Delta Corp has scheduled separate meetings of its equity shareholders and unsecured creditors on August 13, 2026, to seek approval for a composite scheme of arrangement involving its subsidiaries. The meetings will be held via video conferencing (VC) or other audio-visual means (OAVM), with the creditors' meeting at 02:30 p.m. IST and the shareholders' meeting at 04:00 p.m. IST. These meetings are convened pursuant to an order dated June 18, 2026, passed by the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench.

NCLT-Directed Restructuring Plan

The proposed Composite Scheme of Arrangement involves Delta Corp Limited (Demerged Company), Deltin Hotel & Resorts Private Limited (DHRPL), Delta Penland Limited (DPL), and Deltin Cruises and Entertainment Private Limited (DCEPL). The scheme is being executed under the provisions of Sections 230 to 232 of the Companies Act, 2013. Approval from both equity shareholders and unsecured creditors is essential for the scheme to proceed to the next stage of implementation, subject to the subsequent sanction of the Tribunal and other regulatory approvals.

Meeting and E-Voting Details

The National Company Law Tribunal has appointed Mr. L. N. Gupta, IAS (R) and Former Member, NCLT, as the chairperson for the meetings and Smt. Bindu Shah as the Scrutinizer. The facility for appointment of proxies will not be available for these meetings. The remote e-voting facility will be available from Monday, August 10, 2026, at 9:00 a.m. IST to Wednesday, August 12, 2026, at 5:00 p.m. IST. The cut-off date for equity shareholders is August 6, 2026, while for unsecured creditors it is May 31, 2026.

The GST Council is expected to deliberate on the possibility of waiving historical GST liabilities for select industries, a development that has drawn considerable attention from stakeholders across affected sectors. Central to this discussion is Section 11A of the GST framework, which grants the Central Government the authority to condone past GST obligations for certain categories of industries.

Section 11A and Its Implications

Section 11A provides a legislative mechanism through which the Centre can excuse previously unpaid or disputed GST dues for specified industries. This provision has emerged as a focal point in ongoing policy conversations, particularly for sectors that have faced large-scale retrospective GST demand notices.

Delta Corp and the GST Liability Context

Delta Corp is among the companies operating in an industry that has been at the centre of GST-related disputes. The potential GST Council discussion on waiving past liabilities under Section 11A is particularly relevant for Delta Corp, given the backdrop of substantial GST demand notices that have been issued to companies in its sector.

Key Aspects of the Proposed Discussion

The following points summarise the core elements of the anticipated GST Council agenda:

• Agenda Item: Deliberation on waiving or excusing historical GST dues for certain industries
• Legislative Provision: Section 11A empowers the Central Government to forgive past GST obligations
• Scope: Applicable to select industries as may be determined by the GST Council
• Relevance: Companies such as Delta Corp, which have received GST demand notices, could be impacted by the outcome

Significance of the Development

The prospect of the GST Council addressing historical GST liabilities under Section 11A represents a significant policy development for industries that have been navigating large and disputed tax demands. Any formal decision by the GST Council on this matter would have direct implications for the financial positions of companies operating in the affected sectors. The outcome of these deliberations is being closely watched by industry participants and investors alike.