NCLT logs record IBC quarter: 78 plans worth Rs 5,518 cr

A record quarter for India’s insolvency tribunal

India’s insolvency framework completed a decade with the National Company Law Tribunal (NCLT) posting its strongest quarterly performance under the Insolvency and Bankruptcy Code (IBC). In the April to June quarter, the NCLT approved 78 resolution plans with an aggregate value of Rs 5,517.66 crore. The numbers stand out because the tribunal’s workload has continued to rise even as vacancies and a growing backlog remain key operational challenges.

The approvals matter for lenders, employees, suppliers, and investors because a resolution plan is the step that typically finalises the transfer or restructuring of a stressed company under the IBC. Faster closures can reduce value erosion, while delays tend to prolong uncertainty around recoveries and continuity of operations.

What the latest NCLT numbers show

The headline metric in the April to June quarter was the number of approved plans and the rupee value attached to them. While the article flags continuing constraints such as vacancies and a mounting backlog, the quarter’s clearance count suggests that benches delivered a higher volume of outcomes than in earlier periods.

The tribunal’s work has a direct link to India’s stressed asset cycle. Resolution plans move a case towards closure, either by bringing in a new applicant or implementing a restructuring approved by creditors and then validated by the NCLT. Each plan that reaches approval reduces the inventory of unresolved cases, even if new filings keep coming.

Dion Global Solutions under CIRP: where the case stands

Against the broader NCLT performance, Dion Global Solutions Ltd remains in Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated via an NCLT order dated 18-Aug-2020, and the powers of the Board of Directors are suspended. Management powers are vested with the Resolution Professional (RP), Pardeep Kumar Lakhani, under Section 17 of the IBC.

The company has also disclosed process-related constraints. The RP filed standalone audited financial results for FY26, prepared with support from current employees and hired consultants after resignations of key officials. Consolidated results were not submitted because the RP’s control is limited to the corporate debtor and not its subsidiaries. The filing was stated to be in PDF mode due to an inability to provide board meeting particulars.

Financial snapshot: audited FY26 and operational concerns

For the year ended 31-Mar-2026, Dion Global Solutions reported revenue of Rs 2.7716 crore and a net loss of Rs 0.1576 crore, as per the audited financial results referenced in the article. The disclosures also flagged defaults on loan repayments, and the company noted that this raised doubts about its ability to continue operations.

The auditor’s report highlighted qualifications linked to financial restructuring and accounting standards. Separately, the company’s negative net worth and accumulated losses were cited as factors creating uncertainty around its going concern status.

Q3FY26 turnaround: profit versus last year’s loss

Dion Global Solutions reported a profit after tax (PAT) of Rs 0.6889 crore for Q3FY26 (quarter ended 31-Dec-2025). This compared with a loss of Rs 0.4870 crore in Q3FY25. Revenue for Q3FY26 increased to Rs 3.7381 crore from Rs 2.3956 crore in the year-ago quarter.

On a nine-month basis, the company reported profit of Rs 0.2692 crore, compared with a loss of Rs 1.5399 crore in the previous year’s nine-month period, as stated in the article. These figures indicate improved reported performance during CIRP, even as the process outcome still depends on final regulatory approval.

Resolution plan update: creditors have approved an applicant

A key procedural development is that the Committee of Creditors (CoC) has approved M/s Indus IntelliRisk & IntelliSense Services Private Limited as the Resolution Applicant. The resolution plan has been submitted to the NCLT for final approval under Section 31 of the IBC.

The article also references key timestamps: an invitation for Expression of Interest (EOI) for a resolution plan dated 26-Dec-2020, and a claims list dated 26-Jun-2025. These milestones help frame the duration and progression of the process.

Earlier FY25 performance referenced in the disclosures

Separate financial details in the article (presented in Hindi) highlight that for the quarter ended 31-Mar-2025, revenue from operations was Rs 3.3663 crore, and total income was Rs 3.4226 crore. For the full year, revenue from operations was Rs 10.4728 crore.

Expenses for the quarter ended 31-Mar-2025 were Rs 2.8430 crore, including employee costs of Rs 2.1469 crore and other expenses of Rs 0.6037 crore. For the full year, total expenses were Rs 11.5829 crore. For that March 2025 quarter, profit before tax was Rs 0.5796 crore, with the same figure stated after tax due to no tax charge, while the full-year net result was a net loss of Rs 0.9603 crore.

Market and listing details mentioned

The article notes Dion Global Solutions’ market data points: market capitalisation of Rs 7.25 crore, current price of Rs 2.25, dividend yield of 0.00%, and face value of Rs 10. These figures provide context on the company’s public market footprint during CIRP.

Key facts table

Why the NCLT quarter and Dion’s update matter

The NCLT’s record quarterly approvals underline the system’s ability to deliver closures even while dealing with structural constraints such as vacancies and backlog. For the IBC ecosystem, higher plan approvals can translate into quicker outcomes for creditors and a clearer path for businesses to transition to new ownership or revised capital structures.

For Dion Global Solutions, the immediate focus remains on the final approval of the resolution plan by the NCLT. While the company has reported improved quarterly and nine-month results, the audited disclosures also highlight loan defaults, negative net worth, and auditor qualifications. The combination makes the tribunal’s next steps central to how the CIRP proceeds.

Conclusion

NCLT’s approval of 78 resolution plans worth Rs 5,517.66 crore in the April to June quarter marks a high point for IBC closures, even as operational constraints persist. Dion Global Solutions remains under CIRP with the CoC-approved resolution plan awaiting final NCLT approval under Section 31, which is the next confirmed milestone for the case.