Arshiya Limited has informed stock exchanges that its wholly owned subsidiary NCR Rail Infrastructure Limited has received final approval for its resolution plan from the National Company Law Tribunal. The development marks a significant milestone in the subsidiary's Corporate Insolvency Resolution Process proceedings.

NCLT Approves JSW Infrastructure Resolution Plan

The Hon'ble National Company Law Tribunal Mumbai Bench – II has granted final approval for the resolution plan submitted by JSW Infrastructure Limited under Section 31 of the Insolvency Bankruptcy Code, 2016. NCR Rail Infrastructure Limited, formerly known as Arshiya RAIL Infrastructure Private Limited, had been undergoing Corporate Insolvency Resolution Process.

The implementation of the resolution plan submitted by JSW Infrastructure Limited is currently in process. This marks the successful conclusion of the insolvency proceedings for Arshiya's subsidiary.

Financial Performance of the Subsidiary

The subsidiary's financial contribution to the parent company during the last financial year was substantial:

The negative net worth indicates the financial distress that led to the initiation of the Corporate Insolvency Resolution Process.

Resolution Applicant Details

JSW Infrastructure Limited emerged as the successful resolution applicant for NCR Rail Infrastructure Limited. Importantly, JSW Infrastructure Limited does not belong to the erstwhile promoter, promoter group, or group companies of Arshiya prior to the initiation of CIRP.

The transaction does not fall within related party transactions, ensuring compliance with regulatory requirements. The resolution process was conducted outside any scheme of arrangement.

Regulatory Compliance

Arshiya Limited has made this disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, in compliance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

The company has provided comprehensive details as required under the listing regulations, covering aspects such as financial contribution, buyer details, and transaction nature. The successful resolution of the subsidiary's insolvency proceedings represents a positive development for Arshiya Limited's corporate restructuring efforts.

Arshiya Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), conducted its twelfth Committee of Creditors (COC) meeting on January 09, 2026. The meeting was held through video conferencing from 12:30 PM to 01:40 PM, with Resolution Professional Pankaj Mahajan leading the proceedings.

Meeting Details and Timing

The virtual meeting format allowed creditors to participate remotely in the insolvency resolution discussions. The session lasted for one hour and ten minutes, providing sufficient time for comprehensive deliberations on various aspects of the ongoing CIRP.

Key Agenda Items Discussed

The Resolution Professional apprised the COC members about several critical aspects of the insolvency proceedings. The meeting covered comprehensive updates on the Corporate Insolvency Resolution Process, providing creditors with current status information on their claims and the overall progress of the resolution efforts.

The agenda included the following major discussion points:

• Corporate Insolvency Resolution Process updates: Current status and progress of the ongoing CIRP
• Creditor claims assessment: Updates on the evaluation and processing of various creditor claims
• CIRP period extension: Discussion regarding the extension of the insolvency resolution timeline
• Resolution plan submission deadlines: Extension of the last date for potential resolution plan submissions
• Financial reporting: Review of Statutory Auditors Report and Financial statements for Financial Year 2024-25
• Operational discussions: Current operational aspects and status of the company during the resolution process

Resolution Professional Details

Pankaj Mahajan, serving as the Resolution Professional, is registered with the Insolvency and Bankruptcy Board of India under registration number IBBI/IPA-001/IP-P00836/2017-2018/11420. His AFA details are AA1/11420/02/311226/108808, valid until December 31, 2026.

Regulatory Compliance

The post-facto intimation was filed in compliance with Regulation 30 read with Clause 16(g) of Para A of Part A of Schedule III of Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015. This ensures transparency and keeps stakeholders informed about the progress of the insolvency resolution process.

Arshiya Limited continues to operate under the Corporate Insolvency Resolution Process as the company works toward a viable resolution plan with its creditors and stakeholders.