Baron Infotech Limited has attributed the delay in submitting financial results for the period ended March 31, 2026, to the ongoing Corporate Insolvency Resolution Process (CIRP) and subsequent orders by the National Company Law Tribunal (NCLT). In a response to a BSE query regarding non-compliance with Regulation 33 of SEBI LODR Regulations, 2015, the company explained that judicial intervention impacted management control, making adherence to prescribed timelines practically difficult.

The Hon'ble NCLT, Hyderabad Bench, by its order dated December 9, 2025, identified serious procedural irregularities in the conduct of the CIRP. Consequently, the tribunal directed the replacement of the existing Resolution Professional and the appointment of a new one. This change in statutory control significantly affected the company's ability to finalize and file its financial statements on time.

CS Dr Ahalada Rao Vummenthala, the newly appointed Resolution Professional, assumed office in December 2025. The company stated that the data and documents required for preparing the financials are currently under collation, verification, and reconciliation. It emphasized that the financials will be filed only after proper verification to ensure correctness and regulatory accuracy.

The delay in disclosure was further compounded by the previous management's failure to provide data pertaining to the period prior to the commencement of CIRP. This lack of cooperation resulted in the non-disclosure of quarterly financial statements up to the quarter ended December 2025. The company clarified that the delay is neither wilful nor intentional but stems from circumstances arising from judicial intervention under the Insolvency and Bankruptcy Code, 2016.

Status of Compliance and CIRP

The Resolution Professional is currently submitting event-based reporting, such as intimations of Committee of Creditors meetings, and is taking expeditious steps to complete any pending uploads. The approval of the resolution plan and other related matters remain pending before the Hon'ble NCLT Hyderabad Bench. The company has requested the exchange to take the explanation on record and grant reasonable time for completion of compliance without initiating further action during this transition period.

Baron Infotech Limited, currently under Corporate Insolvency Resolution Process (CIRP), has informed BSE Limited of a significant development in its insolvency proceedings. The company's Resolution Professional, CS Dr Ahalada Rao Vumenthala, disclosed that the Resolution Plan submitted by Innopark (India) Private Limited has been formally filed with the Hon'ble National Company Law Tribunal (NCLT), Hyderabad Bench on May 5, 2026.

Resolution Plan Filing Details

The disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (LODR), read with sub-clause 16(j) of Clause A of Part A of Schedule III of LODR. The following table summarises the key details of the filing:

Committee of Creditors Approval

The Resolution Plan of Innopark (India) Private Limited was approved by the Committee of Creditors (CoC) during its 23rd meeting, held as an adjourned meeting on Saturday, April 25, 2026. Following this approval, the Resolution Professional proceeded to file the plan with the NCLT, Hyderabad Bench, completing the filing on May 5, 2026.

Regulatory Disclosure

The intimation was addressed to the General Manager of BSE Limited at Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai 400001. The disclosure was signed by CS Dr Ahalada Rao Vumenthala in the capacity of Resolution Professional for Baron Infotech Limited, registered with the Insolvency and Bankruptcy Board of India under registration number IBBI/IPA-002/IP-N00074/2017-2018/10172.