Setubandhan Infrastructure Limited has formally notified stock exchanges through its Resolution Professional that it cannot submit unaudited financial results for the quarter ended December 31, 2025, due to ongoing Corporate Insolvency Resolution Process (CIRP) proceedings and unavailability of essential financial documents.

CIRP Background and Current Status

The company has been under CIRP since State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal (NCLT), Mumbai Bench admitted the CIRP application on November 28, 2022, and appointed Sandeep D. Maheshwari as the Interim Resolution Professional, who was subsequently confirmed as the Resolution Professional by the Committee of Creditors on December 28, 2022.

Resolution Plan Rejection and Appeal

The Committee of Creditors had approved a resolution plan, which was submitted to the NCLT Mumbai Bench. However, the tribunal rejected the resolution plan on March 24, 2025. An appeal was filed before the National Company Law Appellate Tribunal (NCLAT) on July 09, 2025, against the rejection order, and the matter remains pending adjudication.

Formal Communication and Resolution Professional Details

The official communication dated February 14, 2026, was issued by Sandeep D. Maheshwari, who serves as the Resolution Professional. The communication was sent from Stress Credit Resolution Private Limited, located at 807, 8th Floor, B-Wing, East Point, 90 Feet Road, Ghatkopar East, Mumbai 400086.

Financial Results Non-Submission

The Resolution Professional has cited the non-availability of financial records, books of accounts, and other relevant data as the primary reason for inability to submit quarterly financial results. Despite repeated efforts and follow-ups, the Corporate Debtor has not made these essential financial documents available to the Resolution Professional.

Ongoing Efforts and Stakeholder Communication

Sandeep D. Maheshwari stated that due to non-availability of essential financial documents, he is not in a position to compile, review, or finalize the financial statements for the quarter ended December 31, 2025. The Resolution Professional continues to take all possible steps to secure the required records and expects to submit the financial results at the earliest, subject to audit. The company has assured that stock exchanges and stakeholders will be kept informed of any further developments in the matter.

Setubandhan infrastructure Limited has notified stock exchanges of its inability to submit mandatory quarterly compliance reports for the quarter ended 31 December 2025, citing ongoing Corporate Insolvency Resolution Process (CIRP) proceedings as the primary constraint.

CIRP Background and Current Status

The company has been operating under CIRP since 28 November 2022, when the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, admitted an application filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. Sandeep D. Maheshwari was appointed as the Interim Resolution Professional and subsequently confirmed as the Resolution Professional by the Committee of Creditors on 28 December 2022.

The Committee of Creditors had approved a resolution plan, which was submitted to the NCLT. However, the tribunal rejected the resolution plan on 24 March 2025. An appeal against this rejection was filed before the National Company Law Appellate Tribunal on 09 July 2025 and remains pending adjudication.

Non-Compliance Issues

The company's inability to submit compliance reports stems from operational constraints created by the insolvency proceedings. The erstwhile management failed to pay outstanding fees demanded by National Securities Depository Limited (NSDL), Central Depository Services Limited (CDSL), and the Registrar and Transfer Agent (RTA). Consequently, these entities have ceased providing Benpos regarding the company's shareholding information.

Regulatory Exemptions

Despite the non-submission of certain compliance reports, the company benefits from specific regulatory exemptions during the insolvency process. Under Regulations 15(2A) and 15(2B) of SEBI (LODR) 2015, the company is exempt from complying with Regulations 17 to 21, which include corporate governance requirements. Therefore, Setubandhan Infrastructure is not required to file Corporate Governance reports under Regulation 27 of SEBI (LODR) 2015.

Resolution Professional Communication

The Resolution Professional has formally communicated these circumstances to both the National Stock Exchange of India Limited and BSE Limited on 20 January 2026. The communication emphasizes the unique situation created by the ongoing insolvency proceedings and requests the exchanges to take note of the company's inability to meet standard compliance requirements under the current circumstances.

The company continues to operate under the supervision of the Resolution Professional while the appeal process proceeds through the appellate tribunal system.