Cyient Limited has notified stock exchanges regarding the commencement of the liquidation process for its 50:50 joint venture, Infotech HAL Limited (IHAL). The National Company Law Tribunal (NCLT), Bengaluru Bench, admitted the application on March 3, 2026. Mr. Vasudevan Gopu has been formally appointed as the Liquidator to oversee the dissolution proceedings under the Insolvency and Bankruptcy Code, 2016.
Formal Notice on Liquidation Commencement
Cyient Limited disclosed today, March 6, 2026, that the liquidation process for Infotech HAL Limited (IHAL), its joint venture with Hindustan Aeronautics Limited (HAL), has formally begun. This follows disclosures made by the company on March 20, 2024, and August 28, 2025.
The Hon’ble National Company Law Tribunal (NCLT), Bengaluru Bench, admitted the Interlocutory Application (Liq.) 01/2026 in petition CP (IB) No. 99/BB/2024. The order initiating liquidation was delivered on February 27, 2026, with the official receipt date being March 3, 2026.
Appointment of Liquidator and Creditor Details
The NCLT has ordered the commencement of the liquidation process and appointed Mr. Vasudevan Gopu (Registration No. IBBI/IPA-002/IP-N00291/2017-18/10849) as the Liquidator for IHAL, pursuant to Section 34(1) of the IBC.
The Committee of Creditors (CoC) had previously passed a resolution approving liquidation with 78.70% of votes in favour during their third meeting held on November 17, 2025. The total admitted claims before the CoC amounted to INR 1,15,18,961. The largest component of the CoC was the Assistant Commissioner of Central Tax, South Division-08, Bengaluru South Commissionerate, holding a voting share of 64.41%.
Financial Approvals for Liquidation
The CoC also approved the remuneration for Mr. Gopu as Liquidator at a fixed fee of INR 2,00,000 (plus applicable taxes), which was passed with 77.69% voting share in favor.
Estimated likely liquidation expenses were placed before the CoC at INR 3,56,000. The CoC noted that the available bank balance, after setting aside the CIRP expenses of INR 4,50,561, was sufficient to cover these liquidation costs.
Directions Issued by the Tribunal
The NCLT directed that:
- No suit or legal proceeding shall be instituted against Infotech HAL Ltd. except with prior approval of the Adjudicating Authority.
- The liquidation order serves as a notice of discharge to all officers, employees, and workmen, unless the Liquidator decides to continue the business.
- All powers of the Board of Directors and Key Managerial Personnel now vest in the Liquidator.
- The Liquidator must make a public announcement in Form B within five days of receiving the order, notifying creditors to submit claims within 30 days.
- A preliminary report must be submitted within 75 days of the commencement of liquidation.
Source: BSE
