NCLT Approves Replacement of Resolution Professional for Opto Circuits with 78.62% CoC Vote
Opto Circuits (India) Limited announced that the NCLT Bengaluru Bench, via an order dated August 31, 2026, has approved the replacement of its Resolution Professional. The Committee of Creditors (CoC), with a 78.62% voting majority during its 39th meeting on July 14, 2026, resolved to replace Mr. Pankaj Srivastava with M/s. Waterfall Insolvency Professional Private Limited, represented by Ms. Shirley Mathew. The company has been under Corporate Insolvency Resolution Process (CIRP) since November 16, 2022.
high confidence
What changedMr. Pankaj Srivastava has been replaced by M/s. Waterfall Insolvency Professional Private Limited (represented by Ms. Shirley Mathew) as the Resolution Professional for Opto Circuits.
Why it mattersA change in Resolution Professional after nearly four years under CIRP indicates potential delays or shifts in the creditor-led resolution strategy, directly impacting existing shareholders.
CoC voting share approving replacement: 78.62%CoC meeting date: 14 July 2026NCLT approval date: 31 August 2026CIRP initiation date: 16th November 2022
📅 Short termThe handover of administrative control to the newly appointed Resolution Professional will occur, with little immediate impact on equity value given ongoing insolvency proceedings.
📈 Long termThe company's survival and equity value remain entirely dependent on whether an acceptable resolution plan is submitted and approved under the IBC framework, which typically involves substantial equity write-downs.
⚠ Risk flags
- Severe risk of total equity wipeout under the Corporate Insolvency Resolution Process (CIRP)
- Prolonged insolvency proceedings ongoing since November 2022
👀 What to Watch
Track subsequent NCLT filings and resolution plan submissions under the new Resolution Professional to assess the likelihood and extent of equity dilution or potential liquidation.
