Diamond Power Infrastructure completed its NCLT resolution process a year ahead of schedule, fully paying off its ₹2401 crore resolution plan and resolving legacy legal issues.

Resolution milestone and what it means

The early exit from the NCLT process marks a significant corporate turnaround for Diamond Power Infrastructure. With the resolution plan fully paid off, the company has cleared the financial obligations that had kept it under insolvency proceedings. Legacy legal issues tied to the resolution process have also been resolved as part of this closure.

The company prepaid the entire consideration payable to erstwhile lenders under the NCLT-approved Resolution Plan. This amount, contractually payable over five years with the final instalment due on September 30, 2027, was discharged in full in September 2026. By availing pre-payment discounts extended by lenders, every obligation of the promoters stands fulfilled.

The resolution plan consisted of ₹501 crore in upfront cash consideration and ₹1900 crore in 30-year redeemable bonds carrying a coupon of 0.001%, redeemable at a net present value of 16% per annum. The acquisition was executed by a consortium comprising Mr Rakesh Shah, GSEC and the Monarch Group.

Path to fresh financing now open

The completion of the NCLT process removes a key structural barrier for the company. Diamond Power Infrastructure can now pursue credit ratings and access bank loans, both of which were unavailable during the insolvency period. These capabilities are essential for the company to engage in normal commercial and financing activities going forward.

With no outstanding obligations towards erstwhile lenders, the company is eligible to obtain credit ratings from recognised agencies. This opens access to bank credit, debt capital markets and institutional investors on standard commercial terms. Furthermore, the company's entire gross block, including its integrated manufacturing facility at Vadodara, plant machinery, rod mills and captive power assets, is free of resolution-era charges and available as security for working-capital and term financing.

All criminal proceedings involving the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), relating to conduct prior to the IBC acquisition, have been cleared by respective courts. This leaves the company with a clean slate, combining a debt-light balance sheet with a five-decade manufacturing legacy.

What the Numbers Show

The structure of the repayment highlights the efficiency of the turnaround. By prepaying the cash component one year early, the company accelerated its exit from regulatory oversight without altering the long-term bond liability. The ability to clear the upfront cash obligation ahead of the September 2027 deadline demonstrates strong cash generation or access to interim funding, allowing the firm to transition immediately from an 'insolved' status to a 'bankable' entity capable of securing new term finance against its asset base.

Diamond Power Infrastructure has secured an order worth ₹76.06 crore for the supply of 66 KV extra high voltage (EHV) underground cables for a transmission project in Gujarat.

Order details

The order pertains to the supply of 66 KV EHV underground cables, with the project located in Gujarat. The following table summarises the key details of the order as disclosed:

Significance of the order

The order underscores Diamond Power Infrastructure's presence in the high-voltage underground cable supply segment. The 66 KV EHV underground cable category is typically deployed in critical power transmission and distribution infrastructure, reflecting the nature of the Gujarat project.