The Resolution Plan has been approved by the Hon''ble NCLT, Cuttack bench, Cuttack. Copy of Order is attached herewith.
Awaiting price reaction for this filing.
The NCLT Cuttack Bench has approved the Resolution Plan for ARSS Infrastructure Projects Ltd under Section 31 of the Insolvency and Bankruptcy Code on 29 August 2025. Ocean Capital Market Limited (OCML), promoted by Shri Dipti Ranjan Patnaik, is the successful resolution applicant. The plan involves an upfront infusion of INR 208.16 crores within 90 days and conversion of unsustainable debt into equity. Existing promoter shares (1,06,19,468) will be cancelled, and OCML group will hold approximately 75-85% post-restructuring. The pre-CIRP net worth was negative at around INR (163.79) crores with total assets of INR 1,584.49 crores. Share trading will be suspended for 6 months, and SEBI will be directed to grant 3 years to achieve the minimum 25% public shareholding threshold.
For existing shareholders, this means their shares face significant dilution and the existing promoter's stake will be wiped out. The company gets a fresh start with new management and capital infusion, but stock trading will be suspended for 6 months and existing equity holders may see substantial value erosion due to capital restructuring.