India Power admits Rs 8,852.99 crore of CIRP creditor claims

India Power Corporation Limited (India Power) had admitted Rs 8,852.99 crore of creditor claims as of September 30, 2026, while eligible prospective resolution applicants received resolution-plan documents on October 3, 2026. The admission followed the May 15, 2026 start of its Corporate Insolvency Resolution Process (CIRP), although its appeal remains pending.

What CIRP claims has India Power admitted?

India Power admitted Rs 8,852.99 crore of claims as of September 30, 2026, from Rs 9,498.02 crore submitted by creditors, including financial creditors, to the interim resolution professional (IRP) and resolution professional (RP). The gap between submitted and admitted claims was Rs 645.03 crore at that reporting date.

The National Company Law Tribunal (NCLT), Hyderabad Bench, admitted a Section 7 application against India Power on May 15, 2026, beginning the CIRP under the Insolvency and Bankruptcy Code, 2016. The application was filed by a financial creditor of Meenakshi Energy Limited, to whom India Power had provided a corporate guarantee.

India Power said pre-CIRP dues will be dealt with under the Code, its regulations and any resolution plan approved by the NCLT. Claim admission establishes the amount accepted in the CIRP process as of September 30, 2026; the filing does not disclose creditor-wise recoveries or the eventual treatment of the Rs 645.03 crore difference.

How far has India Power progressed in the resolution process?

India Power has reached the resolution-plan stage because it issued the Request for Resolution Plan, Evaluation Matrix and Information Memorandum to eligible prospective resolution applicants on October 3, 2026. The documents were issued after the September 30, 2026 reporting date and set out the criteria for resolution-plan submissions.

Before issuing those documents, India Power published Form G inviting expressions of interest from prospective resolution applicants on September 2, 2026. The November 13, 2026 filing does not name the eligible applicants, state their number, disclose a submission deadline or identify a preferred bidder.

India Power has appealed the May 15, 2026 CIRP admission order before the National Company Law Appellate Tribunal (NCLAT), and the appeal was pending adjudication as of the filing date. The company remains under the Section 14 moratorium until CIRP is completed, the NCLT approves a resolution plan under Section 31, or it orders liquidation under Section 33.

The RP, Medarametla Srinivasa Manoranjani, has taken over management after the May 15, 2026 order suspended the powers of India Power's board and its committees. The Management Committee chaired by the RP considered and took on record the September-quarter standalone and consolidated results on November 13, 2026.

What did India Power report in its standalone results?

India Power reported standalone revenue from operations of Rs 186.98 crore for the quarter ended September 30, 2026, compared with Rs 187.45 crore in the quarter ended September 30, 2025. The Rs 0.47 crore year-on-year decline occurred while standalone total expenses fell to Rs 185.21 crore from Rs 193.92 crore.

Standalone profit for the September 2026 quarter was Rs 10.36 crore, compared with Rs 3.76 crore a year earlier, while profit before tax rose to Rs 13.79 crore from Rs 5.28 crore. Regulatory income was Rs 2.68 crore in the latest quarter, lower than Rs 8.44 crore in the September 2025 quarter.

For the six months ended September 30, 2026, standalone revenue from operations rose to Rs 363.54 crore from Rs 345.85 crore in the comparable 2025 period. Profit for the six months was Rs 16.97 crore, against a loss of Rs 237.69 crore a year earlier, when the reported figures included an exceptional item of Rs 245.31 crore.

India Power identified generation and distribution of power as its single business segment, so it did not provide segment reporting. Its energy-purchase cost was Rs 144.57 crore in the September 2026 quarter, down from Rs 155.85 crore a year earlier, while employee-benefit expense declined to Rs 13.35 crore from Rs 14.76 crore.

What accounting and continuity issues remain for India Power?

India Power's statutory auditor issued an adverse conclusion on the standalone interim results because liabilities for admitted CIRP claims of Rs 8,852.99 crore had not been recognised. The auditor said the omission overstated profit before tax and understated liabilities by that amount in the financial statements reviewed for the period ended September 30, 2026.

The auditor also identified a material uncertainty related to India Power's ability to continue as a going concern. The filing says continuity depends on factors including a viable resolution plan from a prospective investor and continuing support from financial creditors, operational creditors and customers; the September 30, 2026 accounts were nonetheless prepared on a going-concern basis.

A separate matter under review is the Business Transfer Agreement dated June 2, 2025, through which India Power transferred its non-regulated business, including wind energy, to wholly owned subsidiary IPCL Power Limited effective June 28, 2025. The RP said the agreement, related documents and their implications remain under review under the Code and other applicable laws.

Revenue from Gujarat Urja Vikas Nigam Limited under the wind-energy power purchase agreement continues to be credited to a bank account in India Power's name while the review is pending. The filing says verified essential expenditure needed to maintain continuity of the wind-energy business is being released from time to time.

Conclusion

India Power's disclosure shows a CIRP process with Rs 8,852.99 crore of admitted claims and a move from expressions of interest to distribution of resolution-plan documents. The September-quarter operating profit was reported alongside an adverse audit conclusion that the admitted claims had not been recognised as liabilities, which limits how the standalone profit figures can be read.

The next disclosed developments to watch are submission of viable resolution plans by eligible applicants, the outcome of the pending NCLAT appeal against the May 15, 2026 admission order, and the RP's review of the June 2025 business transfer. India Power will remain under the Section 14 moratorium until a CIRP outcome, NCLT plan approval or liquidation order occurs.