Oswal Overseas Limited (BSE: OSWALOVER) has responded to a query from the Bombay Stock Exchange (BSE) regarding the Corporate Insolvency Resolution Process (CIRP) initiated by financial creditors. The company provided clarification on the current status of the CIRP application and addressed concerns about the timeliness of its disclosure.

CIRP Application Status

Oswal Overseas confirmed that a financial creditor, L H Sugar Factories Limited, has filed an application for initiating the CIRP against the company. The application was registered on September 1, 2025, with the National Company Law Tribunal (NCLT) under the filing number 0710102076792025. The company emphasized that the matter is currently pending consideration by the NCLT for admission or rejection.

In its response to the BSE, Oswal Overseas stated, "We respectfully submit that the Financial Creditor has filed an application for initiation of the Corporate Insolvency Resolution Process (CIRP) before the Hon'ble National Company Law Tribunal (NCLT). The matter is currently pending consideration of the Hon'ble NCLT for admission or rejection."

Commitment to Transparency

The company has committed to providing immediate updates upon receiving any order or decision from the NCLT. Lalit Kumar, Company Secretary & Compliance Officer of Oswal Overseas Limited, assured stakeholders of the company's dedication to keeping them informed about any developments in the case.

Addressing Disclosure Delay

In addition to clarifying the CIRP application status, Oswal Overseas also addressed a query from the BSE regarding a delay in disclosing the material event. The company acknowledged that there was a delay in submitting the disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Explaining the reason for the delay, the company stated, "The disclosure under Regulation 30 of SEBI (LODR) was submitted with a delay due to an inadvertent lapse arising from delayed internal communication of the event. The delay was unintentional and occurred under exceptional circumstances beyond control."

Assurance of Future Compliance

Oswal Overseas reaffirmed its commitment to maintaining high standards of corporate governance and adhering to statutory timelines. The company assured that all material information and events would be disclosed within the prescribed timelines under SEBI (LODR) regulations going forward.

"The Company has always maintained high standards of corporate governance and has adhered to the statutory timelines in true letter and spirit, and will continue to do so," the company stated in its response to the BSE.

As the CIRP application remains under consideration by the NCLT, stakeholders and investors of Oswal Overseas Limited will be closely monitoring further developments in this matter. The company's proactive approach in addressing the BSE's queries and its commitment to transparency may help in maintaining investor confidence during this period of uncertainty.

Oswal Overseas Limited , a sugar manufacturer based in Uttar Pradesh, is facing a series of significant challenges, including a land auction, an insolvency petition, and the resignation of its Chief Executive Officer.

Land Auction Proceedings

Oswal Overseas Limited has disclosed that the Cane Commissioner of Uttar Pradesh has initiated auction proceedings for the company's land located at Village Bhikampur, Tehsil Nawabganj, District Bareilly. The auction is scheduled for September 8, and stems from non-payment of sugarcane farmers' dues amounting to Rs 70.34 crore. The land spans 3.713 hectares with an estimated value of Rs 1.37 crore. The company received the auction notice on August 16, and stated that the quantifiable financial impact cannot be determined at this time.

Insolvency Petition Filed

In addition to the land auction, Oswal Overseas Limited has received an advance service intimation regarding an insolvency petition filed by L H Sugar Factories Limited. The petition, filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, has been submitted to the National Company Law Tribunal (NCLT), New Delhi Bench.

The dispute centers around defaults under Inter-Corporate Deposit (ICD) arrangements. According to the petition, L H Sugar Factories Limited claims a default amount of Rs 2.25 crore. A demand notice was sent to Oswal Overseas on May 25, preceding the filing of the petition.

In response to this legal challenge, Oswal Overseas stated that it is seeking appropriate legal assistance from its advisors and counsels. The company emphasized that the matter is sub judice and that they are taking necessary steps to protect the company's interests.

Financial Implications Uncertain

While the insolvency petition cites a specific default amount, Oswal Overseas has indicated that the expected financial implications cannot be determined at this stage. The company attributes this uncertainty to the fact that the matter is in its initial stages before the NCLT.

CEO Resignation

Adding to the company's challenges, Oswal Overseas also announced the resignation of its Chief Executive Officer, Mr. Vijay Kumar Mishra. According to the company's filing, Mr. Mishra tendered his resignation effective September 5, citing "other better future prospects."

The company stated that it is in the process of appointing a suitable candidate for the position of CEO and Key Managerial Personnel (KMP). Oswal Overseas has assured stakeholders that it will inform the stock exchanges of any developments in due course, in accordance with applicable regulations.

Company's Response

Lalit Kumar, Company Secretary & Compliance Officer of Oswal Overseas Limited, issued statements regarding the insolvency petition, the CEO's resignation, and the land auction proceedings. The company has pledged to keep exchanges and stakeholders informed of any material developments in these matters.

As these events unfold, investors and stakeholders will be closely watching how Oswal Overseas navigates these challenges and their potential impact on the company's operations and financial stability.