Osia Hyper Retail Limited has informed the Exchange about the initiation of Corporate Insolvency Resolution Process (CIRP) of the Company and appointment of the Interim Resolution Professional by the Hon ble NCLT, Ahmedabad Bench, Court-II under the Insolvency and Bankruptcy Code, 2016.

The Hon'ble NCLT, Ahmedabad Bench (Court-II) has admitted an insolvency petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by financial creditor Aphelion Finance Private Limited. The admitted default stands at INR 6,72,12,850 (approximately Rs. 6.72 crore) as of May 6, 2025, with the date of default recorded as October 5, 2024. The debt arose from a supply chain financing arrangement where Osia Hyper Retail acted as guarantor for loans extended to its vendors (Vinayak Trading Corporation, VR Food, and Paras Trading Corporation). NPV Insolvency Professionals Private Limited, through its director Mr. Janak Jagjivan Shah, has been appointed as the Interim Resolution Professional. A moratorium has been declared under Section 14 of the IBC, prohibiting legal suits, asset transfers, enforcement of security interests, and property recovery against the company. The board of directors' powers are now suspended and vested with the IRP.