CoC approves Mr. S. Bhawarlal's resolution plan with 100% votes; RP authorised to move NCLT
PS IT Infrastructure's Committee of Creditors (CoC) met for the 13th time on 17th October, 2026.
By ScoutQuest · · 2 min read
- CoC Meeting
- 13th meeting on 17th October, 2026
- Vote Outcome (Approved Plan)
- Mr. S. Bhawarlal's plan approved with 100% votes in favour and 0% against
- CoC Participation
- All 13 CoC members voted, a 100% participation
The company is under the Corporate Insolvency Resolution Process (CIRP), which commenced on 29th April, 2026, with NCLT Case No. (IB)/1232(MB)2025. The Resolution Professional is Rajneesh Kumar Aggarwal.
What the creditors decided
- The Committee of Creditors (CoC) held its thirteenth meeting on 17th October, 2026.
- Four resolution plans received against the Form G published on 30.05.2026 were put to e-voting from 11:00 AM on Sunday, 11th October, 2026 to 06:00 PM on Tuesday, 13th October, 2026.
- All 13 CoC members cast their votes, a 100% participation.
- The plan of Mr. S. Bhawarlal received 100% votes in favour and 0% against, and was approved.
- This is above the requisite majority of not less than 66% of the voting share under Section 30(4) of the Insolvency and Bankruptcy Code, 2016.
- The plans of Resurgent India Limited, Ambica Cotseeds Limited and Aikyam Stressed Assets Fund I each received 0% votes in favour and 100% against, and were not approved.
Who is the approved applicant
Mr. S. Bhawarlal is an individual and an experienced entrepreneur with over four decades of experience in the manufacturing and trading of electrical wires and cables. He is a promoter of SBEE Cables (India) Limited.
What happens next
- The CoC authorised the Resolution Professional to file an application before the National Company Law Tribunal, Mumbai Bench, under Section 30(6) read with Section 31 of the IBC, 2016 and Regulation 39(4) of the IBBI (CIRP) Regulations, 2016, for approval of Mr. S. Bhawarlal's plan.
- The Resolution Professional is also authorised to take all necessary steps in this regard.
How to read this
- Creditor approval with 100% votes is the first key clearance for a resolution plan in a CIRP. The plan now goes to the NCLT for its approval.
- The four applicants were competing for the same company; three of them were rejected outright by the creditors.
- The update is an outcome-of-meeting disclosure made under the SEBI/BSE requirements for listed companies undergoing CIRP.
Also from PS IT Infrastructure & Services
Board meeting on November 11, 2026 to approve unaudited results for Q2FY27
17 Oct 2026
Non-applicability of Regulation 57(4) for quarter ended 31 December 2026
29 Sep 2026
More numbers
- CoC members who cast votes13 (thirteen)
- CoC participation in e-voting100%
- Requisite majority under Section 30(4) of IBC66%
- Votes in favour of Mr. S. Bhawarlal's plan100%
- Votes against Mr. S. Bhawarlal's plan0%
- Votes in favour of the other three plans0%
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