Setubandhan Infrastructure Stays Insolvent After Plan Rejection
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Setubandhan Infrastructure Ltd stays under insolvency, its resolution plan was rejected and an appeal is pending, so investors face a high risk of total equity loss.
- CIRP has been in place since 28 Nov 2022; the NCLT rejected the resolution plan on 24 Mar 2025 and an appeal was filed with NCLAT on 09 Jul 2025 (still pending).
- The company has failed to file its Q4 FY 2025‑26 shareholding pattern, share‑capital audit, RTA compliance certificate, and investor‑complaint data, triggering regulatory scrutiny and possible delisting.
- NSDL, CDSL and the RTA have suspended benpos because of unpaid fees, preventing investors from seeing real‑time ownership or trading their shares.
- No operational cash flow exists; all financial actions are controlled by the Resolution Professional, and no earnings guidance or dividend is expected until the resolution concludes.
- A negative outcome from the NCLAT appeal could lead to liquidation, resulting in a total loss for shareholders, though distressed‑asset investors may view the process as a potential acquisition opportunity.
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