The National Company Law Appellate Tribunal (NCLAT), Chennai Bench, has passed an interim order directing that the status quo be maintained regarding the resolution plan of Baron Infotech Limited (under CIRP). This directive follows an appeal filed by Vivek Kumar Ratakonda, an unsuccessful resolution applicant, challenging the earlier approval granted by the National Company Law Tribunal (NCLT), Hyderabad Bench.

The appeal, registered as CA(AT) INS No. 516 of 2026, contests the NCLT's order dated September 8, 2026, which had approved the resolution plan submitted by M/s. Innopark (India) Private Limited. The NCLAT heard the appellant's submissions on October 1, 2026, and issued oral orders to maintain the existing situation until further hearings.

Hearing schedule and procedural status

The tribunal has adjourned the matter to November 3, 2026, to allow the Resolution Professional, the Committee of Creditors, and the Successful Resolution Applicant to present their arguments. The hearing window for these parties is set between November 3 and November 6, 2026.

As of the disclosure date, the written orders from the October 1, 2026 hearing have not been uploaded to the NCLAT website. The Resolution Professional has undertaken to share the formal order with the BSE once it becomes available.

Impact on corporate revival

Baron Infotech Limited currently has no active operations. The company disclosed that any delay in the disposal of this appeal will directly result in a delay in the revival of the Corporate Debtor. The status quo order remains effective until vacated by the NCLAT.

Regulatory compliance

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company stated it intends to take appropriate legal steps to protect the interests of its shareholders and stakeholders.

Baron Infotech Limited (BSE: BARON) will be renamed PurpleTalk Limited following the approval of its Corporate Insolvency Resolution Process (CIRP) resolution plan. The Board of Directors, in its first meeting post-CIRP completion on September 23, 2026, ratified the National Company Law Tribunal (NCLT) order dated September 8, 2026, which sanctions the amalgamation of PurpleTalk India Private Limited with the company.

The restructuring involves a significant dilution of existing equity holders. Under the approved plan, all promoter and promoter-group shares will be cancelled without consideration. Public shareholders holding 89,30,800 equity shares will see a 95% reduction in their holdings. Investors will retain only 5% of their current stake, calculated as one new share for every twenty held, aggregating to 4,46,540 equity shares. The remaining 84,84,260 shares will stand cancelled without any payout.

New board and leadership changes

The newly constituted Board comprises five additional directors appointed effective September 22, 2026, pursuant to the resolution plan. Sridhar Muppidi has been appointed as Chairman and Managing Director. The erstwhile directors, including Bharani Ganapavarapu and Kamala Kumari Nadimpally, ceased office on September 23, 2026, following the NCLT order.

Operational and structural shifts

The Board approved shifting the registered office from Dwarakapuri, Hyderabad, to a new location at The Water Mark, Kondapur, Hyderabad. Additionally, the authorised share capital was increased to ₹300 crore, divided into 30,00,00,000 equity shares of ₹10 each. The Memorandum of Association was altered to include new main objects focusing on artificial intelligence, machine learning, cloud computing, and software development services.

What the numbers show

The resolution plan dictates a severe capital structure reset for minority investors. While the authorised share capital expands to ₹300 crore to accommodate the incoming entity PurpleTalk India Private Limited, public shareholders face a near-total wipeout of their numerical holding count, retaining only 5% of their original volume. This indicates that the value preservation for public shareholders relies entirely on the future performance of the merged entity rather than the legacy asset base of Baron Infotech.

Next steps

The record date for determining eligible shareholders for the share cancellation and retention is fixed as October 6, 2026. The name change is subject to final approval from the Central Registration Centre, Ministry of Corporate Affairs.