Unitech International Limited , a company currently undergoing Corporate Insolvency Resolution Process (CIRP), has reported significant challenges in meeting its regulatory obligations. The company's inability to file quarterly results stems from complications arising from its ongoing insolvency proceedings.

Insolvency Proceedings and Management Changes

The National Company Law Tribunal (NCLT), Mumbai Bench-II, issued an order on June 26, initiating the CIRP for Unitech International Limited. As a result, Mr. Mayur Rajendrakumar Popat has been appointed as the Interim Resolution Professional (IRP) and is now overseeing the company's operations.

Compliance Challenges

The company is facing difficulties in complying with quarterly filings required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This non-compliance is attributed to the non-availability of crucial information from the Registrar and Transfer Agent (RTA).

Root Cause of Information Unavailability

The RTA has reported an inability to provide necessary data due to non-payment of fees to depositories NSDL and CDSL. This financial constraint has created a domino effect, impacting the company's ability to meet its regulatory obligations.

Efforts to Resolve the Situation

On September 8, Mr. Popat, in his capacity as the Resolution Professional, sent an intimation mail to relevant parties. This communication aimed to:

1. Invite submission of claims
2. Request provision of requisite documents for completing quarterly filings

Appeal to BSE India

Given the extraordinary circumstances surrounding the insolvency process, the Resolution Professional has appealed to BSE India. The request is for the stock exchange to consider potential delays in compliance, taking into account the ongoing CIRP and the associated challenges.

Implications for Investors and Stakeholders

This situation highlights the complexities that can arise during insolvency proceedings, particularly in terms of maintaining regulatory compliance. Investors and stakeholders of Unitech International Limited should be aware of these developments and the potential impact on the company's reporting and transparency in the near term.

The company's ability to resolve these issues and meet its regulatory obligations will likely depend on the progress of the insolvency resolution process and the decisions made by the appointed Resolution Professional.

Unitech International Limited continues to navigate through this challenging period under the guidance of the CIRP framework.

Unitech International Limited , currently undergoing Corporate Insolvency Resolution Process (CIRP), has issued a notice for its first Committee of Creditors meeting scheduled for July 25, 2025, via video conferencing. The company's CIRP commenced on June 26, 2025, with Mayur Rajendrakumar Popat appointed as Interim Resolution Professional.

Key Meeting Details

The meeting agenda includes several important items:

1. Appointment of Resolution Professional: The committee will discuss and vote on the appointment of Mr. Mayur Rajendrakumar Popat as the Resolution Professional, with proposed fees of INR 1.50 lakh per month.

2. Legal Representation: Approval for the appointment of MV Law Partners as legal advisors, with proposed fees of INR 0.50 lakh.

3. CIRP Costs: Ratification of various Corporate Insolvency Resolution Process costs totaling INR 2.40 lakh incurred to date.

4. Estimated CIRP Budget: The total estimated CIRP costs for the 180-day resolution period are projected at INR 38.00 lakh.

Financial Claims and Creditors

The Committee consists solely of secured financial creditors, with Bank of Maharashtra being the primary creditor with claims of INR 35.00 crore. Following the public announcement, the company has received one secured financial creditor claim and two operational creditor claims.

Timeline and Next Steps

The 180-day resolution timeline extends until December 24, 2025. The Interim Resolution Professional is working to ensure continued operations of the company.

As Unitech International navigates through this critical phase, stakeholders will be closely watching the outcomes of this first Committee of Creditors meeting and subsequent developments in the insolvency resolution process.