DPSC Limited has informed the Exchange about Corporate Insolvency Resolution Process regarding Voting results and Scrutinizer's Report on the businesses transacted by way of Postal Ballot through remote e-voting.
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India Power Corporation Limited (formerly DPSC Limited) has disclosed that the Hon'ble NCLT, Hyderabad Bench-I, admitted an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) on 15th May 2026, commencing the Corporate Insolvency Resolution Process (CIRP). The State Bank of India had filed this application invoking a corporate guarantee provided by the Company in favor of Meenakshi Energy Limited. Following the Supreme Court's order dated 14th February 2025, which remanded the matter back to NCLT, the tribunal admitted the application and appointed an Interim Resolution Professional (IRP). Consequently, the powers of the Board of Directors stand suspended, and a moratorium under Section 14 of IBC came into effect from 15th May 2026. Separately, shareholders approved the re-appointment of Mr. Anil Kumar Jha as Independent Director for a second term of 5 years with 99.86% votes in favor through postal ballot.
The admission of the CIRP by NCLT is a highly negative development for shareholders as it indicates the company is insolvent and cannot pay its debts. The suspension of board powers and imposition of moratorium means the company is under formal insolvency proceedings, which typically leads to significant restructuring or liquidation, resulting in potential dilution or loss of shareholder value.