Corporate Insolvency Resolution Process ( CIRP) update. Deadlock - Quarterly and Annual Statutory Compliance -March 31, 2026.
Awaiting price reaction for this filing.
Tayo Rolls Ltd, admitted to CIRP under IBC in 2019, has informed BSE about a compliance deadlock. The Resolution Plan approved by NCLT Kolkata on December 17, 2024 for acquisition by JBVNL has been stayed by NCLAT New Delhi. The erstwhile Compliance Officer claims neither the Successful Resolution Applicant (JBVNL) nor the Resolution Professional is cooperating with statutory compliance obligations, making it impossible to meet filing deadlines. The company is requesting exemption from compliance liability for key managerial personnel during this period of administrative impasse.
This filing signals ongoing governance instability at Tayo Rolls post-resolution approval. The NCLAT stay and internal deadlock between JBVNL and the Resolution Professional create significant uncertainty about the company's future ownership and operations, which is negative for shareholders awaiting clarity on the resolution outcome.