Tayo Rolls Ltd

Insolvency status

• Nature of event: insolvency proceeding initiated under IBC for corporate debtor.
• Corporate debtor acquired by a government utility under IBC; NCLT Kolkata involved.

IRP and governance

• IRP: Anish Agarwal appointed as Resolution Professional.
• IP registration number provided; appointment order issued by Adjudicating Authority.

Compliance and management deadlock

• SRA and RP deadlocked, hindering statutory compliance reporting.
• Official email IDs and website currently inoperative.

Implications and uncertainties

• Resolution Plan implementation stayed; potential impact on creditor processes.
• Ongoing asset management under insolvency; governance information gaps acknowledged.

CIRP Status and Resolution Plan

• Tayo Rolls Limited is under CIRP as per NCLT order dated December 17, 2024.
• Resolution Plan by Jharkhand Bijli Vitran Nigam Ltd approved by Adjudicating Authority.
• Implementation of Resolution Plan stayed by Hon'ble NCLAT, New Delhi.

Compliance and Management Issues

• Statutory compliance responsibility shifts to Successful Resolution Applicant after plan approval.
• Resolution Professional appointed to manage affairs since October 30, 2019.
• Neither SRA nor RP are complying with statutory rules, causing compliance deadlock.
• Erstwhile Compliance Officer unable to fulfill statutory obligations due to non-cooperation.
• Official email IDs and website of erstwhile management are inoperative.