Setubandhan Infrastructure Limited failed to submit its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, within the regulatory deadline of May 30, 2026. The delay stems from the ongoing Corporate Insolvency Resolution Process (CIRP) and the inability of the Resolution Professional to access the company's financial records. Consequently, the statutory auditors could not finalize the accounts, leaving stakeholders without the mandated financial disclosures for the period.

The Corporate Insolvency Resolution Process was initiated by the State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The National Company Law Tribunal, Mumbai Bench, admitted the application via an order dated November 28, 2022. Following this, the powers of the Board of Directors were suspended under Section 17 of the IBC and Regulation 15(2A) & 15(2B) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. Sandeep D. Maheshwari was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional by the Committee of Creditors on December 28, 2022.

Efforts to retrieve the necessary documentation have been unsuccessful. Despite persistent requests and follow-ups, the suspended management, promoters, and former key managerial personnel have not provided the statutory financial records, updated books of accounts, data backups, or supporting documents. Without these authenticated records and active systems, the Resolution Professional is unable to compile, review, or finalize the financial results for audit.

The situation is further complicated by the status of the Resolution Plan. While the Committee of Creditors had previously approved a plan and submitted it to the National Company Law Tribunal, the tribunal rejected it on March 24, 2025. An appeal was filed before the National Company Law Appellate Tribunal (NCLAT) on July 9, 2025, and the matter remains sub-judice pending final adjudication.

The Resolution Professional has indicated that all permissible legal steps are being taken to secure the necessary records. The company intends to publish the audited financial results at the earliest possible date once the books are made available and audited. The stock exchanges and stakeholders will be informed of any further developments regarding the submission of the pending financial statements.