GVK Power & Infrastructure Limited held its 32nd Annual General Meeting on September 30, 2026, disclosing that no compliant resolution plan has been received within the approved timeline. Consequently, the Committee of Creditors is evaluating whether to re-initiate the Corporate Insolvency Resolution Process (CIRP) or proceed with the liquidation of the company.

The company has been under CIRP since July 12, 2024, following an order by the National Company Law Tribunal (NCLT). Mr. Satish Kumar Gupta was appointed as the Resolution Professional (RP), assuming control from the suspended Board of Directors. During the meeting, it was noted that the first round of CIRP concluded after two received resolution plans were deemed non-compliant with the Insolvency and Bankruptcy Code and related regulations.

Insolvency Process Status

Following the rejection of the initial plans, the CoC resolved to re-initiate the process using an asset-wise sale approach under Regulation 36A(1A). Invitations for Expression of Interest (IEOI) were issued in June and July 2025. While various PRAs submitted IEIs and subsequent resolution plans, none met the compliance requirements within the deadline set by the CoC. The current status involves due diligence on assets, with a final decision on liquidation versus another CIRP round pending.

Key Resolutions Transacted

Despite the ongoing insolvency proceedings, shareholders voted on several ordinary and special business items. The audited financial statements for FY26 were adopted, and key appointments were confirmed.

Governance and Attendance

The meeting was conducted via video conferencing in compliance with MCA and SEBI circulars. Dr. GVK Reddy (Chairman), Mr. G V Sanjay Reddy (Vice-Chairman), and Mr. P V Prasanna Reddy (Whole-time Director) attended virtually. Mr. T Ravi Prakash, Company Secretary, managed the voting process, which included remote e-voting and live voting during the session. The results are expected to be declared within two working days.

What the Numbers Show

The disclosure highlights a critical juncture in GVK Power’s insolvency journey. The rejection of multiple resolution plans over successive rounds indicates significant challenges in attracting viable bids that meet regulatory standards. With the CoC now weighing liquidation against a third attempt at resolution, the asset valuation and market appetite for the company’s infrastructure assets remain the pivotal factors determining its future structure.

GVK Power & Infrastructure has dispatched the notice for its 32nd Annual General Meeting (AGM), confirming the event will be held on Wednesday, September 30, 2026, at 11:30 am via Video Conferencing (VC) or Other Audio Visual Means (OAVM). The company remains under the Corporate Insolvency Resolution Process (CIRP).

The notice was sent electronically on Tuesday, September 8, 2026, to members with registered email addresses. Remote e-voting commences on Friday, September 25, 2026, at 9:00 am and concludes on Monday, September 28, 2026, at 5:00 pm. The record date for voting eligibility is Tuesday, September 22, 2026.

The agenda includes ordinary business items such as the adoption of audited financial statements for FY26 and the re-appointment of Dr GVK Reddy as a director by rotation. A special resolution seeks to re-appoint P V Prasanna Reddy as Whole-time Director for three years without remuneration, effective November 14, 2026.

Financial Performance Overview

The company reported a consolidated net loss of ₹13,826.9 crore for FY26, a significant shift from the net profit of ₹5,976.6 crore in the previous year. Consolidated revenue from operations fell 90% to ₹805.3 crore, down from ₹8,021.6 crore in FY25. This decline was driven by the deconsolidation of key subsidiaries, including GVK Energy Limited, following their admission into CIRP.

At the standalone level, the company incurred a net loss of ₹10,393.1 crore, compared to a negligible loss of ₹32 lakh in FY25. Standalone revenue was nil, as operational income ceased. The substantial standalone loss was primarily due to an impairment of deemed investment amounting to ₹8,412.0 crore and advances written off totaling ₹1,969.0 crore related to GVK Energy Limited.

Governance and Insolvency Status

The company’s Board of Directors powers remain suspended under Section 17 of the Insolvency and Bankruptcy Code, with management vested in the Resolution Professional (RP), Mr Satish Kumar Gupta. Consequently, statutory committees including the Audit Committee are inoperative. All independent directors resigned during the period.

The statutory auditors, M/s T R Chadha & Co LLP, have issued a disclaimer of opinion on both standalone and consolidated financial statements. The auditors cited significant uncertainties regarding the going concern basis, pending litigation, and unquantified liabilities arising from corporate guarantees provided to associates like GVK Coal Developers (Singapore) Pte Ltd.

What the Numbers Show

The financial results highlight a structural shift rather than operational performance. With consolidated revenue dropping 90% and net worth turning negative at (₹2,178.9 crore), the group's asset base has significantly contracted. The deconsolidation of GVK Energy Limited and its subsidiaries removed ₹40,730.9 crore in assets and ₹30,315.1 crore in liabilities from the balance sheet, recognizing an exceptional loss of ₹10,415.8 crore. This indicates that the remaining consolidated entity is largely a holding structure managing residual assets and complex guarantee liabilities amidst the ongoing insolvency process.