08-Oct-2026 17:07:32
BGR ENERGY : NCLAT GRANTS RELIEF, ALLOWS RIGHTS ISSUE AND BOARD MEETINGS
• NCLAT Chennai Bench on 07 Oct 2026 granted relief to BGR Energy, allowing Board to convene meetings, increase authorized share capital under Section 61 and alter MoA • Board permitted to approve and complete rights issue under Section 62(1)(a) and SEBI ICDR Regulations, including letter of offer, allotment and listing • Master Restructuring Agreement signed on 05 Oct 2026 between petitioning financial creditor and corporate debtor; creditor has close to 97% voting share in CoC • Rights issue proceeds to be deposited in designated account and applied first towards settlement with Respondent No. 1; process timeline 09 Oct 2026 to 31 Dec 2026 • IRP directed to file NCLAT orders with ROC Vijayawada, intimate IBBI, restore directors'/CS digital signatures on MCA21 and hand over credentials/records to Board • Matter listed for next hearing on 16 Nov 2026 at 12:00 PM; company intends to eventually adopt Section 12A route
BGR Energy Systems Ltd
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