Key Event
- National Company Law Tribunal (NCLT), Amravati Bench admitted petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the Company
- Order dated: April 6, 2026
- Corporate Insolvency Resolution Process (CIRP) has been initiated
Management Impact
- Powers of the Board of Directors stand suspended consequent to CIRP commencement
- Resolution Professional now exercises these powers in accordance with IBC provisions
Reason for Delay
Company cites multiple practical difficulties in finalizing financial results for quarter ended June 30, 2026:
- Ongoing CIRP process
- Transition in management control
- Collection and reconciliation of financial information
- Coordination with various stakeholders
- Operational challenges arising from the above
Company Assurance
Company assures Exchange that all efforts are being made to complete financial results for quarter June 30, 2026 at the earliest possible time
Request to Exchange
Company requests:
- Exchange to take the circumstances on record
- Grant reasonable time to complete audit and finalize financial results
- Consider circumstances prevailing during CIRP while taking any action regarding the delay