Vikas WSP CIRP: NCLT hearings rescheduled to May 2026

What Vikas WSP disclosed and why it matters

Vikas WSP Limited has issued multiple updates linked to its Corporate Insolvency Resolution Process (CIRP) and the status of hearings at the National Company Law Tribunal (NCLT). The company has been under CIRP since February 2, 2022, following an NCLT, Chandigarh Bench order under the Insolvency and Bankruptcy Code, 2016 (IBC). A key investor focus remains the long-pending application for approval of the resolution plan.

The latest set of disclosures indicates that hearings on various interlocutory applications, including the resolution plan approval, have been repeatedly listed and rescheduled. The company also disclosed developments under Regulation 30 of SEBI’s LODR Regulations around hearings conducted in May 2026.

CIRP background: admission in 2022 and the resolution plan process

Vikas WSP Limited, which manufactures starch and starch derivatives, was admitted into CIRP by the NCLT, Chandigarh Bench. The admission followed a petition from State Bank of India due to defaults in loan repayments, as stated in the provided text.

As part of the CIRP process, the Resolution Professional (RP) filed an application before the NCLT, Chandigarh Bench for approval of a resolution plan submitted by Arcbolt Space and Foods Private Limited. The plan was approved by the Committee of Creditors (CoC) in its 11th meeting, according to the disclosure.

A crucial procedural point is that the NCLT, in a hearing held on May 1, 2024, reserved its order on the resolution plan, but the order had not been released as per the latest update included in the text.

A long trail of NCLT hearing dates on plan approval

The provided updates list several scheduled dates for NCLT hearings related to approval of the resolution plan, including multiple reschedulings in 2025. The sequence includes hearings slated for July 22, 2025, August 19, 2025, and September 3, 2025, before another schedule update pointing to October 8, 2025.

Separately, for 2026, the company’s updates mention a hearing that was supposed to take place on April 27, 2026, but could not proceed. The matter was then slated for May 4, 2026, followed by a May 11, 2026 hearing where only one application could be heard due to time constraints, with all pending matters listed for May 18, 2026. Another line in the material also references an NCLT hearing on the CIRP resolution plan to be held on May 20, 2026.

May 11, 2026 hearing: what was heard and what was deferred

Vikas WSP disclosed hearing developments held on May 11, 2026 before the NCLT, Chandigarh Bench, Court-II. The disclosure was made under Regulation 30 of SEBI’s LODR Regulations, read with Schedule III, Part-A, Clause-A, and it continued the company’s earlier communication dated May 4, 2026.

Three applications were scheduled for hearing on May 11, 2026. As per the text, IA (I.B.C.) No. 1537/2022, related to a Section 66 application reporting fraudulent transactions, was taken up for final arguments and was heard at length. The remaining matters, including the application linked to approval of the resolution plan, could not be taken up due to time constraints. All pending matters were listed for further hearing on May 18, 2026.

EPFO and Income Tax claims: orders reserved, plan approval deferred

Another update notes that the NCLT was scheduled to hear approval of the resolution plan on April 27, 2026, but the hearing could not proceed. In addition to plan approval being deferred, the NCLT has reserved its orders on applications filed by the Employees’ Provident Fund Organisation (EPFO) and the Income Tax Department concerning their revised claims.

The same text indicates the matter was slated for further hearing on May 4, 2026. These claim-related applications sit alongside the broader resolution plan approval process and add to the list of issues before the tribunal.

A late-claim ruling in the Vikas WSP CIRP: Omkara ARC plea dismissed

The NCLT at Chandigarh dismissed a plea filed by Omkara Assets Reconstruction Pvt. Ltd. seeking admission of its claim in the CIRP of Vikas WSP Ltd. The order dated March 10, 2026 held that a claim filed 1,267 days after the prescribed deadline and after approval of the resolution plan cannot be entertained under the IBC.

The case is referenced as IA(I.B.C.)/1339(CH)2025 in CP (IB) No.315/Chd/Hry/2019, with a citation shown as 2026 LLBiz NCLT (CHD) 203.

Other legal proceedings referenced: Delhi High Court and ITAT

The material also references a Delhi High Court matter: Directorate of Enforcement & Anr vs M/S Vikas Wsp Ltd & Ors, with judgment reserved on August 8, 2025 and pronounced on September 24, 2025.

In addition, it includes an Income Tax Appellate Tribunal (ITAT) Delhi Bench “H” order in Vikas WSP Limited, Delhi v. DCIT, Circle Hisar (ITA No. 4326/DEL/2025) for Assessment Year 2018-19. The date of hearing is stated as July 2, 2026, with pronouncement on July 15, 2026.

Key facts and timeline table

Market impact: what investors can take from the updates

The updates mainly point to process-driven movement rather than a concluded resolution outcome. The repeated listing and rescheduling of hearings keeps the resolution plan approval in focus, especially since the order on the plan was stated to be reserved on May 1, 2024 and still not released.

The text also highlights that multiple applications are being heard in parallel, including those concerning revised claims by EPFO and the Income Tax Department, and a Section 66 application alleging fraudulent transactions. Each of these can affect the procedural timeline and the set of issues the NCLT considers while dealing with the CIRP.

The only market data point provided is the current price of Vikas WSP Ltd at ₹1.45, which signals that the stock continues to trade at a low absolute price level while CIRP-related proceedings remain active.

Why the sequence matters: procedural clarity over speculation

What stands out in these disclosures is the continuing cadence of hearings and the tribunal’s time constraints, which led to only one application being heard in detail on May 11, 2026 and the rest being deferred to May 18, 2026. This is consistent with the broader picture of a multi-application docket where plan approval is one among several matters.

The March 10, 2026 dismissal of a very late claim also illustrates the NCLT’s stance on procedural deadlines within CIRP, as reflected in the order summary provided. Separately, the references to High Court and ITAT proceedings indicate that legal matters involving the company span multiple forums, though the text does not link those proceedings to specific financial outcomes.

Conclusion

Vikas WSP’s CIRP timeline continues to be driven by NCLT hearings across multiple applications, with resolution plan approval still pending and additional matters listed for further hearing in May 2026. The next key procedural milestone disclosed is the listing of all pending matters for May 18, 2026, following the May 11, 2026 hearing where the Section 66 application was argued at length.