Rajeswari Infrastructure Limited has officially submitted its audited standalone financial results for the quarter and financial year ended March 31, 2026, following the successful conclusion of its Corporate Insolvency Resolution Process (CIRP).

The company informed the Bombay Stock Exchange (BSE) through a regulatory filing that the insolvency process concluded after the National Company Law Tribunal (NCLT) approved a resolution plan submitted by Mr. Guruswamy Ramamurthy.

This marks an important development for the company, which had been undergoing insolvency proceedings since May 2023 under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016.

The latest filing not only updates investors about the company’s audited financial statements but also confirms that the company is now operating under a new management framework established through the approved resolution plan.

Background Of The Insolvency Proceedings

The company stated that it was admitted into the Corporate Insolvency Resolution Process through an order passed by the NCLT on May 10, 2023.

Under the Insolvency and Bankruptcy Code, once a company enters CIRP:

• The powers of the Board of Directors are suspended
• A Resolution Professional (RP) takes control of management
• Creditors evaluate resolution proposals
• A revival or restructuring plan is considered

Following the NCLT order, Mr. Sanjay Mehra was appointed as the Resolution Professional to manage the affairs of the company during the insolvency process.

As required under the IBC framework, the Resolution Professional assumed responsibility for operational and financial management during the CIRP period.

NCLT Approves Resolution Plan

A major turning point came when the NCLT approved the resolution plan submitted by Mr. Guruswamy Ramamurthy.

The approval order was issued on January 13, 2026.

With this approval:

• The insolvency resolution process officially concluded
• The powers of the Resolution Professional came to an end
• A new management structure became operational

The approval of a resolution plan under the IBC generally indicates that creditors have accepted a restructuring proposal intended to revive the company and improve its financial position.

Resolution Professional Ceased Office

The company clarified that Mr. Sanjay Mehra ceased to act as the Resolution Professional immediately after the approval of the resolution plan on January 13, 2026.

However, under the approved resolution framework, he continues to play a role as the Chairman of the Monitoring Committee.

This transition is important because it indicates the company has moved from the insolvency management phase to the implementation and monitoring phase under the approved restructuring plan.

Monitoring Committee Formed Under Resolution Plan

As part of the approved resolution framework, a Monitoring Committee has been established.

The company stated that this committee currently oversees the management and operations of the business.

The Monitoring Committee has been constituted in accordance with the terms laid out in the approved resolution plan.

Such committees are generally formed to:

• Supervise implementation of the resolution plan
• Ensure compliance with NCLT directions
• Monitor operational revival
• Protect stakeholder interests
• Facilitate smooth management transition

The committee is temporarily exercising powers similar to those of the Board of Directors.

Financial Statements Prepared On Going Concern Basis

One of the important aspects highlighted in the filing is that the financial statements have been prepared on a going concern basis.

In accounting and finance, the going concern assumption means that the company is expected to continue operating in the foreseeable future.

This is a significant statement because companies undergoing insolvency often face uncertainty regarding business continuity.

The Monitoring Committee stated that, considering the approval of the resolution plan and operational developments, it believes the company can continue functioning as a going concern.

This indicates confidence in the revival process and future operational stability.

Timeline Of Financial Statement Approval

The filing also provided detailed information regarding the process followed for approving the financial statements.

According to the company:

• The financial statement was circulated by the Chairman of the Monitoring Committee on April 24, 2026
• Approval from Mr. Guruswamy Ramamurthy, the Successful Resolution Applicant (SRA), was received on April 27, 2026
• Approval from Religare Finvest Limited, another Monitoring Committee member, was received on April 29, 2026

The statement was subsequently adopted by the Monitoring Committee while exercising powers equivalent to the Board of Directors.

The company emphasized that these actions were undertaken in good faith and for regulatory compliance purposes.

Auditor’s Report Also Signed

The filing further stated that the audited financial statement was formally signed by:

• The Chairman of the Monitoring Committee
• The company’s Statutory Auditor

Both approvals and signatures were completed on May 01, 2026.

This finalized the process required for submission under Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.

Importance Of Regulation 33 Compliance

Regulation 33 of SEBI’s Listing Regulations requires listed companies to submit:

• Quarterly financial results
• Annual audited financial statements
• Auditor reports

Compliance with these requirements is important for maintaining transparency and protecting investor interests.

For companies emerging from insolvency, timely financial disclosure becomes even more important because investors and creditors closely monitor revival progress.

