Setubandhan Infrastructure's Resolution Plan Rejected by NCLT; Appeal Pending

Setubandhan Infrastructure Limited's resolution plan has been rejected by the National Company Law Tribunal (NCLT) on 24 March 2025. The Corporate Insolvency Resolution Process (CIRP) application was filed by the State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. Sandeep D. Maheshwari was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC). The CoC approved a resolution plan, which was submitted to the NCLT, Mumbai Bench. However, the NCLT rejected the Resolution Plan. An appeal has been filed before the National Company Law Appellate Tribunal (NCLAT) on 09 July 2025, and the matter is currently pending adjudication. The Trading Window for dealing in Securities of the Company is closed for the purpose of declaration of the Audited Financial Results of the Corporate Debtor for the fourth quarter and year ending on 31 March 2026 for all suspended Board of Directors / Designated Employees of the Company.