Erstwhile Compliance Officer Cites Insolvency Deadlock, Seeks Exemption From Liability
Tayo Rolls' erstwhile Company Secretary & Compliance Officer has told BSE that the quarterly compliance for the period ended June 30, 2026 could not be reported.
By ScoutQuest · · 2 min read
- Resolution Professional
- Mr. Anish Agarwal
- NCLT Approval
- Acquired by Jharkhand Bijli Vitran Nigam Ltd (JBVNL) under the IBC mechanism approved by the Ld. NCLT, Kolkata
- NCLAT Stay
- Implementation of the said Resolution Plan has been stayed by the Hon'ble NCLAT, New Delhi
An intimation about non-reporting, not a business update
- The letter is addressed to the Listing Department of BSE and is titled Quarterly Compliances – June 30, 2026.
- It is written by the erstwhile Company Secretary and Compliance Officer of the company.
- It states that the company is under the Insolvency and Bankruptcy Code, 2016 and that its assets are being managed by a Resolution Professional, Mr. Anish Agarwal.
What the letter says about the company's status
- Tayo Rolls Limited has been acquired by Jharkhand Bijli Vitran Nigam Ltd (JBVNL) under the IBC mechanism approved by the Ld. NCLT, Kolkata.
- The letter refers to an earlier communication about a similar deadlock for the quarter and year ended March 31, 2025.
- It says the Resolution Plan of JBVNL in acquiring the corporate debtor was approved, and that implementation of the said Resolution Plan has been stayed by the Hon'ble NCLAT, New Delhi.
Why the officer says reporting could not be done
- The letter cites a deadlock in the resolution of the corporate debtor arising from disputes and differences between the Successful Resolution Applicant (SRA) and the Resolution Professional (RP).
- It states that neither the SRA nor the RP has shown diligent interest towards compliance with the statutory rules and regulations.
- It states that the official email IDs and the website are inoperative, and that this made it impossible to comply with and report the statutory obligations.
The request made
- The officer asks the exchange to take note of the deadlock and to exempt the undersigned and/or other erstwhile key managerial personnel from any liability on the timelines prescribed for quarterly and annual statutory compliances.
What a retail reader can take away
- This update is about the company not being able to meet exchange compliance timelines for the June 30, 2026 period, and the reasons the officer cites for it.
- It also points to a dispute between the SRA and the RP, and to a stay by NCLAT on implementation of the resolution plan. For a company in insolvency, movement in the resolution process is what shareholders track.
- The letter sets out the erstwhile compliance officer's own position and request to the exchange.
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