BGR Energy Systems has notified stock exchanges that the National Company Law Tribunal (NCLT), Amaravati Bench, has accepted an insolvency petition against the firm, thereby activating the Corporate Insolvency Resolution Process (CIRP).
In a disclosure made by the company, the tribunal’s order, dated April 17, 2026, confirmed the application filed by the National Asset Reconstruction Company Limited (NARCL) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Additionally, the NCLT has placed a moratorium under Section 14, which restricts legal actions and enforcement against the company during the resolution phase.
The tribunal appointed Dommeti Surya Rama Krishna Saibaba as the Interim Resolution Professional (IRP) to oversee the CIRP. This latest ruling follows an April 1, 2026, order, where the NCLT allowed NARCL, acting as trustee for NARCL Trust-0029, to replace Canara Bank as the financial creditor in the insolvency proceedings. Originally, Canara Bank had submitted the application under Section 7 of the IBC in October 2024.
According to the tribunal’s order, the total amount in default is approximately ₹584.67 crore as of August 31, 2024, with June 30, 2022, noted as the date of default.
BGR Energy has announced its intention to contest the NCLT order by filing an appeal with the National Company Law Appellate Tribunal (NCLAT) and assured stock exchanges that they will be kept informed of any further developments.
The acceptance of this petition and the start of CIRP represent a significant advancement in insolvency proceedings against the Chennai-based engineering and power equipment company.