The filing demonstrates that Rajeswari Infrastructure is continuing to comply with stock exchange disclosure norms despite its recent restructuring process.

What Is Corporate Insolvency Resolution Process (CIRP)?

The Corporate Insolvency Resolution Process is a legal mechanism introduced under India’s Insolvency and Bankruptcy Code, 2016.

The objective of CIRP is to:

• Resolve corporate financial distress
• Protect creditor interests
• Revive viable businesses
• Maximize asset value
• Ensure time-bound restructuring

During CIRP:

• Creditors form a Committee of Creditors (CoC)
• Resolution applicants submit revival proposals
• The NCLT evaluates and approves suitable plans

If a successful resolution plan is approved, the company can continue operations under revised management and financial arrangements.

Role Of Resolution Professionals

A Resolution Professional plays a critical role during insolvency proceedings.

Responsibilities typically include:

• Managing daily operations
• Protecting company assets
• Coordinating with creditors
• Inviting resolution plans
• Maintaining compliance
• Preparing information memorandums

In Rajeswari Infrastructure’s case, Mr. Sanjay Mehra handled these responsibilities from May 2023 until January 2026.

His continued role as Chairman of the Monitoring Committee may help ensure continuity during the transition period.

Significance Of NCLT Approval

The NCLT’s approval of the resolution plan is considered highly important because it legally validates the restructuring framework.

Such approvals generally:

• Reduce uncertainty
• Enable business continuity
• Provide creditor settlement mechanisms
• Restore management structure
• Improve operational confidence

For listed companies, successful resolution often helps improve market perception and stakeholder confidence.

Challenges Faced By Companies Under Insolvency

Companies undergoing insolvency proceedings often face several operational and financial challenges, including:

• Funding constraints
• Loss of customer confidence
• Legal proceedings
• Operational disruptions
• Employee uncertainty
• Vendor payment issues

Successfully emerging from CIRP is therefore considered a major milestone.

The next phase generally focuses on operational recovery and financial stabilization.

What Investors May Watch Going Forward

Investors and market participants may closely monitor several aspects following the conclusion of the insolvency process.

Implementation Of Resolution Plan

Successful execution of the approved plan will be critical.

Financial Recovery

Future quarterly financial performance will indicate operational revival progress.

Debt Restructuring

Stakeholders may monitor how liabilities are restructured and managed.

Business Continuity

The company’s ability to maintain operations and generate revenue will remain important.

Governance Structure

Transition from insolvency management to regular corporate governance will also be closely observed.

Importance Of Going Concern Declaration

The company’s statement regarding preparation of financial statements on a going concern basis is particularly important.

This declaration suggests that the management believes:

• The company has sufficient operational viability
• Revival efforts are progressing
• Business continuity can be maintained
• There is no immediate intention for liquidation

Such declarations often influence creditor confidence, investor perception, and future business relationships.

Broader Context Of India’s Insolvency Framework

India’s Insolvency and Bankruptcy Code has significantly changed the corporate restructuring landscape.

The framework aims to provide:

• Faster resolution of stressed assets
• Better creditor recovery
• Improved business discipline
• Efficient restructuring mechanisms

Over the years, several companies across sectors have undergone CIRP proceedings and emerged through approved resolution plans.

The success of such resolutions often depends on:

• Financial restructuring quality
• Operational turnaround
• Industry conditions
• Management execution

Corporate Governance During Transition

The filing also reflects the importance of maintaining governance and compliance standards during periods of restructuring.

Even after the conclusion of CIRP, listed companies must continue to:

• File financial results
• Comply with SEBI norms
• Maintain disclosure standards
• Ensure transparency

The Monitoring Committee currently fulfills these responsibilities until the company’s governance structure stabilizes fully.

Market Perspective On The Development

The successful closure of insolvency proceedings is generally viewed positively because it reduces legal and operational uncertainty.

However, long-term investor confidence will depend on:

• Sustainable business revival
• Revenue recovery
• Profitability improvement
• Effective implementation of the approved plan

The submission of audited FY26 financial results marks an important compliance and operational milestone in this recovery journey.

Future Outlook For Rajeswari Infrastructure

The company now enters a new phase focused on rebuilding operations and stabilizing its financial position.

Key focus areas may include:

• Operational revival
• Business restructuring
• Financial stabilization
• Stakeholder confidence rebuilding
• Compliance management

The approved resolution plan provides a framework for the company to attempt long-term recovery.

Actual business performance in the coming quarters will provide better clarity regarding the effectiveness of the restructuring process.

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