PBA Infrastructure CIRP: NCLT admits ₹1,126 cr plea

What the latest filing says

PBA Infrastructure Ltd informed exchanges under Regulation 30 of SEBI (LODR) Regulations, 2015 that the National Company Law Tribunal (NCLT), Mumbai Bench, has admitted a creditor application to start the Corporate Insolvency Resolution Process (CIRP). The matter relates to Canara Bank’s petition as a financial creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The company’s disclosure references the case as C.P.(IB) No.297/MB/2026 (Canara Bank vs PBA Infrastructure Ltd). The disclosure states the admission is in respect of default in payment of loan and interest.

NCLT admission and CIRP start

According to the update, the insolvency plea filed by Canara Bank has been admitted by NCLT Mumbai, initiating CIRP against PBA Infrastructure. The event is dated around late September 2026, with the exchange announcement time-stamped September 30, 2026 (03:35 PM IST). The information presented also notes that the tribunal’s order was dated September 29, 2026 in the same case number. With admission of the petition, the CIRP process begins under the IBC framework.

Default amount and what it includes

The insolvency plea admitted by the tribunal relates to an alleged default of ₹1,126.41 crore. The breakup provided indicates ₹142.52 crore as principal, with the balance being interest. The date of default is stated as March 28, 2012. The details also mention that multiple restructuring attempts had not led to a resolution before CIRP was initiated.

Interim Resolution Professional and moratorium

The tribunal has appointed Mr. Vijay Pitambar Lulla as the Interim Resolution Professional (IRP). The update also states that a moratorium has been imposed, covering suits, asset transfers, and enforcement actions against the company. These steps are consistent with the IBC process once a CIRP petition is admitted. For investors, this is a key procedural development because control and decision-making can shift to the resolution professional under the IBC framework.

Company’s stated next step: appeal to NCLAT

PBA Infrastructure has indicated that it intends to appeal the admission order before the National Company Law Appellate Tribunal (NCLAT). The company’s plan to move to the appellate forum is part of the disclosed update. Any further direction on timelines or outcomes was not provided in the information shared.

Snapshot of PBA Infrastructure and its operations

PBA Infrastructure Limited, formerly Prakash Building Associates Ltd., is described as an infrastructure construction company founded in 1974 by the Wadhawan family. The background information provided also states that the company became a Public Limited Company in November 2005, and that its name was changed to PBA Infrastructure Limited in 2001. Operationally, it is stated to specialise in construction of highways, dams, bridges, runways, heavy RCC structures and other infrastructure projects across India. The company is listed on BSE (scrip: 532676) and has an NSE identifier referenced as PBAINFRA, with ISIN INE160H01019.

Market and investor reference points cited alongside the update

The material also includes market reference data as of October 09, 2026 at 03:30 PM. It lists share prices for both NSE and BSE feeds, and market capitalisation figures for each.

Recent corporate activity around the same period

The company’s “Latest News” list shows multiple exchange updates in late September 2026. Along with the CIRP admission item dated September 30, 2026, it also references a “Shareholder Meeting / Postal Ballot - Scrutinizer’s Report” dated September 27, 2026, and “Shareholder Meeting / Postal Ballot - Outcome of AGM” dated September 26, 2026. The CIRP item is flagged as a high-importance regulatory event in the information provided.

Financial and operating context mentioned

The information supplied alongside the insolvency update includes a reference to profitability for the quarter ended March 2026 (Q4 FY26). It states that PBA Infrastructure reported a net loss of ₹57.12 crore for that quarter. Separately, the background notes that the company’s accounts were declared NPA in 2013, and it faced operational irregularities and legal challenges. It also mentions a significant project, the Aurangabad Jalna BOT project, undertaken in partnership with Sadbhav Engineering Ltd.

Why the development matters for the stock and stakeholders

A CIRP admission formally moves the company into the insolvency resolution framework, and the appointment of an IRP signals a shift in process oversight. The moratorium noted in the update is relevant for counterparties because it restricts legal and enforcement actions while the process runs. For shareholders, the disclosure is a regulatory trigger that typically increases scrutiny on operational continuity, creditor outcomes, and governance decisions during CIRP. The company’s stated intention to appeal means the next legal milestone to watch is the NCLAT proceedings linked to the admission order.

Closing summary

NCLT Mumbai has admitted Canara Bank’s Section 7 petition against PBA Infrastructure for an alleged ₹1,126.41 crore default, appointed Vijay Pitambar Lulla as IRP, and imposed a moratorium as part of CIRP initiation. PBA Infrastructure has said it plans to appeal the admission order before NCLAT. Further clarity is expected only through subsequent tribunal orders and the company’s next exchange disclosures.