Background and Context
The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) pursuant to order dated 02.02.2022 passed by Hon'ble National Company Law Tribunal, Chandigarh Bench in CP IB No. 315/Chd/Hry/2019. The application was filed by Bank of India under Section 7 of Insolvency and Bankruptcy Code, 2016.
Mr. Darshan Singh Anand (Insolvency Professional Registration No. IBBI/IPA-002/IP-N00326/2017-2018/10931) was appointed as Interim Resolution Professional and later confirmed as Resolution Professional by Committee of Creditors in their 2nd CoC meeting held on 17th March 2022.
Current Status of CIRP
The Resolution Professional submitted the Resolution Plan with Hon'ble NCLT, Chandigarh Bench in October 2020 for consideration and approval. The matter was actively heard on 08.07.2026, 15.07.2026 and 22.07.2026. Hon'ble Tribunal vide Order dated 22.07.2026 has reserved the order, which is expected to be pronounced shortly.
Reason for AGM Postponement
In accordance with the Resolution Plan and applicable SEBI rules and regulations, the shareholding is subject to change upon approval/implementation of the Resolution Plan. The Resolution Professional does not wish to preempt the consequences of approval of the Resolution Plan, which may result in change in shareholding and management. The new management, after approval of the Resolution Plan, will ensure all compliances.
AGM Details
The 38th AGM was originally scheduled to be held on Tuesday, 28.07.2026 at 11:30 A.M. through Other Audio-Visual Means (OAVM)/Video Conferencing (VC) from Project Office of the Company. The new/revised date of AGM will be decided and approved by the Board in accordance with provisions of Companies Act, 2013.
Professional Details
Resolution Professional: Darshan Singh Anand
IBBI Reg. No.: IBBI/IPA-002/IP-N00326/2017-18/10931
AFA Valid up to: 31st December 2026
IBBI Registered Address: EG-46, Inder Puri, New Delhi-110012
Project Correspondence Address: C/O Stellar Insolvency Professionals LLP, Suite 310, New Delhi House, 27, Barakhamba Road, Connaught Place, New Delhi-110001, India
Contact: Mobile No. +91 74996 80526, Email: cirp.vikaswsp@gmail.com