BGR Energy Systems involvency plea: NCLT admits ₹584.67 crore default case, company plans appeal
April 23, 2026
BGR Energy Systems faces insolvency with a ₹584.67 crore default; plans to appeal NCLT's admission of the case.
BGR Energy Systems has informed stock exchanges that the National Company Law Tribunal (NCLT), Amaravati Bench, has admitted an insolvency petition against the company, initiating the Corporate Insolvency Resolution Process (CIRP).
According to the company’s disclosure, the tribunal, in its order dated April 17, 2026, admitted the application filed by National Asset Reconstruction Company Limited (NARCL) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLT has also imposed a moratorium under Section 14, restricting legal proceedings and enforcement actions against the company during the resolution process.
The tribunal appointed Dommeti Surya Rama Krishna Saibaba as the Interim Resolution Professional (IRP) to manage the CIRP. The latest development follows an earlier order dated April 1, 2026, where the NCLT allowed NARCL, acting as trustee of NARCL Trust-0029, to replace Canara Bank as the financial creditor in the insolvency petition. Canara Bank had originally filed the application under Section 7 of the IBC in October 2024.
As per the tribunal order, the total default amount considered is approximately ₹584.67 crore as on August 31, 2024, with June 30, 2022 marked as the date of default.
BGR Energy said it intends to challenge the NCLT order and will file an appeal before the National Company Law Appellate Tribunal (NCLAT). The company added that it will keep stock exchanges informed of further developments.
The admission of the petition and initiation of CIRP mark a significant escalation in insolvency proceedings against the Chennai-based engineering and power equipment firm.
Published on April 23, 2026
According to the company’s disclosure, the tribunal, in its order dated April 17, 2026, admitted the application filed by National Asset Reconstruction Company Limited (NARCL) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLT has also imposed a moratorium under Section 14, restricting legal proceedings and enforcement actions against the company during the resolution process.
The tribunal appointed Dommeti Surya Rama Krishna Saibaba as the Interim Resolution Professional (IRP) to manage the CIRP. The latest development follows an earlier order dated April 1, 2026, where the NCLT allowed NARCL, acting as trustee of NARCL Trust-0029, to replace Canara Bank as the financial creditor in the insolvency petition. Canara Bank had originally filed the application under Section 7 of the IBC in October 2024.
As per the tribunal order, the total default amount considered is approximately ₹584.67 crore as on August 31, 2024, with June 30, 2022 marked as the date of default.
BGR Energy said it intends to challenge the NCLT order and will file an appeal before the National Company Law Appellate Tribunal (NCLAT). The company added that it will keep stock exchanges informed of further developments.
The admission of the petition and initiation of CIRP mark a significant escalation in insolvency proceedings against the Chennai-based engineering and power equipment firm.
Published on April 23, 2026