DPSC Limited (India Power Corp Ltd) Admitted to CIRP; Q1FY27 Results Adopted
India Power Corporation Limited (formerly DPSC Limited) has been admitted to Corporate Insolvency Resolution Process (CIRP) by NCLT Hyderabad on May 15, 2026. Unaudited Q1FY27 results were adopted on October 29, 2026. The company is reviewing a Business Transfer Agreement from June 2, 2025.
Admission to CIRP is a critical event that fundamentally alters the company's operational and financial structure, impacting all stakeholders including shareholders, creditors, and employees. The review of past transactions also carries significant implications.
The company has been admitted to Corporate Insolvency Resolution Process (CIRP), which is a significant negative event indicating financial distress. The review of a prior business transfer agreement for potential avoidance also adds to the negative sentiment.
India Power Corporation Limited (formerly DPSC Limited) has been admitted to the Corporate Insolvency Resolution Process (CIRP) by the Hon'ble NCLT, Hyderabad Bench-I, via an order dated 15th May 2026. Ms. Medarametla Srinivasa Manoranjani was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP). The unaudited quarterly standalone and consolidated financial results for the quarter ended 30th June 2026 were adopted by the Management Committee, comprising suspended directors and the RP, on 29th October 2026. The RP has signed these results, managing the company's affairs on a going concern basis, while noting that the review is limited to available information and disclaiming responsibility for the accuracy or completeness of the data.
The company had previously entered into a Business Transfer Agreement (BTA) on 2nd June 2025, transferring its non-regulated business to its wholly-owned subsidiary, IPCL Power Limited, effective 28th June 2025. However, the RP is currently reviewing this BTA under the Insolvency & Bankruptcy Code, 2016, including potential avoidance proceedings. The RP's signature on the financial results does not constitute an approval or ratification of the BTA or any related transactions. The financial results pertain to a period prior to the commencement of CIRP and the appointment of the RP.
As part of the CIRP, registered valuers have been appointed to value the company, and a transaction review auditor has been engaged to identify avoidance transactions. Any necessary accounting changes arising from these reviews will be made in the financial statements.
What to do with a filing like this
DPSC Limited filed this with the NSE as a statutory disclosure, categorised under corporate insolvency resolution process. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by DPSC Limited. Read the original for the full detail.