PS IT Infrastructure & Services Ltd
PS IT Infrastructure admitted to NCLT insolvency; IRP appointed over Rs. 3.10 Cr default
REGULATORY
▼ Concern Flagged
HIGH RISK
📅 Filed on BSE: 30 Apr 2026, 10:42 AM IST · BSE ID: 1b48831c-e811-43b5-810e-27d15a4196ad
View Original BSE Filing (PDF)
💡
In Simple Terms
A court has ruled that PS IT Infrastructure owes Rs. 3.10 Crore to another company and cannot repay, triggering formal insolvency proceedings with a court-appointed manager to resolve the company.
🤖 AI Summary
- NCLT Mumbai admitted PS IT Infrastructure to insolvency on April 29, 2026 under Section 7 IBC
- Default amount Rs. 3,10,02,122 — Rs. 2,90,00,000 principal plus Rs. 20,02,122 interest at 9% p.a.
- Financial creditor Golden Medows Export Private Limited filed petition on November 14, 2025
- IRP Rajneesh Kumar Aggarwal appointed; Corporate Debtor's insolvency defense rejected by tribunal
- Default triggered June 21, 2025 following expiry of repayment deadline under MoU dated June 20, 2024
🔢 Key Numbers — exact figures from BSE filing, not rounded
Total default amount claimed
Rs. 3,10,02,122
Principal amount outstanding
Rs. 2,90,00,000
Interest amount outstanding (9% p.a. upto September 30, 2025)
Rs. 20,02,122
Date of default
June 21, 2025
NCLT admission order date
April 29, 2026
IRP registration number
IBBI/IP-P00886/2017-2018/11483
🏢 How This Affects the Company
Corporate Insolvency Resolution Process initiated. Company operations now under control of appointed IRP. Revenue generation and business continuity are suspended pending CIRP outcome and creditor resolution plan.
Balance sheet frozen under CIRP. Assets now vested in IRP for creditor resolution. Cash flows directed to IRP administration. Company cannot incur new debt or dispose assets without IRP approval.
Management authority transferred to IRP. Day-to-day operations suspended pending resolution plan approval. Board decisions now subordinate to IRP directives. Staff, contracts, and supply chains subject to IRP assessment.
Insolvency admission triggers highest corporate distress status. Delisting risk elevated. Creditor claims hierarchy established. Shareholders' equity subordinated to creditor claims. Asset liquidation is now material outcome risk.
👥 What This Means For Shareholders
✅
Action Required
All shareholders must register claims with IRP; verify shareholding records with company immediately; monitor IRP portal for resolution plan updates and creditor meetings.
👤
Who Is Affected
All equity shareholders. Shareholding claims are subordinated to financial and operational creditors under IBC hierarchy. Recovery probability depends entirely on asset realization and resolution plan outcome.
🔍
Management Signal
Management has lost operational control to court-appointed IRP. Board decision-making authority suspended. Signal is distress-driven, not management-led strategic action.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
IRP resolution plan filing — expect within 180 days of April 29, 2026 admission date
Committee of Creditors formation and first meeting minutes — governs resolution plan approval
Asset valuation report from IRP — determines liquidation versus restructuring viability
HIGH RISK
Company admitted to insolvency proceedings with Rs. 3.10 Crore unresolved default. Management control transferred to court-appointed IRP. Shareholder equity subordinated to creditors. Delisting and liquidation are material scenarios.
💡 Investor Takeaway
PS IT Infrastructure admitted to insolvency under Section 7 IBC for default of Rs. 3,10,02,122 to Golden Medows Export Private Limited. NCLT rejected company's defense that it remains profitable and dispute is contractual. IRP Rajneesh Kumar Aggarwal now controls company pending creditor resolution plan approval. Shareholder position subordinated.
⚖️ Strengths & Concerns
⚠️ Concerns
- Default of Rs. 3,10,02,122 on Inter Corporate Deposit backed by formal NCLT admission order dated April 29, 2026
- Corporate Debtor's defense arguments rejected by tribunal; insolvency proceedings now binding and irreversible