI Insider Trading regulations.
Key Highlights
Aksara Commercial Private Limited (Promoter Group) sold 3,83,498 equity shares via the National Stock Exchange.
The transaction value of the share disposal totaled ₹28,74,720.
The promoter group entity's holding reduced from 6.20% (6,04,48,957 shares) to 6.17% (6,00,65,459 shares).
The company is under CIRP as per NCLT Hyderabad Bench-I order, and the powers of the Board of Directors are currently suspended.
The disclosure was made in compliance with Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015.
👀 What to Watch
Investors should remain highly cautious as the company is in insolvency proceedings and a promoter group entity is selling shares. The ongoing CIRP and suspended board powers indicate a high-risk environment for equity holders.
India Power Corp (DPSCLTD) Rating Downgraded to 'IVR C' Following CIRP Admission
India Power Corporation Limited (formerly DPSC Limited) has been admitted into the Corporate Insolvency Resolution Process (CIRP) by the NCLT Hyderabad Bench as of May 15, 2026. Following this, Infomerics Ratings has downgraded the company's long-term bank facilities rating from 'IVR B-' to 'IVR C' for facilities totaling Rs. 50.74 crore. The rating remains under 'Watch with Negative Implications' due to the transfer of management control to an Interim Resolution Professional (IRP) and ongoing legal proceedings at the NCLAT. The downgrade specifically reflects delays in meeting debt service obligations to financial institutions.
Key Highlights
NCLT Hyderabad Bench-I admitted the company into CIRP via an order dated May 15, 2026.
Long-term rating for Rs. 50.74 crore bank facilities downgraded from IVR B- to IVR C.
Management control has been transferred to Interim Resolution Professional (IRP) Ms. Sreenivasa Mano Ranjani Medarametla.
Short-term rating of IVR A4 reaffirmed but maintained under Rating Watch with Negative Implications.
The rating action factors in delays in debt servicing and heightened uncertainty regarding the company's financial profile.
👀 What to Watch
Investors should exercise extreme caution as CIRP proceedings typically lead to significant equity dilution or delisting. It is advisable to monitor NCLAT legal developments and the resolution plan progress very closely.
Infomerics Downgrades India Power Corp (DPSCLTD) Long-Term Rating to 'IVR C' Amid CIRP
Infomerics Valuation and Rating Ltd has downgraded India Power Corporation Limited's (formerly DPSC Ltd) long-term bank facilities rating from 'IVR B-' to 'IVR C' with a negative outlook. This downgrade follows the company's admission into the Corporate Insolvency Resolution Process (CIRP) by the NCLT Hyderabad Bench on May 15, 2026. The rating agency cited delays in meeting debt service obligations and the transfer of management control to an Interim Resolution Professional (IRP) as key reasons for the action. The short-term rating was reaffirmed at 'IVR A4', though it remains under a watch with negative implications.
Key Highlights
Long-term rating for bank loan facilities downgraded from 'IVR B-' to 'IVR C' with Negative Implications.
Short-term rating reaffirmed at 'IVR A4' but maintained under 'Rating Watch with Negative Implications'.
Total bank loan facilities covered under this rating action amount to Rs. 50.74 Crore.
The rating action factors in the ongoing Corporate Insolvency Resolution Process (CIRP) and management control transfer to the IRP.
Infomerics noted specific delays in meeting debt service obligations to financial institutions.
👀 What to Watch
Investors should exercise extreme caution as the company is now under insolvency proceedings, which poses a high risk to equity value. Closely monitor NCLT and NCLAT proceedings for updates on the resolution plan or potential liquidation.
Aksara Commercial Sells 25,786 Shares of DPSCLTD Amid Ongoing Insolvency Process
India Power Corporation Limited (formerly DPSC Limited) is currently undergoing the Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated May 15, 2026. During this period, promoter group entity Aksara Commercial Private Limited sold 25,786 equity shares on the open market on June 12, 2026. The transaction, valued at approximately Rs. 1.93 lakhs, marginally reduced the entity's stake from 6.21% to 6.20%. The company's board remains suspended, and operations are managed by an Interim Resolution Professional.
Key Highlights
Promoter group entity Aksara Commercial Private Limited sold 25,786 shares on June 12, 2026.
