Space Incubatrics Technologies Enters CIRP following default notice from Avail Financial Services
The Corporate Insolvency Resolution Process (CIRP) against Space Incubatrics Technologies Limited commenced after the National Company Law Tribunal (NCLT) Allahabad Bench, Prayagraj passed an order on June 10, 2026. The process was initiated by Avail Financial Services Limited following alleged defaults concerning a significant outstanding debt.The NCLT admitted the petition filed by the financial creditor against Space Incubatrics Technologies Limited (the Corporate Debtor). In light of the default and the ingredients being met under Section 7 of the Insolvency and Bankruptcy Code, 2016, the Tribunal appointed Mr. Dinesh Chander Gupta as the Interim Resolution Professional (IRP).
The Financial Creditor in this matter is Avail Financial Services Limited, which advanced a loan to Space Incubatrics Technologies Limited on January 13 and 14, 2025. The outstanding amount against the Corporate Debtor stands at Rs 1,19,04,508/-. The documented date of default for this debt was July 12, 2025.
Key financial details pertaining to the case are as follows:
| Aspect | Detail |
|---|---|
| Financial Creditor | Avail Financial Services Limited |
| Debt Amount | Rs 1,19,04,508/- |
| Loan Disbursement Date(s) | January 13 and 14, 2025 |
| Default Date | July 12, 2025 |
Upon the commencement of the CIRP, the management of the Corporate Debtor transitioned to the IRP. The powers of the Board of Directors or partners of Space Incubatrics Technologies Limited are now exercised by the Interim Resolution Professional. Furthermore, a moratorium was declared under Section 14 of the Code, prohibiting actions such as the institution or continuation of pending suits against the company, and preventing the Corporate Debtor from transferring or disposing of any of its assets.
The IRP, Mr. Dinesh Chander Gupta, is tasked with taking necessary steps to conduct the CIRP. The process includes establishing a Committee of Creditors (CoC) after collating all received claims and determining the financial position of the Corporate Debtor.
A public announcement regarding the commencement of the CIRP was made on June 14, 2026. All creditors, including financial creditors, operational creditors, workmen, and employees, are invited to submit their claims with proof by the deadline of June 24, 2026.
Stock Price Movement
As of 12:13, Space Incubatrics Technologies Ltd shares are edging higher by 5.00%, currently trading at ₹0.21. The stock is holding tight to its range, which spans from a low of ₹0.20 to an intraday high of ₹0.21.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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