Cerebra Integrated Technologies Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on Jun 06, 2026
CEREBRAINT · price
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Cerebra Integrated Technologies Limited has called an EGM on June 6, 2026, seeking shareholder approval to voluntarily initiate the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The company has been experiencing severe financial distress for the past 2-3 years due to lack of working capital, high overheads, and COVID impact. This has resulted in continuous operational losses, complete erosion of net worth, and a severe liquidity crisis. The company has defaulted on debt repayments to financial and operational creditors with total outstanding debt of approximately INR 90 crore (INR 90 crores). The Board attempted alternatives like debt restructuring, fresh capital infusion, and asset sales, but no viable resolution was achieved. The company is requesting a Special Resolution from shareholders for this action. If approved and admitted by NCLT, a statutory moratorium will come into effect and a Resolution Professional will take control of the company's management and assets.
This is an extremely negative development for shareholders. If the CIRP is initiated, the company's management will be taken over by a Resolution Professional, and shareholders may face significant dilution or near-total loss of value as the insolvency resolution process prioritizes creditor claims. The stock is likely to see a sharp negative reaction.