The sale was conducted on the open market (NSE) for a total consideration of Rs. 1,92,742.
The entity's shareholding decreased from 6,04,74,743 shares (6.21%) to 6,04,48,957 shares (6.20%).
The company is currently under CIRP as per the Hon’ble NCLT, Hyderabad Bench-I order dated May 15, 2026.
👀 What to Watch
Investors should exercise extreme caution as the company is in insolvency proceedings and the board is suspended. Promoter selling during a CIRP phase is generally viewed as a negative signal regarding recovery prospects.
Promoter Group Aksara Commercial Sells 1.80 Lakh Shares of India Power Corp (DPSCLTD)
India Power Corporation Limited (formerly DPSC Limited), which is currently undergoing Corporate Insolvency Resolution Process (CIRP), has reported a promoter group sell-off. Aksara Commercial Private Limited sold 1,80,190 equity shares on the open market between June 10 and June 11, 2026, for a total consideration of ₹13.55 lakh. This transaction reduced the promoter group entity's stake from 6.23% to 6.21% while the company's Board remains suspended under NCLT orders.
Key Highlights
Aksara Commercial Private Limited (Promoter Group) sold 1,80,190 equity shares via on-market transactions.
The total value of the share disposal was ₹13,54,662, executed on June 10 and 11, 2026.
The promoter group entity's holding decreased from 6,06,54,933 shares (6.23%) to 6,04,74,743 shares (6.21%).
The company is currently under CIRP following an NCLT Hyderabad Bench-I order dated May 15, 2026.
Powers of the Board of Directors remain suspended and are being exercised by the Interim Resolution Professional (IRP).
👀 What to Watch
Investors should remain highly cautious as the company is in insolvency proceedings and a promoter group entity is selling shares. Equity value in CIRP cases is often at significant risk of being wiped out or heavily diluted.
India Power Corp (DPSCLTD) Concludes 1st Committee of Creditors Meeting Under CIRP
India Power Corporation Limited (IPCL) held its first Committee of Creditors (CoC) meeting on June 12, 2026, following the initiation of the Corporate Insolvency Resolution Process (CIRP) by NCLT Hyderabad on May 15, 2026. The meeting, conducted via video conferencing from 11:30 AM to 1:30 PM, involved deliberations on agenda items under the supervision of the Interim Resolution Professional. This follows the company's admission into insolvency, marking a critical phase in its financial restructuring and debt resolution.
Key Highlights
First CoC meeting held on June 12, 2026, following the NCLT Hyderabad Bench-I order dated May 15, 2026.
The meeting was conducted via Video Conferencing for a duration of 2 hours (11:30 AM to 1:30 PM IST).
Ms. Sreenivasa Mano Ranjani is acting as the Interim Resolution Professional (IRP) for the process.
Agenda items and matters placed before the Committee were deliberated upon by the financial creditors.
👀 What to Watch
Investors should exercise extreme caution as CIRP proceedings often result in significant equity dilution or delisting of the company. Closely monitor future CoC updates regarding the resolution plan and potential recovery for stakeholders.
Promoter Group Aksara Commercial Sells 3.39 Lakh Shares of DPSCLTD Amid CIRP Proceedings
India Power Corporation Limited (formerly DPSC Limited) is currently undergoing the Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated May 15, 2026. During this period, Aksara Commercial Private Limited, a member of the promoter group, sold 3,39,901 equity shares via the open market on June 8 and 9, 2026. The transaction, valued at approximately Rs. 25.80 lakhs, reduced their stake from 6.26% to 6.23%. The company's board remains suspended, with operations managed by an Interim Resolution Professional.
Key Highlights
Promoter group entity Aksara Commercial sold 3,39,901 shares worth Rs. 25.80 lakhs in the open market.
The sale resulted in a marginal reduction of the promoter group's holding from 6.26% to 6.23%.
The company is officially under CIRP following an application admitted under Section 7 of the IBC by NCLT Hyderabad.
Powers of the Board of Directors are currently suspended, and the company is under the authority of an IRP.
👀 What to Watch
Investors should exercise extreme caution as the company is in insolvency proceedings, which often leads to significant equity erosion or delisting. The sale of shares by a promoter group entity during the CIRP phase is a negative signal.
