The National Company Law Tribunal (NCLT) Hyderabad Bench-II reserved orders on September 2, 2026, regarding multiple petitions concerning Baron Infotech Limited. The proceedings involved an intervention petition and a resolution plan submitted by the Resolution Professional.

Court Proceedings

The tribunal heard arguments in Intervention Petition (IBC)/11/2026, IA (IBC) (Plan)/03/2026, and IA (IBC)/772/2026. These matters are linked to Company Petition IB No.164/7/HDB/2023 filed under Section 7 of the Insolvency and Bankruptcy Code (IBC).

The hearing was conducted in a hybrid virtual and physical mode at 10:30 am. The bench comprised Shri Rajeev Bhardwaj as Member (Judicial) and Shri Sanjay Puri as Member (Technical).

Parties Involved

Mr. Vivek Kumar Ratakonda filed the intervention petition. Avantine Software Pvt Ltd was listed as the petitioner in the intervention matter against Baron Infotech Limited.

Dr. Ahalada Rao Vummenthala appeared as the Resolution Professional. He is represented by Mr. Krinsha Grandhi, Senior Counsel, along with Mr. Naresh Kumar Sangam and Mr. Avinash Alladi.

The applicant’s counsel included Mr. T K Bhaskar, Senior Counsel, with Ms. Pavni Dada and Ms. Divya K. Mr. M. Ramana Reddy, PCS, represented Respondent No.2.

Regulatory Disclosure

Baron Infotech Limited made this disclosure to comply with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was issued on September 2, 2026, for dissemination on the Bombay Stock Exchange website.

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.