GVK Power & Infrastructure Limited has disclosed, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that the Hon'ble National Company Law Tribunal (NCLT), Hyderabad Bench, has admitted an application for initiation of the Corporate Insolvency Resolution Process (CIRP) against its subsidiary, GVK Coal (Tokisud) Company Private Limited. The order was passed on 04.05.2026 in Case No. CP (IB) No. 212/7/HDB/2025, on a petition filed by IDBI Bank Limited as the financial creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The corporate debtor neither appeared before the Tribunal nor filed any reply, and was accordingly set ex-parte.

Background of the Default

GVK Coal (Tokisud) Company Private Limited was incorporated to develop a coal mine allotted by the Ministry of Coal & Mines, Government of India, to GVK Power (Goindwal Sahib) Limited (GPGSL) for its 540 MW thermal power project in Punjab, with coal production intended exclusively for captive consumption. A Facility Agreement dated 27.04.2010 was executed between the corporate debtor, IDBI Bank as Lenders' Agent, and other lenders for aggregate rupee loans up to Rs 225 crores to part-finance the project. IDBI Bank sanctioned Rs 50 crores and disbursed Rs 40 crores under this arrangement.

The project, originally scheduled for commissioning by 01.07.2012, was delayed, and a revised Commercial Operation Date of 30.06.2013 was proposed. The loan was subsequently restructured via a sanction letter dated 25.03.2013 and an Amendatory Agreement dated 30.03.2013. However, in August 2014, the Hon'ble Supreme Court cancelled coal block allocations, including that of the corporate debtor, extinguishing lender security except to the extent of compensation receivable.

Compensation Proceedings and Persistent Default

Following the Supreme Court's order, the corporate debtor became entitled to compensation administered by a Nominated Authority (NA). The key developments in the compensation and recovery process are summarised below:

The corporate debtor's account was classified as a Non-Performing Asset (NPA) on 31.05.2017. A recall notice dated 14.06.2018 was served on 22.03.2019. The corporate debtor acknowledged its liability in financial statements from FY 2018-2019 to 2022-2023, and submitted One-Time Settlement (OTS) proposals in 2021 and 2023, admitting liability. The OTS was conditionally accepted on 17.02.2023 but subsequently failed and was revoked on 05.02.2025.

NCLT Order and Key Directions

The NCLT, upon hearing submissions from the financial creditor's counsel and reviewing the record, found the debt and default to be established and unrebutted. The Tribunal noted that the application filed on 05.12.2025 was neither barred by Section 10A of the IBC nor by limitation. Accordingly, the petition was admitted with the following key directions:

• CIRP commencement: The Corporate Insolvency Resolution Process has been ordered to commence and is to be completed within the timelines stipulated under the IBC.
• Interim Resolution Professional: Mr. Dhaval Jitendrakumar Mistry (Registration No. IBBI/IPA-001/IP-P-01853/2019-2020/12849) has been appointed as the IRP, with his Authorization For Assignment (AFA) valid till 30-Jun-2027 as per the IBBI website.
• Moratorium: A moratorium under Section 14 of the IBC has been declared with immediate effect for the duration of the CIRP, prohibiting institution or continuation of suits, transfer or disposal of the corporate debtor's assets, enforcement of security interests, and recovery of property in possession of the corporate debtor.
• Management: The IRP has been directed to take immediate charge of the management of the corporate debtor and to issue a public announcement within three days of receipt of the order, calling for submission of claims.
• Cooperation: Directors, promoters, and persons associated with the management of the corporate debtor have been directed to extend full assistance and cooperation to the IRP.

Company Disclosure

GVK Power & Infrastructure Limited, which is itself under CIRP, made the regulatory disclosure on 13th May, 2026, through its Company Secretary & Compliance Officer, T Ravi Prakash. The NCLT order was passed by Sri Rajeev Bhardwaj, Member (Judicial), and Sri Sanjay Puri, Member (Technical), of the Hyderabad Bench – II. The admission of CIRP against GVK Coal (Tokisud) Company Private Limited marks a further development in the ongoing insolvency proceedings affecting entities within the GVK group.

GVK Power & Infrastructure has informed the stock exchanges of an upcoming Board of Directors meeting scheduled for Friday, May 29, 2026. The notice has been issued pursuant to Regulation 29(1)(a) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The meeting will be held to consider, approve, and take on record the audited financial results of the company for the quarter and financial year ended March 31, 2026.

Board Meeting Details

The key details of the scheduled board meeting are outlined below:

Trading Window Closure

In accordance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, GVK Power & Infrastructure had previously communicated the trading window closure via a letter dated March 27, 2026. The trading window for equity shares of the company remains closed from April 1, 2026 through the date of the Board meeting. It is scheduled to reopen from June 1, 2026 for all insiders and designated employees of the company.

The notice has been signed by T Ravi Prakash, Company Secretary & Compliance Officer of GVK Power & Infrastructure. The company, currently under Corporate Insolvency Resolution Process (CIRP), is headquartered at Darshak Chambers, Secunderabad, Telangana, and operates across sectors including energy, transportation, hospitality, life sciences, realty, and CSR.