Setubandhan Infrastructure Limited
Background and Current Status
- The Corporate Insolvency Resolution Process (CIRP) was initiated against Setubandhan Infrastructure Limited (the Corporate Debtor) following an application filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016.
- The Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, admitted the application vide order dated November 28, 2022.
- Sandeep D. Maheshwari was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC) in its first meeting held on December 28, 2022.
- A resolution plan approved by the CoC was submitted to the NCLT but was rejected vide order dated March 24, 2025.
- An appeal against this rejection order was filed before the Hon'ble National Company Law Appellate Tribunal (NCLAT) on July 9, 2025, and the matter remains pending adjudication.
Reason for Non-Submission of Financial Results
The financial records, books of accounts, and other relevant data of the Corporate Debtor have not been made available to the Resolution Professional despite repeated efforts and follow-ups. Due to this non-availability of essential financial documents, the Resolution Professional is unable to compile, review, or finalize the financial statements for the quarter ended June 30, 2026.
Future Outlook and Commitments
The Resolution Professional continues to take all possible steps to secure the required records and expects to submit the financial results at the earliest, subject to audit. The stock exchanges and stakeholders will be kept informed of any further developments.