Setubandhan Infrastructure remains under the Corporate Insolvency Resolution Process (CIRP). The NCLT rejected its resolution plan in March 2025, with an appeal now pending at the NCLAT. Additionally, the company has failed to submit key quarterly filings for September 2026, citing a lack of access to shareholding data from depositories due to unpaid fees by previous management.
Setubandhan Infrastructure Facing Legal Challenges and Reporting Lapses
- NCLT rejected the resolution plan on March 24, 2025.
- The company has missed all mandatory filing deadlines for the quarter ended September 30, 2026.
Reader Takeaway: The company faces critical uncertainty regarding its resolution path and is currently unable to provide basic shareholder data.
What just happened
Setubandhan Infrastructure, currently under the Corporate Insolvency Resolution Process (CIRP), has confirmed it is unable to submit mandatory regulatory filings for the quarter ended September 30, 2026. These include the shareholding pattern, share capital audit, RTA compliance, and investor grievance reports. The company cited a complete cutoff in data services from NSDL, CDSL, and the RTA due to unpaid fees by the former management, rendering it impossible to access essential 'Benpos' data.
Why this matters
The administrative failure to file routine compliance reports highlights the deep operational paralysis currently gripping the company. Furthermore, the rejection of the resolution plan by the NCLT in March 2025 effectively stalled the expected turnaround trajectory, creating significant uncertainty for existing shareholders.
The backstory
Following an NCLT Mumbai order in November 2022, the company entered the CIRP. After the Committee of Creditors initially approved a resolution plan, the NCLT rejected it in early 2025. The Resolution Professional (RP) moved the NCLAT on July 9, 2025, to contest this rejection. The case remains sub-judice, leaving the company's future in legal limbo.
Governance status
The company has confirmed that it is currently exempted from specific corporate governance mandates under the SEBI (LODR) regulations, including the filing of corporate governance reports, due to its status as an entity undergoing insolvency proceedings.
What to track next
Investors should closely track the NCLAT proceedings. The appellate court's decision will determine whether the current resolution process can be revived or if the company faces alternative outcomes under the Insolvency and Bankruptcy Code.