Key Details
Insolvency Proceedings
- National Company Law Tribunal (NCLT), Amravati Bench admitted petition under Section 7 of Insolvency and Bankruptcy Code, 2016 (IBC) against the Company
- Order dated April 06, 2026
- Corporate Insolvency Resolution Process (CIRP) has been initiated
Management Changes
- Powers of Board of Directors stand suspended due to CIRP commencement
- Interim Resolution Professional/Resolution Professional (IRP/RP) now exercises management powers in accordance with IBC provisions
- Resolution Professional: Rajesh Chillale (Registration No: IBBI/IPA-001/IP-P00699/2017-2018/11226)
Extension Request
- Requesting extension until June 15, 2026 for submission of Audited Financial Results
- Original submission deadline not specified but reference made to prescribed timeline under Regulation 33
Reasons for Delay
- Ongoing CIRP process
- Transition in management control
- Collection and reconciliation of financial information
- Coordination with various stakeholders
- Operational challenges arising from CIRP
- Ongoing audit finalization
- Procedural requirements under CIRP
Company Assurance
- Company assures Exchange that all efforts are being made to complete financial statements and statutory audit at earliest possible time
- Results will be submitted immediately upon completion
Financial Impact
Financial impact not quantified in the disclosure. The delay affects regulatory compliance timing but no specific financial consequences are disclosed.