Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2025
GVKPIL · price
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The Hon'ble National Company Law Tribunal, Hyderabad Bench has admitted an application for Corporate Insolvency Resolution Process (CIRP) against GVK Coal (Tokisud) Company Private Limited, a subsidiary of GVK Power & Infrastructure Ltd. IDBI Bank Limited, the Financial Creditor, filed the petition for default in repayment of debt amounting to Rs 39,66,95,710.46 (approximately Rs 39.67 crore) as of November 1, 2025. The subsidiary's coal mine allocation was cancelled by the Supreme Court in August 2014, leading to compensation proceedings. Despite receiving partial compensation of Rs 146.83 crore and additional compensation of Rs 138.66 crore, the subsidiary could not satisfy its debt obligations. The account was classified as Non-Performing Asset on May 31, 2017, and an One-Time Settlement proposal failed and was revoked on February 5, 2025. Mr. Dhaval Jitendrakumar Mistry has been appointed as the Interim Resolution Professional (IRP).
GVK Power & Infrastructure Ltd is already under CIRP itself. This admission of CIRP against its coal subsidiary adds further complexity to the overall debt resolution process. Shareholders should note that this is a subsidiary-level insolvency and does not directly impact the parent company's ongoing CIRP proceedings, though it may affect the consolidated asset recovery prospects.