PS IT Infrastructure Enters Insolvency Resolution, Board Suspended

PS IT Infrastructure & Services Ltd reported a net loss of ₹1.66 crore for the year ended March 31, 2026. The company has entered the Corporate Insolvency Resolution Process (CIRP) after an order from the NCLT Mumbai Bench on April 29, 2026.

Reader Takeaway: Insolvency process begins; auditor flags valuation concerns.

What just happened

The National Company Law Tribunal (NCLT) Mumbai Bench has initiated the Corporate Insolvency Resolution Process (CIRP) against PS IT Infrastructure & Services Ltd. This follows an application by a creditor. The order, dated April 29, 2026, has led to the suspension of the company's Board of Directors and Key Managerial Personnel.

Mr. Rajneesh Kumar Aggarwal has been appointed as the Interim Resolution Professional (IRP) to manage the company's affairs during this period. The company reported a net loss of ₹1.66 crore for the fiscal year ended March 31, 2026.

Why this matters

The initiation of CIRP signifies a major shift in the company's governance and operational control. Existing shareholders face significant uncertainty as the future of the company will be determined by the resolution plan presented and approved during the CIRP. The financial results showing a loss for the year, coupled with auditor's concerns, add to the challenges.

The backstory

For the financial year ended March 31, 2026, PS IT Infrastructure & Services Ltd reported revenues from operations of ₹10.04 crore. The net loss stood at ₹1.66 crore, with basic Earnings Per Share (EPS) at ₹-0.31.

Total assets were reported at ₹42.52 crore, while total equity stood at ₹32.20 crore. Current liabilities were ₹10.32 crore as of March 31, 2026.

What changes now

With the NCLT order, the powers previously held by the Board of Directors and Key Managerial Personnel have ceased. All authority is now vested with the appointed Interim Resolution Professional (IRP). The IRP has indicated that the company might continue as a going concern, contingent on a proposed revival plan.

Risks to watch

The statutory auditor has raised concerns in the 'Emphasis of Matters' section of the audit report. These include:

• Investment Valuation: Unquoted investments are valued at cost, awaiting independent fair valuation.
• Illiquid Stocks: Investments in small-cap, illiquid stocks, some suspended, are valued at last traded prices without loss provision.
• Share Transfer Delays: Technical issues delayed the transfer of shares purchased/sold in FY26 to Demat accounts beyond March 31, 2026, impacting closing stock valuation.

Peer comparison

Information regarding peer companies' insolvency proceedings or financial performance is not available in the provided filing.

Context metrics (time-bound)

• Net Loss: ₹-1.66 crore for the year ended March 31, 2026.
• Revenue from Operations: ₹10.04 crore for the year ended March 31, 2026.
• CIRP Initiation Date: April 29, 2026.

What to track next

Investors should closely monitor the progress of the Corporate Insolvency Resolution Process (CIRP), the development and approval of any revival plan, and further disclosures regarding the company's financial health and asset valuation.