Space Incubatrics Technologies Ltd has had its Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT over a default of ₹1.19 crore. The company's board powers are suspended, and a moratorium is in effect.
Space Incubatrics Technologies Ltd Enters Corporate Insolvency Resolution Process
**Status: CIRP Initiated** **NCLT Order Date: 10.06.2026** **Reader Takeaway:** Company faces insolvency proceedings; promoters lose control, assets are under moratorium. ## What just happened The National Company Law Tribunal (NCLT) Allahabad Bench has admitted a petition to initiate the Corporate Insolvency Resolution Process (CIRP) for Space Incubatrics Technologies Ltd. This action stems from an alleged default of ₹1.19 crore (119.05 lakh) owed to Avail Financial Services Limited. ## Why this matters With the CIRP initiation, the management of Space Incubatrics Technologies has been transferred from its Board of Directors to an Interim Resolution Professional (IRP), Mr. Dinesh Chander Gupta. Furthermore, a moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC) is now active, restricting lawsuits, asset transfers, and recovery actions against the company. ## The backstory Avail Financial Services Limited filed the insolvency petition citing a default that occurred on July 12, 2025. Space Incubatrics Technologies' request for a one-year extension to settle these dues was reportedly rejected by the Tribunal. The financial creditor has been directed to provide a ₹1 lakh deposit to the IRP for initial process expenses. ## What changes now The company's operational control has shifted entirely to the IRP. All business decisions, asset management, and financial dealings are now subject to the IBC framework and the IRP's oversight. The focus will be on consolidating claims from creditors and forming a Committee of Creditors (CoC). ## Risks to watch The primary risks include the inability to meet debt obligations, the complete loss of operational control by promoters, and severe restrictions on the company's liquidity and asset flexibility due to the moratorium. The future operational viability depends heavily on the resolution plan, if one is approved. ## Peer comparison Information on specific peers in CIRP is not available in the filing. ## Context metrics (time-bound) * Alleged Default Amount: ₹1.19 crore (as of the NCLT order date). * Default Date: 12th July 2025. * NCLT Order Date: 10th June 2026. * Next Hearing Date: 14th July 2026. ## What to track next Investors should closely monitor the proceedings at the next hearing on July 14, 2026. Key developments will include the appointment of the IRP and the progress in forming the Committee of Creditors.
