ARSS Infrastructure Projects Limited has informed the Exchange about Corporate Insolvency Resolution Process
Awaiting price reaction for this filing.
ARSS Infrastructure Projects has completed a major restructuring after the NCLT Cuttack Bench approved its Resolution Plan under Section 31(1) of the Insolvency and Bankruptcy Code, 2016 on August 29, 2025. Following this approval, the company's Monitoring Committee met on September 29, 2025 and appointed a new board, including Mr. Dipti Ranjan Patnaik as Executive Chairman, Mr. Gopal Krishna Dash as Managing Director, and two independent directors (Mr. T.K. Padmanaban and Mrs. Payal Agarwal). The three existing directors (Subash Agarwal, Rajesh Agarwal, and Pareswar Panda) were removed as part of the NCLT order. Additionally, 30 lakh equity shares of Rs. 10 each were allotted to Ocean Capital Market Limited, the Successful Resolution Applicant (SRA).
This marks ARSS Infra's emergence from corporate insolvency with a new promoter/management team and a new equity shareholder (Ocean Capital Market) taking a stake in the company. Shareholders should expect a reset of the company's operations and strategy, though the old promoter group has been removed entirely. The share price could react to the dilution from the new equity issuance and the change in control.