Vikas WSP Limited , a company currently undergoing Corporate Insolvency Resolution Process (CIRP), has submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2025, revealing several compliance challenges and operational difficulties.

Insolvency Proceedings and Management

The company has been under CIRP since February 2, 2022, with Resolution Professional Darshan Singh Anand managing operations. In August 2022, the Committee of Creditors approved a resolution plan by Arcbolt Space and Foods Private Limited with 100% votes, which is currently pending approval before the National Company Law Tribunal (NCLT).

Compliance Challenges

The report highlights several compliance issues faced by the company:

1. Delayed Financial Filings: The company experienced delays in submitting financial results for multiple quarters, including those ended June 30, 2024, September 30, 2024, December 31, 2024, and March 31, 2025.

2. Non-Installation of Structured Digital Database: Vikas WSP has not installed the Structured Digital Database (SDD) as required under SEBI (Prohibition of Insider Trading) Regulations, 2015, citing financial constraints due to the ongoing CIRP.

3. Directors' KYC Non-Compliance: None of the company's directors have filed their required KYC forms, resulting in disqualification under Section 164 of the Companies Act, 2013.

4. Late Filing of Annual Secretarial Compliance Report: The company filed its Annual Secretarial Compliance Report for the financial year 2023-24 on May 31, 2024, one day past the deadline.

Operational Difficulties

The Resolution Professional reported significant operational challenges:

1. Non-Cooperation from Ex-Management: The RP filed applications with NCLT seeking cooperation from the former management regarding Rs. 423.00 crore freehold land and other assets.

2. Departure of Key Personnel: The Company Secretary-cum-Compliance Officer left without authorization, leading to delays in compliance and the inability to hold the 36th Annual General Meeting for FY 2023-24.

Financial Penalties

BSE imposed penalties totaling Rs. 1,53,400.00 for various compliance delays, including late submission of financial results and the Annual Secretarial Compliance Report.

Future Outlook

The Resolution Professional has stated that all practicable efforts are being made to ensure necessary compliances to the extent possible. The company awaits NCLT's approval of the resolution plan, which could potentially lead to new management and improved compliance in the future.

As Vikas WSP Limited navigates through its insolvency process, addressing these compliance issues and operational challenges will be crucial for its potential turnaround and future stability.

Vikas WSP Limited , a company currently undergoing Corporate Insolvency Resolution Process (CIRP), has provided an update on its ongoing legal proceedings. The company, which has been under CIRP since February 2, 2022, recently faced a hearing at the National Company Law Tribunal (NCLT) Chandigarh Bench regarding the approval of its Resolution Plan.

NCLT Hearing Details

The NCLT Chandigarh Bench heard arguments on July 23, 2025, concerning the approval of the Resolution Plan under application IA (I.B.C.) No. 1538/2022. This hearing was initially scheduled for July 22, 2025, but took place a day later. After lengthy deliberations, the tribunal has adjourned the hearing, setting the next date for August 19, 2025.

Company Management During CIRP

Since the initiation of the CIRP on February 2, 2022, Vikas WSP Limited's affairs have been managed by Resolution Professional Mr. Darshan Singh Anand. Mr. Anand, who holds the IP Registration No. IBBI/IPA-002/IPN00326/2017-2018/10931, was initially appointed by the NCLT as the Interim Resolution Professional. His position was subsequently confirmed by the committee of creditors, continuing his role as the Resolution Professional.

Disclosure and Compliance

In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR), Vikas WSP Limited has duly informed the BSE Limited about these developments. The company's scrip code is 519307, and it trades under the ISIN INE706A01022.

Saroj Kumar Senapati, the Company Secretary & Compliance Officer (M. No.: F2898), has stated that this information will also be made available on the company's official website ( www.vikaswspltd.in ).

Implications and Next Steps

The adjournment of the NCLT hearing to August 19, 2025, extends the period of uncertainty for Vikas WSP Limited's stakeholders. The outcome of this hearing could significantly impact the company's future operations and financial structure. Interested parties, including investors and creditors, will be closely watching the proceedings as they unfold in the coming weeks.

As the company continues to operate under the CIRP framework, all decisions regarding its business, assets, and affairs remain under the purview of the Resolution Professional, with the powers of the board of directors currently suspended.