DPSC Limited: CoC Approves Transaction Auditor, Rejects Resolution Applicant Eligibility
DPSC Limited's Committee of Creditors approved the appointment of M/s PVRN & Co. as Transaction Auditor and reimbursement of expenses. However, eligibility criteria for Resolution Applicants were not approved by the requisite majority. The company is under CIRP following an NCLT order.
The failure to approve the eligibility criteria for Resolution Applicants could potentially delay or complicate the Corporate Insolvency Resolution Process (CIRP). While the appointment of an auditor is a procedural step, the lack of consensus on resolution applicant eligibility introduces uncertainty.
The announcement details the outcomes of a Committee of Creditors meeting. While some operational aspects like auditor appointment were approved, a key resolution regarding the eligibility of resolution applicants failed to pass, indicating a mixed outcome with no clear positive or negative financial impact.
India Power Corporation Limited (formerly DPSC Limited) has announced the outcome of the 3rd meeting of its Committee of Creditors (CoC), held on August 10, 2026, with e-voting concluding on August 31, 2026. The CoC approved the appointment and remuneration of M/s PVRN & Co. as the Transaction Auditor/Forensic Auditor.
Additionally, the reimbursement of out-of-pocket expenses incurred from the 2nd CoC Meeting up to July 31, 2026, was approved. However, the agenda concerning the approval of eligibility criteria for Prospective Resolution Applicants, as per Section 25(2)(h) of the Code, did not secure the necessary majority for approval.
The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) following an order from the Hon'ble NCLT, Hyderabad Bench-I, dated May 15, 2026.
A plain-language summary of a public exchange filing by DPSC Limited. Read the original for the full detail.