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Shirpur Gold Refinery Limited Undergoes Corporate Insolvency Resolution Process

Strategic Insights

— 1 min read

Shirpur Gold Refinery Limited is currently undergoing a Corporate Insolvency Resolution Process (CIRP) after an application filed by Prudent ARC Ltd. was admitted by the Hon'ble National Company Law Tribunal on June 24, 2024. The company's interim resolution professional, appointed on the same date, convened a meeting of the Committee of Creditors on July 24, 2024, and subsequent e-voting concluded on September 14, 2024, appointed the existing IRP as the Resolution Professional. The CIRP has resulted in the company's inability to submit several quarterly compliances, including non-submission of shareholding pattern, reconciliation and share capital audit report, and disclosure of encumbered shares.

Key Takeaways:

  • Shirpur Gold Refinery Limited is currently undergoing a Corporate Insolvency Resolution Process (CIRP) after an application was admitted by the Hon'ble National Company Law Tribunal on June 24, 2024.
  • The company's interim resolution professional, appointed on the same date, convened a meeting of the Committee of Creditors on July 24, 2024, and subsequent e-voting concluded on September 14, 2024, appointed the existing IRP as the Resolution Professional.
  • Due to the CIRP, the company is not in a position to submit quarterly compliances, including non-submission of shareholding pattern, reconciliation and share capital audit report, and disclosure of encumbered shares.
  • The Resolution Professional has made a public announcement for submission of claims regarding pre-CIRP dues and has actively followed up on this matter.
  • The company is exempted from complying with Regulations 17 to 21 of SEBI (LODR), 2015, and does not need to file the Corporate Governance report under Regulation 27 of SEBI (LODR), 2015.

Statistics:

  • June 24, 2024: The Hon'ble National Company Law Tribunal admitted the application for CIRP filed by Prudent ARC Ltd.
  • July 24, 2024: The interim resolution professional convened the first meeting of the Committee of Creditors.
  • September 14, 2024: The e-voting concluded, appointing the existing IRP as the Resolution Professional.
  • 30 June 2025: The company is required to disclose encumbered shares under Regulation 31(4) of SEBI (SAST) Regulations, 2011.

Sources:

  • National Stock Exchange of India
  • SEBI (LODR) Regulations, 2015
  • SEBI (Depositories and Participants) Regulations, 2018
  • SEBI (SAST) Regulations, 2011
  • Insolvency and Bankruptcy Code, 2016
  • Shirpur Gold Refinery Limited

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