PS IT Infrastructure CoC Approves Resolution Plan

100% CoC voting share secured for Mr. S. Bhawarlal's resolution plan.
NCLT filing pending for final regulatory approval to conclude CIRP proceedings.

Reader Takeaway: Unanimous creditor support clears a major hurdle, but final equity outcomes depend on NCLT-approved restructuring terms.

What just happened

PS IT Infrastructure & Services Ltd reached a major milestone in its insolvency process. During its 13th meeting, the Committee of Creditors (CoC) officially approved the resolution plan submitted by Mr. S. Bhawarlal. The e-voting process, which concluded on October 13, 2026, saw a unanimous 100% vote in favour of his proposal, effectively sidelining competing bids from Resurgent India Limited, Ambica Cotseeds Limited, and Aikyam Stressed Assets Fund I.

Why this matters

The approval is a mandatory regulatory requirement under Section 30(4) of the Insolvency and Bankruptcy Code (IBC), 2016. By clearing this stage, the company moves closer to resolution. Mr. S. Bhawarlal, a veteran entrepreneur and promoter of SBEE Cables (India) Limited, has now been designated the successful resolution applicant. This transition is essential for the future operational viability of the entity.

Next steps and risks

The Resolution Professional has been authorized to file the necessary applications with the NCLT, Mumbai Bench, under Section 30(6) and Section 31 of the IBC. Shareholders must note that while CoC approval is vital, the resolution plan is still subject to the final nod from the NCLT. The impact on current equity, share capital, and ownership structure will only be finalized once the NCLT provides its legal order.

What to track next

Investors should monitor upcoming exchange filings regarding the timeline for the NCLT hearing and any specific disclosures regarding the treatment of existing equity under the approved plan.