NCLT admits company to insolvency process; business transfer under review

NCLT admitted insolvencyRegulatory & Legal View source PDF Explain this filing

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AI summary

The NCLT admitted India Power Corporation Limited, formerly DPSC Limited, to corporate insolvency resolution on 15 May 2026 and appointed a resolution professional; the board's powers are suspended. Q1 FY27 results for June 2026 were adopted under the professional's oversight but were not independently verified. The June 2025 transfer of the non-regulated business to wholly owned IPCL Power for 185,31,475 shares of Rs 10 each is under review for possible avoidance proceedings. Further accounting changes may be required.

Likely market impact

With the board suspended and the transfer under review, shareholders face high uncertainty over governance, financial reporting and recovery.