Updates on Insolvency Proceeding - Order dated 07.10.2026

BGR ENERGY SYSTEMS LIMITED 443 ANNA SALAI, TEYNAMPET, CHENNAI 600018 INDIA TEL: 91 44 24301000, 24374000, FAX: 91 44 24360576 E-mail: compliance@bgrenergy.com Web site: www.bgrcorp.com Date: 08th October 2026 National Stock Exchange of India Limited BSE Limited Listing Department Department of Corporate services Exchange Plaza, Bandra Kurla Complex, PJ Towers, Dalal Street, Bandra (E), Mumbai - 400 051 Fort, Mumbai - 400 001 NSE Symbol: BGRENERGY BSE Scrip: 532930 Respected Sir/Madam, Subject: Disclosure under regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Listing Regulations”) - Update on Insolvency Proceedings Ref: Suspension of NCLT order No. CP (IB)/58/7/AMR/2024 & Company Appeal (AT) (CH) (Ins) No. 252/2026 (IA Nos.697, 698 & 717/2026) Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and further to our earlier intimation dated 29th September 2026, we wish to inform you that the Hon’ble National Company Law Appellate Tribunal, Chennai Bench, has taken up the matter on 07th October 2026, thereby granting relief to the Company and directing the Interim Resolution Professional to take necessary steps for filing the requisite forms with the Ministry of Corporate Affairs (“MCA”)/Registrar of Companies (“ROC”), intimating the Insolvency and Bankruptcy Board of India (“IBBI”), and taking necessary steps in relation to the MCA21 portal and other matters as specified in the said order. As per the said order, the matter has been listed for hearing on 16th November 2026 at 12:00 P.M. The Company has received a copy of the said order today, i.e., 08th October 2026, which is enclosed herewith for your information and records. The Company will continue to keep the Stock Exchanges informed of any further material developments in the matter, as and when they arise. Thanking You, FOR BGR ENERGY SYSTEMS LIMITED S. SUNDAR COMPANY SECRETARY & COMPLIANCE OFFICER MEMBERSHIP NO. A9926 REGISTERED OFFICE: E-4 PANNAMGADU INDUSTRIAL ESTATE, RAMAPURAM POST, TADA MANDALAM, TIRUPATHI DISTRICT, ANDHRA PRADESH 524401 INDIA. TEL: 91 44 27948249, 27948549 Corporate Identity Number: L40106AP1985PLC005318 NATIONAL COMPANY LAW APPELLATE TRIBUNAL AT CHENNAI (APPELLATE JURISDICTION) IA Nos. 1553 & 1554/2026 Company Appeal (AT) (CH) (Ins) No. 252/2026 (IA Nos. 697, 698 & 717/2026) In the matter of: Arjun Govind Raghupathy, Suspended Director of BGR Energy Systems Ltd. … Appellant National Asset Reconstruction Company Ltd. & Anr. ... Respondents Present : For Appellant : Mr. P.S. Raman, Senior Advocate For Mr. Pradeep Joy, Ms. Dharmya M.S, Ms. Neha Mary Bipin, Advocates For Respondents : Mr. Srinath Sridevan, Senior Advocate For Ms. Fatema Kachwalla, Advocate for R1 ORDER (Hybrid Mode) 07.10.2026: IA No.1553/2026 is taken out to advance the hearing from 16.11.2026 to an earliest date. Heard the other side and with the consent of the parties, we have decided to take up the matter today. 2. IA No.1554/2026 is taken out by the suspended director of the corporate debtor for a set of directions from this tribunal pending this appeal. A short backdrop to this application may be provided. On 17.04.2026 the corporate debtor, an EPC company was drawn into CIRP. According to the appellant the corporate debtor is successfully carrying on its business and that it has already Company Appeal (AT) (CH) (Ins) No. 252/2026 Page 1 of 4 opened its window for negotiating with the financial creditor at whose instance the CIRP came to be initiated. It is in this backdrop when the appellant moved the present appeal challenging the admission of the corporate debtor to CIRP, on 30.04.2026 this tribunal suspended the above said order admitting the corporate debtor to CIRP. 3. True to his promise, the appellant has begun negotiating with his principal financial creditor with close to 97% voting share in the CoC. It is informed that on 05.10.2026 a Master Restructuring Agreement was signed between the petitioning financial creditor and the corporate debtor. The restructuring strategy envisaged that a substantial sum of money would be infused into the corporate debtor through equities, for which purpose the company proposes to increase his authorized share capital to be followed by right issue. The banker has however, stipulated a timeline to complete the process which is required to start on 09.10.2026 and conclude on 31.12.2026. It is in these circumstances the appellant has taken out the present application and the reliefs he seeks run as below: ‘b. Grant leave to the Board of Directors of the Corporate Debtor to convene and hold meetings of the Board and its members, increase the authorised share capital in accordance with Section 61 of the Companies Act, 2013, effect consequential alterations to its Memorandum of Association, and undertake all requisite statutory filings; c. Consequently, grant leave to the Board of Directors of the Corporate Debtor to approve, undertake and complete a rights issue of equity shares in accordance with Section 62(1)(a) of the Companies Act, 2013 and the SEBI (Issue of Company Appeal (AT) (CH) (Ins) No. 252/2026 Page 2 of 4 Capital and Disclosure Requirements) Regulations, 2018, including the issuance of the letter of offer, allotment and listing of shares, and to make all requisite filings, disclosures and applications before the Securities and Exchange Board of India, BSE Limited, the National Stock Exchange of India Limited and other relevant authorities; d. Consequently, grant leave to the Directors and/or Company Secretary of the Corporate Debtor to execute and file, using their respective digital signatures, all requisite e- Forms and statutory filings under the Companies Act, 2013 and the rules made thereunder in furtherance of the acts permitted above, including, without limitation, Forms SH-7, MGT-14 and PAS-3, and direct the relevant authorities to receive and take the same on record. e. Consequently, direct that the proceeds of the rights issue be deposited in a designated account of the Corporate Debtor and applied, in the first instance, towards settlement with Respondent No. 1, with a statement of receipts and utilisation of such proceeds to be filed before this Hon’ble Tribunal or furnished in such other manner as may be acceptable to Respondent No. 1; f. Direct the Interim Resolution Professional, within 3 days of receipt of the order, to (i) file the order dated 30.04.2026 in CA(AT)(INS 252/2026 and the order passed on this application with the Registrar of Companies, Vijayawada in appropriate form,; (ii) intimate the Insolvency and Bankruptcy Board of India; (iii) take all steps needed to remove the association of his digital signature with the Corporate Debtor on the MCA21 portal and restore the association of the digital signatures of its directors and company secretary; and (iv) hand over to the Board of Directors all MCA21 login credentials, records and effects of the Company in his possession; g. Consequently, grant such other reliefs and directions which are incidental to those mentioned hereinabove for the Company Appeal (AT) (CH) (Ins) No. 252/2026 Page 3 of 4 purpose of relevant steps to be taken by the Corporate Debtor by seeking appropriate reliefs from the Registrar of Companies, Stock Exchanges and any other authorities as may be required; h. Grant such other order or direction that this Hon’ble Tribunal may deem fit in the facts and circumstances of the present case.’ 4. Heard Mr. P.S. Raman, learned senior counsel for the appellant and Mr. Srinath Sridevan, the learned senior counsel for the financial creditor. Outlining his broad strategy Mr. P.S. Raman submitted that once the restructuring requirement as required by the principal financial creditor is met, the entire course of action would eventually adopt Section 12A route. 5. Mr. Srinath Sridevan concurred with the statement of the counsel for the appellan [Showing first 8,000 characters — download PDF for full document]