VXL Instruments Delays Q1 FY2026 Results Amid Ongoing Insolvency Process

VXL Instruments Limited has announced that it will be unable to submit its financial results for the quarter ended June 30, 2025, within the prescribed timeline. The delay is attributed to the company's ongoing Corporate Insolvency Resolution Process (CIRP), which began on November 26, 2024, following an order from the National Company Law Tribunal (NCLT), Mumbai Bench.

Insolvency Process and Its Impact

The company entered CIRP under the Insolvency and Bankruptcy Code, 2016, with Jayanti Lal Jain appointed as the Resolution Professional (RP). The insolvency process has significantly impacted VXL Instruments' ability to prepare and submit its financial statements in a timely manner.

Challenges in Financial Reporting

In a regulatory filing dated August 14, 2025, Jayanti Lal Jain, the Resolution Professional for VXL Instruments, stated:

"As on date, the RP is facing significant challenges to complete the preparation of financial statements for the quarter ended June 30, 2025, within the stipulated timelines prescribed under Regulation 33 of the SEBI (LODR) Regulations, 2015."

The RP and his team are actively working to retrieve, compile, and reconcile available data from both physical and electronic sources. However, due to the current constraints, the submission of the financial results will be delayed.

Regulatory Implications

During the insolvency resolution process, certain SEBI regulations regarding board committees and governance are suspended. As per the regulatory filing:

• The provisions of Regulation 17 of the SEBI (LODR) Regulations, 2015, concerning the Board of Directors, are not applicable during the CIRP period.
• Regulations 18 (Audit Committee), 19 (Nomination and Remuneration Committee), 20 (Stakeholders Relationship Committee), and 21 (Risk Management Committee) are also not applicable.
• The roles and responsibilities typically fulfilled by these committees are now being managed by the Resolution Professional, in accordance with sections 17 and 23 of the Insolvency and Bankruptcy Code.

Looking Ahead

While the exact timeline for the submission of financial results remains uncertain, the Resolution Professional has assured stakeholders that the results will be submitted to the Stock Exchange as soon as complete financial information becomes available.

Investors and stakeholders of VXL Instruments Limited are advised to keep these developments in mind when considering their investment decisions. The ongoing CIRP process and the delay in financial reporting add a layer of uncertainty to the company's current financial position and future prospects.