Key Quantitative Figures
- Extension sought: 3 months (until 31st December 2026)
- Financial year ended: 31st March 2026
Dates of Action
- NCLT order date: 5th August 2026
- First CoC meeting: 3rd September 2026
- Application submission date: 6th October 2026 (disclosure date)
- Extended AGM deadline: 31st December 2026
Parties Involved
- Regulatory bodies: Registrar of Companies, Cuttack; BSE Limited; NCLT Bench
- Resolution Professional: Raghunath Bhandari (IP Registration No: IBBI/IPA-002/IP-N01023/2020-2021/13276, AFA Valid upto: 31.12.2026)
Purpose and Rationale
The extension is sought due to the ongoing Corporate Insolvency Resolution Process (CIRP) pursuant to NCLT order dated 5th August 2026. The Resolution Professional is currently undertaking the process of taking control and custody of books of account, records, statutory registers, and financial information, which has resulted in practical difficulties in finalizing financial statements and completing statutory compliances within the prescribed timeline.
Current Status
- Raghunath Bhandari was appointed as Interim Resolution Professional on 5th August 2026
- Appointed as Resolution Professional in first CoC meeting held on 3rd September 2026
- ROC Cuttack has approved the extension application
- Board powers stand suspended under Section 17 of IBC, 2016
Forward Commitment
The Company shall intimate the Stock Exchange regarding the outcome of the application upon receipt of the order/approval from ROC and disclose the revised date of AGM in accordance with SEBI LODR Regulations. The Company will make reasonable efforts to finalize financial statements and convene AGM within the extended period.