Vikas WSP , a company currently under corporate insolvency resolution process (CIRP), has reported an update on its ongoing proceedings before the National Company Law Tribunal (NCLT), Chandigarh Bench.

Key Developments

• The application for approval of Vikas WSP's Resolution Plan was heard by the NCLT, Chandigarh Bench on November 12, 2025.
• Both parties presented arguments regarding the Resolution Plan approval.
• The NCLT has scheduled the matter for further hearing on December 2, 2025.

Corporate Insolvency Resolution Process

Vikas WSP has been under CIRP since February 2, 2022. During this period:

• The company's affairs, business, and assets are being managed by an Interim Resolution Professional.
• Mr. Darshan Singh Anand, with IP Registration No. IBBI/IPA-002/IPN00326/2017-2018/10931, was appointed as the Interim Resolution Professional.
• The powers of the board of directors are vested in the Interim Resolution Professional.

Disclosure Details

The company has made this disclosure in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The information has been communicated to the BSE Limited, where Vikas WSP's shares are listed.

Investors and stakeholders are advised to monitor further updates from the company regarding the progress of the Resolution Plan approval process. The outcome of these proceedings may have significant implications for the company's future operations and financial structure.

Vikas WSP Limited, currently under Corporate Insolvency Resolution Process (CIRP), has reported a net loss of Rs 967.50 lakhs for the quarter ended September 30, 2025, according to its unaudited financial results. This marks a deterioration from the previous quarter's loss of Rs 877.75 lakhs, highlighting the company's ongoing financial challenges.

Key Financial Highlights

Insolvency Proceedings and Resolution Plan

Vikas WSP has been under CIRP since February 2, 2022, with Darshan Singh Anand serving as the Resolution Professional. In a significant development, the Committee of Creditors approved a resolution plan submitted by Arcbolt Space and Foods Private Limited in August 2022. The next hearing for this matter is scheduled for November 12, 2025, at the National Company Law Tribunal (NCLT).

Auditor's Observations

The company's auditors have issued a qualified opinion, citing several concerns:

1. Inability to assess impairment of tangible assets
2. Unconfirmed balances of assets and liabilities
3. Ongoing reconciliation of creditor claims

Going Concern Uncertainty

The auditors have highlighted material uncertainty regarding Vikas WSP's ability to continue as a going concern. This assessment is based on:

• Continuous losses
• Current liabilities exceeding current assets
• Defaults in repayment obligations

Financial Position

As of September 30, 2025:

Operational Challenges

The company faces several operational challenges, including:

1. Incomplete handover of company records to the Resolution Professional
2. Loss of data due to a ransomware attack before April 1, 2021
3. Unconfirmed bank balances and pending reconciliations

Contingent Liability

The Resolution Professional has reported a contingent liability of Rs 26.27 crore related to workmen claims, which exceeds the amount recorded in the company's financial statements.

As Vikas WSP navigates through its insolvency process, the approval and implementation of the resolution plan by Arcbolt Space and Foods Private Limited may be crucial for its future prospects. Stakeholders will be closely watching the upcoming NCLT hearing on November 12, 2025, for further developments in the company's restructuring efforts.