Quadrant Televentures CIRP: CoC clears plan with 100% vote

CoC votes to move one plan forward

Quadrant Televentures Limited has reported a key development in its Corporate Insolvency Resolution Process (CIRP) after the Committee of Creditors (CoC) reviewed resolution plans received by the Resolution Professional. According to the disclosure, the CoC approved one resolution plan and rejected the alternatives. The approved plan is slated to be submitted to the National Company Law Tribunal (NCLT) for final approval.

The update is significant because it marks the CoC completing its commercial decision on competing proposals, a required step before the NCLT considers whether the plan meets legal requirements under the Insolvency and Bankruptcy Code (IBC). The company continues to remain under CIRP, with the Resolution Professional managing operations.

What was approved, and how lenders voted

The company’s disclosure notes that a primary resolution, identified as “Item No. 1”, focused on considering and approving resolution plans. While the required voting threshold for this item was 66%, the approved plan received 100% voting support from CoC members.

The same communication states that one plan was approved and other submitted plans were rejected. The unanimous vote indicates there was no split among financial creditors on the selected proposal at the CoC stage. However, the process does not conclude with CoC approval, as the NCLT’s approval remains pending.

Next procedural step: submission to NCLT

Following CoC approval, the approved resolution plan will be filed before the Hon’ble NCLT for final approval. The filing will include the plan and related CIRP measures referenced in the company updates.

Under the IBC framework, the NCLT’s role includes reviewing whether the plan complies with statutory requirements before it can become binding. Until the tribunal passes an order, the outcome of the CIRP remains unresolved and implementation of the plan does not commence.

CIRP status and key extensions in 2026

Quadrant Televentures remains in CIRP pursuant to an NCLT order dated September 2, 2025. The company has also highlighted multiple timeline extensions during the process. Separately, the NCLT granted a 60-day extension that moved the deadline from May 31, 2026 to July 29, 2026.

In the latest creditor decision referenced, the CoC unanimously approved an additional extension of the CIRP period by 30 days. The disclosures also flag that, for shareholders, extensions are an indicator that the resolution plan has not yet reached finality because the NCLT approval is still awaited.

Who is overseeing the company during CIRP

The company has stated that the Board of Directors’ powers stand suspended during CIRP and that management operations are being conducted by the Resolution Professional. Mr. Rajesh Jhunjhunwala was appointed as Resolution Professional by the NCLT on January 12, 2026 (order received on January 23, 2026), and his appointment was ratified by the CoC.

The filing also notes that the Resolution Professional has taken on record the financial results in good faith, reflecting the ongoing nature of the process. Quadrant Televentures has described the CIRP as creating material uncertainty about its ability to continue as a going concern.

Resolution applicants: from eight eligible PRAs to four plans

The resolution pipeline narrowed after an initial eligibility screening. The company disclosures say eight entities were shortlisted as eligible Prospective Resolution Applicants (PRAs). From those, four PRAs submitted IBC-compliant resolution plans that were placed before the CoC and were under e-voting.

The company updates list four resolution applicants in contention: GVN Fuels, Fastway Transmissions, Cyfuture India, and Areion Assets Management. The disclosures also state that four resolution plans were under consideration by the CoC.

Eligibility criteria revised to widen participation

Quadrant Televentures has disclosed revised eligibility thresholds aimed at encouraging participation. These include an Earnest Money Deposit (EMD) of ₹1 crore with the Expression of Interest (EOI) and ₹10 crore with the Resolution Plan. The minimum net worth requirement was lowered to ₹50 crore from ₹100 crore. A minimum AUM or fund commitment threshold of ₹200 crore was also cited.

Such changes are typically intended to broaden the pool of potential bidders, especially in processes where initial interest may be limited. The disclosures, however, only state the revised thresholds and do not quantify how many applicants were added due to these changes.

Key facts and process milestones

Background: how the case reached CIRP

The company disclosed that an application under Section 7 of the IBC was filed on April 2, 2024 by IDBI Trusteeship Services Limited, acting as Debenture Trustee on behalf of a consortium of financial creditors. The filing sought initiation of CIRP against Quadrant Televentures for a claimed default of ₹36,486.48 lakhs (₹364.86 crore).

The NCLT, Mumbai Bench admitted the application and commenced CIRP by its order dated September 2, 2025. The NCLT also appointed Mr. Atul Kumar Kansal as the Interim Resolution Professional (IRP) at that stage, as per the company’s disclosure.

Market impact: what changes for investors and stakeholders

The immediate market-relevant takeaway is procedural: one plan has cleared the CoC and will go to the NCLT, but the resolution is not final until the tribunal approves it. For shareholders, the company has indicated that extensions signal pending outcomes, with uncertainty continuing until an NCLT order is received.

For creditors, a 100% CoC vote removes ambiguity about lender preference at this stage, but it does not remove legal and process risk associated with tribunal scrutiny and timelines. Operationally, the company has reiterated that management continues under the Resolution Professional while the Board’s powers remain suspended.

Conclusion

Quadrant Televentures’ lenders have unanimously approved one resolution plan under CIRP and will submit it to the NCLT for final approval, while other plans were rejected. The company remains under insolvency proceedings initiated on September 2, 2025, with multiple timeline extensions disclosed, including a deadline shift to July 29, 2026. The next confirmed milestone is the NCLT filing and subsequent tribunal decision on whether to approve the plan under the IBC framework.