DPSC Limited has informed the Exchange about Corporate Insolvency Resolution Process regarding revision in ratings by Brickwork Ratings for bank loan
DPSCLTD · price
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India Power Corporation Limited (formerly DPSC Limited) has been admitted into Corporate Insolvency Resolution Process (CIRP) under Section 7 of IBC, 2016. The NCLT Hyderabad Bench-1 passed an order on 15 May 2026 admitting the petition filed by State Bank of India as a financial creditor. Ms. Medarametla Srinivasa Manoranjani has been appointed as Interim Resolution Professional, and the company's Board stands suspended. The CIRP admission stems from a corporate guarantee provided in 2016 for the lenders of erstwhile subsidiary Meenakshi Energy Limited. Consequently, Brickwork Ratings has downgraded the company's bank loan ratings of Rs. 106.98 Crores from BBB-/A3 to BB/A4, maintaining them on Credit Watch with Negative Implications. The company is also separately facing alleged fraudulent transaction allegations with SREI Equipment Finance Ltd pending before NCLT Kolkata Bench.
This is a highly negative development for shareholders. The company is now under insolvency proceedings with board suspended, and its credit ratings have been significantly downgraded to speculative grade. The stock is likely to see severe negative reaction given the CIRP admission and ongoing legal complexities including the separate SREI fraud matter.