Vikas WSP

Vikas WSP Limited announced that the hearing for approval of its Resolution Plan by the National Company Law Tribunal, Chandigarh Bench has been rescheduled to November 12, 2025. The application bearing IA No. 1538/2022 was taken up for hearing on September 3, 2025, along with Section 19(2) and other matters, where the Brief Note filed by the Resolution Professional was taken on record. The company has been under corporate insolvency resolution process since February 2, 2022, with its affairs being managed by Resolution Professional Mr. Darshan Singh Anand.

Vikas WSP Limited's Board of Directors approved financial results for the quarter ended June 30, 2025, along with annual reports for FY 2024. The company scheduled its 36th Annual General Meeting for August 30, 2025, at 12:00 PM through video conferencing. The board appointed Mr. Saurabh Agrawal as scrutinizer for e-voting and decided to close the Register of Members from August 25-30, 2024. The company is currently under corporate insolvency resolution process since February 2022, with Mr. Darshan Singh Anand serving as Resolution Professional. The Committee of Creditors approved a resolution plan submitted by M/s Arcbolt Space and Foods Private Limited in August 2022, pending NCLT approval. The company reported a net loss of Rs. 877.71 lakhs for the quarter, with revenue of Rs. 26.94 lakhs. The auditors issued a qualified opinion citing concerns about asset impairment assessments, incomplete records due to ransomware attack, and ongoing reconciliation of creditor claims.

Vikas WSP Limited submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2025, under SEBI regulations. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) since February 2, 2022, with Resolution Professional Darshan Singh Anand managing operations. The Committee of Creditors approved a resolution plan by Arcbolt Space and Foods Private Limited with 100% votes in August 2022, which remains pending approval before NCLT. The report highlights several compliance challenges including delayed financial results filings, non-installation of Structured Digital Database, and directors' failure to file required KYC forms. BSE imposed penalties totaling Rs. 1,53,400 for various compliance delays. The company faced significant operational difficulties due to non-cooperation from former management and the departure of the Company Secretary-cum-Compliance Officer. The Resolution Professional filed applications with NCLT seeking cooperation from ex-management regarding Rs. 423 crore freehold land and other assets. The report was prepared by M/s. Seema Sharma & Associates based on limited available information due to ongoing management disputes.