Space Incubatrics enters CIRP over ₹1.19 cr default
The Allahabad bench of NCLT admits the company into corporate insolvency. A moratorium is declared and the board's powers are suspended.
— 2 earlier stories on Space Incubatrics Technologies Ltd. →What's new
- NCLT Allahabad admits Space Incubatrics into CIRP under Section 7 of IBC.
- Dinesh Chander Gupta appointed Interim Resolution Professional.
- Moratorium declared; creditors must submit claims by June 24, 2026.
Why this matters
For a nano-cap with a market cap of just ₹7 cr and defaults exceeding total equity, this formal admission crystallises the highest credit risk. Shareholder recovery is highly unlikely.
What we're watching
- Whether any resolution plan emerges given the negligible asset base.
- Timeline for claims verification by the IRP.
- Final impact on equity holders as the CIRP progresses.
The full read
Space Incubatrics Technologies has been formally admitted into corporate insolvency resolution proceedings by the NCLT Allahabad, after defaulting on a ₹1.19 crore loan from Avail Financial Services. The order, dated June 10, 2026, appoints Dinesh Chander Gupta as the Interim Resolution Professional and imposes a moratorium on all legal actions. For a company with a market cap of just ₹7 crore and defaults that already exceeded its equity (₹2,121 lakh defaulted against ₹851 lakh equity), this admission is the formal end. The auditor had previously flagged insolvency. Shareholder recovery is a near impossibility.
Questions answered
- Why was Space Incubatrics admitted into CIRP?
- The NCLT found the company defaulted on a ₹1.19 crore loan from Avail Financial Services, advanced in January 2025, with default recorded on July 12, 2025.
- What happens now that the CIRP has begun?
- A moratorium is in place, the board is suspended, and IRP Dinesh Chander Gupta will invite creditor claims by June 24, 2026.
- Can shareholders recover any value?
- Given the company's market cap of ₹7 cr and defaults of ₹2,121 lakh against equity of ₹851 lakh, recovery for equity holders is near zero.
- Who is the lender that filed the petition?
- Avail Financial Services, an NBFC, filed the Section 7 petition leading to the NCLT order.
- What was the company's financial condition before this?
- The auditor had previously flagged insolvency, with defaulted borrowings of ₹2,121 lakh against total equity of ₹851 lakh and a qualified audit report.
Space Incubatrics Technologies Ltd.
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All notes on SPACEINCUBA →- 18 Jun 2026 · 12:13 PM IST Space Incubatrics enters CIRP over ₹1.19 cr default
- 24d ago Space Incubatrics auditor declares insolvency. CIRP already underway.
- 24d ago Space Incubatrics auditor says it can't pay its bills