Date: October 1, 2026

Default Disclosure

Total Financial Indebtedness and Default Amount:

  • Total loan amount outstanding as on September 30, 2026: ₹1,206.03 crore
  • Amount of default as on September 30, 2026: ₹1,206.03 crore (Total Claims received including Interest and penal Interest)
  • Total financial indebtedness of the listed entity including short-term and long-term debt: ₹1,206.03 crore

Comparative Figures:

  • Total loan amount outstanding as on February 22, 2023: ₹1,500.00 crore
  • Total financial indebtedness as on February 22, 2023: ₹1,500.00 crore

Insolvency Proceedings Timeline

Initial Proceedings:

  • National Company Law Tribunal, Mumbai Bench initiated Corporate Insolvency Resolution Process (CIRP) on February 22, 2023
  • Mr. Rohit Mehra appointed as Interim Resolution Professional (IRP)
  • Public Announcement made on February 25, 2023, with claims submission deadline of March 8, 2023

Leadership Changes:

  • Mr. Rohit Mehra's registration cancelled by IBBI Disciplinary Committee effective September 6, 2026
  • CoC approved appointment of Mr. Trupal J. Patel (Registration No. IBBI/IPA-001/IP-PO 1186/2018-2019/11907) as Resolution Professional
  • NCLT Mumbai approved Mr. Trupal J. Patel's appointment as RP on September 28, 2026

Legal Challenges:

  • Ms. Shilpi Asthana (director) filed appeal before NCLAT against Admission Order (Company Appeal (AT)(Ins)/274/2023)
  • NCLAT issued interim stay on March 7, 2023
  • NCLAT dismissed the appeal and all interim applications on August 10, 2023 (NCLAT Final Order)
  • CIRP reinstated with Mr. Rohit Mehra as IRP following NCLAT Final Order

Key NCLT Orders:

  • October 1, 2024 Order: Insolvency commencement date fixed at February 22, 2023; CIRP activities reckoned from February 22, 2023; moratorium applicable during Stay Period; transactions during Stay Period to be reversed; ordinary course business expenses protected
  • Multiple appeals filed against October 1, 2024 Order

NCLAT Judgment:

  • July 31, 2025: NCLAT dismissed all appeals and directed financial creditors to remit amounts back to corporate debtor with accrued interest as per October 29, 2024 order

Supreme Court Status:

  • Financial creditors have preferred appeals before Supreme Court against NCLAT July 31, 2025 judgment
  • Supreme Court granted stay preventing financial creditors from remitting amounts received during CIRP stay period
  • Supreme Court directed no payments to operational creditors for liabilities relating to CIRP stay period

Basis of Disclosure

  • Filing based on claims received from financial creditors as on August 10, 2023 and February 22, 2023
  • Subsequent changes from Supreme Court appeals outcome will be incorporated in future filings