Key Event: Insolvency Proceedings
The Hon'ble National Company Law Tribunal (NCLT), Amravati Bench, admitted a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the Company through its order dated April 06, 2026. Consequently, Corporate Insolvency Resolution Process (CIRP) has been initiated against the Company.
Management Changes
With the commencement of CIRP, the powers of the Board of Directors stand suspended and are now being exercised by the Resolution Professional (RP) in accordance with IBC provisions. The RP's registration number is IBBI/IPA-001/1P-P00699/2017-2018/11226.
Reason for Delay
The Company cites practical difficulties in finalizing unaudited Financial Results for H1 FY26 due to: (1) ongoing CIRP process, (2) transition in management control, (3) collection and reconciliation of financial information, (4) coordination with various stakeholders, and (5) operational challenges arising from the insolvency process.
Compliance Status and Commitment
The Company acknowledges missing the prescribed timeline under Regulation 33 of SEBI (LODR) Regulations, 2015 but assures the Exchange that all efforts are being made to complete the financial results for the half year ended September 30, 2026 at the earliest possible time. The results will be submitted immediately upon completion.