India Power CoC 9th Meet Puts CIRP Extension to Vote

Ninth creditors' meeting held

India Power Corporation Limited, formerly known as DPSC Limited, held the ninth meeting of its Committee of Creditors on October 15, 2026. The company remains under the Corporate Insolvency Resolution Process, or CIRP, initiated under an order of the National Company Law Tribunal, Hyderabad Bench-I, dated May 15, 2026. At the ninth meeting, the creditors considered an agenda item concerning an extension of the CIRP period. The Committee of Creditors, or CoC, decided to place that item before its members for e-voting. The company said the voting result would be disclosed to stock exchanges once it is finalised.

The update is a procedural development in the ongoing resolution process. It does not state whether the requested extension has been approved. It also does not provide the voting percentage, the duration of any proposed extension, or the reasons considered by creditors. India Power disclosed that it remains in insolvency proceedings and that the Resolution Professional is conducting the process.

What the extension vote means

A CIRP extension proposal is being considered while the company’s creditors continue work on identifying and evaluating possible resolution plans. The CoC is the decision-making body for material steps in an insolvency process. Its decision to use e-voting means the October 15 discussion itself did not constitute a final disclosed outcome on the extension item. The next relevant disclosure will be the outcome of the voting process.

The company has not announced a completion date for the e-voting in its update on the ninth meeting. It has also not disclosed any resolution applicant, submitted bid, or selected plan in connection with this meeting. Investors should therefore distinguish the decision to seek a vote from approval of an extension. The exchange filing provides a status update rather than a conclusion to the CIRP.

Earlier steps in the resolution process

The CoC had previously approved the eligibility criteria for prospective resolution applicants, the Invitation for Expression of Interest, and Form G timelines at its sixth meeting. That meeting was held on September 1, 2026, and the company disclosed the voting outcome on September 13. These steps established the framework for parties seeking to participate in the resolution process.

At the seventh CoC meeting on September 11, creditors considered a clarification and addendum to the eligibility criteria applicable to consortium applicants. The e-voting process for that meeting closed on September 12 at 6:00 p.m. India Power informed the exchanges on September 13 that the CoC had approved the clarification and addendum. The filing cited Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Request for Resolution Plan approved

At the eighth CoC meeting, held on September 25, 2026, creditors considered the Request for Resolution Plan, or RFRP, document. The CoC approved the RFRP, including the evaluation matrix, related weightages, and parameters for prospective resolution applicants. The e-voting on these items concluded on October 3 at 5:00 p.m. The company said e-voting on other agenda items from the eighth meeting was still in progress at the time of that disclosure.

The RFRP and evaluation matrix are important process documents because they set out the basis on which prospective applicants submit and are assessed on resolution plans. However, the approval of these documents does not indicate that a plan has been received or approved. India Power has not disclosed an outcome identifying a successful applicant. The available updates show that the process has moved from eligibility criteria and expressions of interest to the resolution-plan framework.

Fifth meeting was adjourned

The earlier fifth CoC meeting was held by video conference on August 24, 2026. India Power said that meeting was adjourned because voting outcomes from the previous creditors’ meeting were pending. No resolutions on agenda items were approved during the August 24 session, according to the company’s disclosure. The adjourned meeting was scheduled to reconvene on August 27.

This sequence shows that e-voting has been central to the CoC’s decision-making process. The company’s disclosures have consistently separated meeting deliberations from voting outcomes where applicable. Such distinction is relevant in reading CIRP announcements because a meeting may result in an item being placed for voting without an immediate final decision. The ninth meeting follows the same pattern for the CIRP extension proposal.

Key CIRP developments

Regulatory disclosure framework

India Power has made its CIRP-related disclosures under Regulation 30 of the SEBI LODR Regulations. The seventh and eighth meeting updates referred to clause 16(g) of Paragraph A of Part A of Schedule III of those regulations. The disclosures were made to the National Stock Exchange and the Metropolitan Stock Exchange of India. India Power’s scrip symbol is DPSCLTD.

Regulatory disclosures in this period have focused on meeting outcomes, voting results, eligibility rules and resolution-plan documentation. They have not provided operational forecasts or financial guidance. The reported market capitalisation in the supplied update was ₹583 crore. That figure is presented as part of the corporate announcement context and does not indicate the outcome of the insolvency process.

Market relevance for shareholders

For shareholders and other market participants, the key development is that the CIRP remains active and has advanced through several formal stages. The CoC has approved the applicant eligibility framework and the RFRP evaluation structure. The current extension vote concerns the timeline available for completing the process. The company has not disclosed the final voting result, the terms of a possible extension, or any approved resolution plan.

The filings do not establish a change in ownership, a recovery amount for creditors, or a distribution outcome for shareholders. They also do not indicate that insolvency proceedings have concluded. Investors will need to rely on subsequent exchange disclosures for the e-voting result and any further CoC decisions. Until then, the available information remains limited to the procedural status reported by India Power.

Why the ninth meeting matters

The ninth CoC meeting comes after creditors approved key documents required for the consideration of resolution plans. An extension vote could affect the schedule of the ongoing CIRP, subject to the CoC’s voting outcome and applicable process requirements. The filing does not say that an extension has been granted. It says only that the agenda item has been placed for e-voting.

The process has progressed in stages since the NCLT Hyderabad Bench-I order of May 15, 2026. Earlier creditor actions covered eligibility criteria, an invitation for expressions of interest, a clarification for consortium applicants and the RFRP framework. The October 15 meeting adds the question of a CIRP-period extension to that sequence. The next confirmed milestone is the company’s proposed disclosure of the e-voting result to stock exchanges.

Conclusion

India Power Corporation’s creditors have begun e-voting on an agenda item to extend the company’s CIRP period following the ninth CoC meeting on October 15. The company has already disclosed approvals relating to prospective applicants and the resolution-plan framework. No result on the extension proposal has yet been announced. India Power has said it will inform the exchanges after the e-voting outcome is finalised.