India Power Corp (DPSCLTD) Credit Rating Downgraded to 'D' (Default) Following CIRP Admission
Brickwork Ratings has downgraded India Power Corporation Limited's (formerly DPSC Ltd) bank loan facilities totaling ₹106.98 crores to 'BWR D' (Default). This action follows the company's admission into the Corporate Insolvency Resolution Process (CIRP) by the NCLT Hyderabad Bench on May 15, 2026, and a confirmed default on interest payments for May 2026. The company's board is currently suspended, and it reported a massive net loss of ₹229.76 crores for FY26. A statutory moratorium is now in place as the Committee of Creditors prepares for its first meeting on June 12, 2026.
Key Highlights
Long-term rating for ₹102.83 crore bank loans downgraded from BWR BB to BWR D.
Short-term rating for ₹4.15 crore facilities downgraded from BWR A4 to BWR D.
Company admitted to CIRP following a petition by State Bank of India (SBI) regarding a ₹500.48 crore default claim.
FY26 financial performance deteriorated sharply with a net loss of ₹229.76 crores versus a profit of ₹4.22 crores in FY25.
Tangible Net Worth dropped significantly from ₹355.89 crores in FY25 to ₹126.01 crores in FY26.
👀 What to Watch
Investors should exercise extreme caution as the 'Default' rating and insolvency proceedings indicate a high risk of total capital loss. Existing shareholders should closely monitor the CIRP process and any potential resolution plans, though equity holders typically face significant dilution in such scenarios.
India Power Corp (DPSCLTD) Downgraded to 'D' (Default) Following NCLT Insolvency Admission
India Power Corporation Limited (formerly DPSC Ltd) has been admitted to the Corporate Insolvency Resolution Process (CIRP) by the NCLT Hyderabad Bench following a petition by State Bank of India. Consequently, Brickwork Ratings has downgraded the company's bank loan facilities totaling Rs. 106.98 crore to 'BWR D' (Default). The company's board has been suspended, and an Interim Resolution Professional has been appointed to manage operations under a statutory moratorium. While the core distribution business remains operationally efficient, the financial position has severely deteriorated with a net loss of Rs. 229.76 crore in FY26.
Key Highlights
Brickwork Ratings downgraded Rs. 106.98 crore in bank facilities to 'BWR D' (Default) from 'BWR BB/A4'.
Company admitted to CIRP under Section 7 of IBC on May 15, 2026, following a petition by SBI regarding a default on interest payments.
Reported a significant net loss of Rs. 229.76 crore in FY26 compared to a profit of Rs. 4.22 crore in FY25.
Tangible Net Worth (TNW) plummeted from Rs. 355.89 crore in FY25 to Rs. 126.01 crore in FY26.
Ongoing litigation involves a massive Rs. 2,844.45 crore corporate guarantee related to Meenakshi Energy Limited.
👀 What to Watch
Investors should be extremely cautious as the company has entered insolvency, which typically leads to significant equity dilution or total loss for shareholders. The first Committee of Creditors meeting is scheduled for June 12, 2026, which will determine the future course of the resolution process.
NCLT Admits India Power Corp (DPSCLTD) for Insolvency; IRP Appointed
India Power Corporation Limited (formerly DPSC Limited) has been officially admitted into the Corporate Insolvency Resolution Process (CIRP) by the Hon'ble NCLT, Hyderabad Bench-I, via an order dated May 15, 2026. Ms. Mano Ranjani has been appointed as the Interim Resolution Professional (IRP) to manage the company's affairs. The company has issued public caution notices in multiple newspapers to inform equity shareholders and the general public of the ongoing insolvency proceedings.
Key Highlights
Insolvency petition admitted by NCLT Hyderabad Bench-I on May 15, 2026.
Ms. Mano Ranjani appointed as the Interim Resolution Professional (IRP) for the CIRP.
Public Caution/Investor Information notices published in Financial Express, Aajkal, and Mana Telangana on June 9, 2026.
The powers of the Board of Directors are suspended, and management is now under the authority of the IRP.
The filing was made pursuant to Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
👀 What to Watch
Investors should exercise extreme caution as equity value is typically significantly impaired or wiped out during the insolvency resolution process. Monitor the IRP's announcements regarding the claims process and any potential resolution plans.
