BGR Energy faces CIRP over ₹584.67 Cr default

BGR Energy Systems Ltd announced that the National Company Law Tribunal (NCLT), Amaravati Bench, has admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against the company. The application was originally filed by Canara Bank and subsequently substituted by National Asset Reconstruction Company Limited (NARCL) as the financial creditor. The NCLT order, dated April 17, 2026, also declared a moratorium under Section 14 of the IBC and appointed Mr. Dommeti Surya Rama Krishna Saibaba as the Interim Resolution Professional. The total default amount considered is approximately ₹584.67 Crores as of August 31, 2024, with the date of default being June 30, 2022. BGR Energy Systems plans to file an appeal against this order before the National Company Law Appellate Tribunal (NCLAT).