Key Reasons for Delay
- Corporate Insolvency Resolution Process (CIRP): The company is undergoing a Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 (IBC). This was initiated by an order from the Hon'ble National Company Law Tribunal, Cuttack Bench, dated August 5, 2026. Consequently, the powers of the Board of Directors are suspended and are being exercised by the appointed Resolution Professional, Mr. Raghunath Bhandari (IBBI Registration No. IBBI/IPA-002/IP-N01023/2020-2021/13276).
- Collection and Compilation of Financial Information: The primary reason for the delay is the ongoing process of collecting, verifying, and compiling the requisite financial information, records, and supporting documents of the Company during the CIRP. The Resolution Professional is undertaking necessary steps to obtain and consolidate these records to facilitate the accurate preparation of the financial results.
- Postponement of CoC Meeting: The Third Meeting of the Committee of Creditors (CoC), which was scheduled to be held on November 14, 2026, to consider the aforesaid financial results, has been postponed. This has consequently delayed the consideration and approval of the results.
Status and Next Steps
The Resolution Professional is taking necessary steps to complete the pending financial reporting formalities. The company will submit the financial results to the Stock Exchange upon completion of their preparation, limited review, and applicable approval formalities.