NCLT approves Waterfall Insolvency Professional as Resolution Professional, replacing Pankaj Srivastava

A change at the top of the insolvency process for Opto Circuits (India) Limited.

Mon 5 Oct 2026

CoC voting share approving replacement

78.62%

CoC meeting

39th meeting held on 14 July 2026

NCLT approval order

order dated 31 August 2026, Hon'ble NCLT, Bengaluru Bench

New Resolution Professional

M/s. Waterfall Insolvency Professional Private Limited, represented by Ms. Shirley Mathew

Outgoing Resolution Professional

Mr. Pankaj Srivastava

What has changed

Opto Circuits (India) Limited is under a Corporate Insolvency Resolution Process (CIRP) initiated by an order of the Hon'ble NCLT, Bengaluru Bench, effective 16 November 2022. The Resolution Professional who runs that process has now been replaced.

• At the 39th meeting of the Committee of Creditors (CoC) held on 14 July 2026, members holding 78.62% voting share resolved to replace the existing Resolution Professional.
• The replacement is M/s. Waterfall Insolvency Professional Private Limited, represented by its Designated Director, Ms. Shirley Mathew.
• By its order dated 31 August 2026, the Hon'ble NCLT, Bengaluru Bench has approved the appointment of the new Resolution Professional in place of Mr. Pankaj Srivastava.
• Mr. Pankaj Srivastava was the Resolution Professional appointed pursuant to the original CIRP order.

What a Resolution Professional does

The Resolution Professional is the person who runs the insolvency process. This includes taking control of the corporate debtor's affairs, collating and verifying the claims of creditors, conducting meetings of the Committee of Creditors, and inviting and examining resolution plans. A change of Resolution Professional is therefore a change in who steers the process.

What this intimation covers

The update is an intimation of the replacement of the Resolution Professional and the appointment of a new Resolution Professional, made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with sub-clause 16(f) of Para A of Part A of Schedule III. The company remains the corporate debtor in the CIRP and the process continues. The disclosure is signed by Ms. Shirley Mathew, Designated Director, M/s. Waterfall Insolvency Professional Private Limited, Resolution Professional.

How to read it

• This is a procedural change within an ongoing insolvency process rather than a fresh development on the company's business.
• The decision to replace was taken by creditors holding 78.62% voting share in the CoC, and the appointment was subsequently approved by the Hon'ble NCLT, Bengaluru Bench.
• Investors tracking the CIRP would note who is now responsible for running the process.

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