PS IT Infrastructure Faces Insolvency Over ₹3.10 Crore Debt

PS IT Infrastructure & Services Ltd. has been admitted to the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT) Mumbai. The proceedings were initiated due to a ₹3.10 crore debt default, comprising ₹2.90 crore in principal and ₹0.20 crore in interest.

Mr. Rajneesh Kumar Aggarwal has been appointed as the Interim Resolution Professional (IRP) to manage the company's affairs. A mandatory moratorium is now in effect, halting any further legal actions or recovery attempts against the company or its assets.

The company, previously delisted from the Bombay Stock Exchange (BSE) on August 29, 2018, enters this formal resolution process. This delisting often signals prior financial or operational challenges.

Management control has now shifted to the IRP, operating under the guidance of the Insolvency and Bankruptcy Code (IBC). The primary risk is potential liquidation if a satisfactory resolution plan is not approved by creditors and the NCLT. Failure to secure new funding or a viable restructuring strategy could prolong these proceedings.

While PS IT Infrastructure & Services Ltd. navigates insolvency, other companies in the IT infrastructure and services sector, such as Tata Elxsi, KPIT Technologies, and Sonata Software, continue to operate and grow.

Key next steps include the formal appointment of a Resolution Professional (RP) by the Committee of Creditors (CoC), the submission and evaluation of resolution plans, and the NCLT's ultimate decision on the plan or potential liquidation.