Impex ferro tech Limited's Committee of Creditors (CoC) convened its 24th meeting on February 19, 2026, as the company continues its Corporate Insolvency Resolution Process (CIRP). The meeting, conducted from 12:00 hours to 13:30 hours, addressed several critical aspects of the ongoing resolution process, with minutes circulated on February 21, 2026.

Meeting Agenda and Discussions

The CoC meeting covered multiple significant developments in the resolution process. Resolution Professional Ashok Kumar Sarawagi presented updates on the steps taken as part of the corporate insolvency resolution process and provided a comprehensive status report to the committee members.

Key Resolutions and Approvals

The committee finalized the provisional list of eligible resolution applicants as per Regulation 36(A) of the CIRP Regulation 2016. This represents a crucial step in the resolution process, as it establishes the framework for potential bidders who can participate in the company's revival efforts.

The CoC also noted the approval for filing an application seeking extension of the CIRP timeframe before the Hon'ble NCLT, Kolkata. Additionally, the committee approved CIRP costs up to January 2026 and noted the approval of the December quarter results ended December 31, 2025.

Current Financial Position

The company previously reported a net loss of ₹181.14 lakhs for Q3FY26, with zero revenue from operations. The company's manufacturing operations at Kalyaneshwari, West Bengal remain temporarily shut down since October 2022 due to power supply disconnection by Damodar Valley Corporation.

Resolution Process Status

The CIRP was initiated by NCLT Kolkata Bench on May 2, 2024, based on an application filed by a financial creditor. Ashok Kumar Sarawagi was appointed as Resolution Professional by the Committee of Creditors on June 14, 2024. The company's creditor claims include secured financial creditors with admitted claims of ₹91,068.97 lakhs and various operational creditors totaling significant amounts under verification.

Regulatory Compliance

The post-facto intimation was issued in compliance with Regulation 30 read with sub-clause 16(g) of Para A of Part A of Schedule III of Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015. The communication was addressed to both BSE Limited (Scrip Code: 532614) and National Stock Exchange of India Limited (Scrip Symbol: IMPEXFERRO).

Impex Ferro Tech Limited reported continued financial distress for the quarter ended September 30, 2025, with a net loss of ₹181.41 lakhs amid ongoing Corporate Insolvency Resolution Process (CIRP) proceedings. The ferro alloys manufacturer has been operating under insolvency proceedings since May 2024, with its manufacturing operations suspended since October 2022.

Financial Performance Overview

The company's financial performance for Q2FY26 reflects the challenges of operating under insolvency proceedings without active manufacturing operations.

For the half-year ended September 30, 2025, the company reported a total comprehensive loss of ₹368.05 lakhs compared to ₹342.39 lakhs in the corresponding period of the previous year. The primary expense components included depreciation and amortization of ₹334.04 lakhs and other expenses of ₹35.18 lakhs.

Corporate Insolvency Resolution Process Status

The National Company Law Tribunal (NCLT), Kolkata Bench, initiated CIRP against the company on May 2, 2024, following an application by a financial creditor. Mr. Ashok Kumar Sarawagi currently serves as the Resolution Professional, having been appointed by the Committee of Creditors on June 14, 2024.

The Resolution Professional has published updated claims as of September 20, 2025, showing the following admitted amounts:

One Resolution Applicant has been declared as the H1 bidder, indicating progress in the resolution process.

Balance Sheet Position

As of September 30, 2025, the company's financial position remained severely stressed with negative equity of ₹31,888.87 lakhs compared to ₹31,520.83 lakhs as of March 31, 2025.

The company's accumulated losses have reached ₹46,073.93 lakhs, substantially exceeding its net worth and highlighting the severity of its financial distress.

Operational Challenges

The company's manufacturing facility at Kalyanesheri, West Bengal, has remained shut since October 2022 due to power supply disconnection by Damodar Valley Corporation (DVC). The security deposit of ₹950.00 lakhs with DVC in the form of bank guarantee has been invoked, and another deposit of ₹748.00 lakhs has been adjusted.

Additionally, the insurance coverage for fixed assets and plant & machinery expired on June 13, 2023, with renewal processes underway. The company operates in a single business segment of ferro alloys manufacturing.

Going Concern and Future Prospects

The auditors have expressed material uncertainty regarding the company's ability to continue as a going concern, noting that this depends entirely on the resolution plan to be formulated and approved by NCLT. The financial results continue to be prepared on a going concern basis as required during the CIRP process, though the company's future viability remains contingent on successful resolution proceedings.