Background of Corporate Insolvency Resolution Process

  • The company was admitted into Corporate Insolvency Resolution Process (CIRP) by NCLT Mumbai Bench order dated June 06, 2018, following application by State Bank of India under Section 7 of Insolvency and Bankruptcy Code, 2016.
  • NCLT ordered consolidation of CIRP of 13 Videocon Group entities including the company on August 08, 2019.
  • Mr. Abhijit Guhathakurta was appointed as Resolution Professional for consolidated CIRP vide NCLT order dated September 25, 2019, with appointment published on September 27, 2019.
  • Powers of board of directors were suspended and vested with Resolution Professional effective September 27, 2019.

Resolution Plan Approval and Subsequent Legal Challenges

  • NCLT approved resolution plan submitted by Twin Star Technologies Limited vide order pronounced June 08, 2021 (uploaded June 14, 2021).
  • Steering Committee was constituted pursuant to NCLT approval order, which appointed Mr. Abhijit Guhathakurta as Interim Manager on June 18, 2021.
  • Bank of Maharashtra and IFCI Limited filed appeals before NCLAT challenging NCLT approval order (Company Appeal (AT) (Ins.) No. 503 and 505 of 2021).
  • NCLAT stayed operation of NCLT Approval Order and ordered maintenance of status quo ante vide order dated July 19, 2021, directing Resolution Professional to continue managing 13 corporate debtors.
  • NCLAT set aside NCLT Approval Order on January 05, 2022 and remitted matter back to Committee of Creditors.
  • Committee of Creditors decided to re-invite fresh expressions of interest for resolution plans on January 12, 2022.
  • Twin Star Technologies Limited challenged NCLAT order in Civil Appeals 509, 512 and 894 of 2022 before Supreme Court.
  • Supreme Court made oral remarks on February 14, 2022 directing Resolution Professional and COC not to proceed with CIRP until further orders, maintaining status quo.

Financial Results Status

  • Pending submission of standalone and consolidated financial results for multiple quarters: March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026 (including annual results), June 30, 2026, and September 30, 2026.
  • M/s. KVA & Co. issued limited review/audit reports for quarters from June 30, 2019 till March 31, 2024, completing their term.
  • New statutory auditor M/s. GAMP & Co. appointed for 5 years (April 01, 2024 to March 31, 2029) approved by COC on July 22, 2025 following proposal in 51st COC meeting on July 07, 2025.
  • Auditing of financial statements for FY 2024-25 and 2025-26 currently underway by new auditor, expected to be completed in due course.

Reason for Delay

Finalization of financial results for previous quarters (March 31, 2025 through June 30, 2026) is a prerequisite for preparing September 30, 2026 results from accounting standpoint. Company is currently preparing financial results for these previous quarters.

Impact Assessment

Financial impact not quantified in the disclosure. The delay affects regulatory compliance and timely financial reporting obligations.