PS IT Infrastructure & Services Limited has formally acknowledged its admission into Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT) Mumbai following a default on financial obligations totaling ₹3,10,02,122. The company filed its formal acknowledgment with BSE Limited on April 30, 2026, confirming the tribunal's decision and the appointment of Rajneesh Kumar Aggarwal as Interim Resolution Professional.

NCLT Order and Financial Default Details

The NCLT Mumbai Bench VI, comprising Hon'ble Members Nilesh Sharma (Judicial) and Sameer Kakar (Technical), pronounced the order on April 29, 2026, in case C.P. (IB)/1232(MB)2025. The proceedings were initiated by Golden Medows Export Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The financial default stems from an Inter Corporate Deposit arrangement established through a Memorandum of Understanding dated June 20, 2024. Golden Medows Export Private Limited disbursed the principal amount in seven tranches between June and August 2024, with interest calculated at 9% per annum.

Disbursement Schedule and Default Timeline

The detailed disbursement pattern shows systematic funding provided by the financial creditor over a two-month period:

The date of default was established as June 21, 2025, occurring immediately after the loan's scheduled repayment date of June 20, 2025, which marked 12 months from the original MOU execution.

Corporate Debtor's Defense and Tribunal's Analysis

PS IT Infrastructure & Services Limited, represented by Managing Director Kawarlal K. Ojha, contested the insolvency proceedings through multiple arguments. The company claimed it was profit-making and not insolvent, while also asserting that arbitration clauses in the MOU required dispute resolution through arbitration rather than insolvency proceedings.

The NCLT Mumbai decisively rejected these contentions, establishing several key legal principles. The tribunal emphasized that arbitration clauses do not bar Section 7 applications under the Insolvency and Bankruptcy Code, citing the Supreme Court judgment in Tata Consultancy Services Ltd. v. Vishal Ghisulal Jain. The tribunal also noted that the applicant provided comprehensive documentation including bank statements, money receipts, and NeSL Form-D records showing 'Deemed to be Authenticated' status.

Interim Resolution Professional Appointment and Form A Submission

Rajneesh Kumar Aggarwal has been formally appointed as the Interim Resolution Professional with specific credentials and authorization:

On May 1, 2026, the Interim Resolution Professional submitted newspaper advertisement copies (Form A) to BSE Limited under Rule 6 of Corporate Insolvency Resolution Process for the attention of creditors. The submission was made through official communication referencing Scrip Code BSE 505502, marking the formal commencement of creditor notification procedures.

Moratorium Implementation and Operational Impact

The tribunal has implemented a comprehensive moratorium under Section 14 of the Code, which prohibits various actions against the company. This includes restrictions on legal proceedings, asset transfers, security enforcement actions, and property recovery by lessors. The moratorium remains effective until CIRP completion, resolution plan approval, or liquidation order.

The applicant has been directed to deposit ₹3,00,000 with the IRP to cover initial CIRP costs including public notices and claim invitations. This amount will be treated as interim finance and repaid on priority from available company funds. The IRP must submit monthly progress reports to the tribunal and issue admission notices to all relevant statutory authorities, ensuring comprehensive stakeholder communication throughout the resolution process.

PS IT Infrastructure & Services Limited has scheduled a Board of Directors meeting for Tuesday, May 26, 2026, to consider and approve the company's audited financial results for the fourth quarter and financial year ended March 31, 2026.

Board Meeting Details

The company issued a formal notice on April 15, 2026, informing BSE Limited about the upcoming board meeting. The meeting has been convened specifically to review and approve the audited financial results for Q4FY26 and the complete financial year ending March 31, 2026.

Regulatory Compliance

The announcement was made in strict compliance with Regulation 29 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. This regulation mandates listed companies to inform stock exchanges about board meetings where financial results will be considered.

Company Information

PSIT Infrastructure & Services Limited operates under CIN L72900MH1982PLC027146 and is headquartered in Mumbai. The company's registered office is located at Office No. 308, B2B Agarwal Centre, Near Malad Industrial Estate, Kanchpada, Malad West Mumbai.

Authorization

The notice was digitally signed by Kawarlal Kanhaiyalal Ojha, Managing Director of the company, bearing DIN 07459363. The digital signature was executed on April 15, 2026, at 10:38:14 hours.

This board meeting represents a significant milestone for stakeholders as they await the company's audited financial performance for the concluded financial year.