Vikas WSP resolution plan takes effect after NCLT approval

Vikas WSP Limited’s resolution plan became effective on September 9, 2026, when the National Company Law Tribunal (NCLT), Chandigarh Bench, approved Arcbolt Space and Foods Pvt. Ltd.’s proposal. Vikas WSP’s status was updated to “Active” after the approval, but its affairs and board powers remain under a Monitoring Committee during implementation.

What did the NCLT approve for Vikas WSP?

The NCLT, Chandigarh Bench, Court-II, approved the resolution plan submitted by Arcbolt Space and Foods Pvt. Ltd. for Vikas WSP through an order dated September 9, 2026. Vikas WSP identified Arcbolt Space and Foods Pvt. Ltd. as the Successful Resolution Applicant in its November 4, 2026 filing with BSE Limited.

The order was issued in IA(IBC)/1538/(CH)/2022 in CP(IB) No.315/Chd/Pb/2019. Vikas WSP stated that the approved plan became effective from September 9, 2026, the date of the tribunal order.

The November 4 notice does not disclose the plan’s financial terms, payment structure, creditor recoveries, ownership allocation or operating commitments. It also does not state a completion date for implementation, despite confirming that the plan is effective.

When did Vikas WSP’s resolution plan become effective?

Vikas WSP said its approved resolution plan became effective on September 9, 2026, the same date as the NCLT approval order. The filing does not disclose a separate completion date, a later effective date or conditions that must be met before implementation is completed.

Vikas WSP’s status was updated to “Active” after the September 9, 2026 approval. The filing separately says the plan remains in its implementation phase, so the Active status update does not coincide with a disclosed return of management powers to a regular board.

The disclosed approval came more than four years after the insolvency process began on February 2, 2022. The filing therefore records a change from a corporate insolvency process awaiting resolution to implementation of an NCLT-approved plan.

How has Vikas WSP’s control structure changed since February 2022?

Vikas WSP entered the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, on February 2, 2022. From that date, its affairs, business and assets were managed by Interim Resolution Professional Darshan Singh Anand, while the powers of the board of directors were vested in him under the NCLT order.

Anand was continued as Resolution Professional at the second meeting of the Committee of Creditors (CoC) on March 17, 2022. The filing does not disclose any date between March 17, 2022 and September 9, 2026 on which the board’s powers were restored.

Compared with the February 2022 arrangement, Vikas WSP is now under plan-implementation oversight rather than being described only as operating through an Interim Resolution Professional. The filing says board powers are exercised by the Monitoring Committee through Anand as chairman after the September 9, 2026 approval.

Who manages Vikas WSP while the plan is implemented?

The Monitoring Committee manages Vikas WSP’s affairs, business and assets while the September 9, 2026 approved plan is implemented. The committee was constituted under criteria laid down in the approved resolution plan, but the November 4 filing does not identify its members, voting rights or tenure.

Darshan Singh Anand acts as chairman of the Monitoring Committee through his role as Insolvency Professional. Vikas WSP gives his registration number as IBBI/IPA-002/IP-N00326/2017-2018/10931 and states that the committee exercises the powers of the board during implementation.

The disclosed individual overseeing Vikas WSP has remained the same across three stages. Anand was appointed Interim Resolution Professional from February 2, 2022, continued as Resolution Professional on March 17, 2022, and is now chairman of the Monitoring Committee following the September 9, 2026 plan approval.

What will Vikas WSP’s November 12 board meeting cover?

Vikas WSP scheduled its third board meeting for November 12, 2026, at 3:30 PM at the Insolvency Professional’s project office in New Delhi. The November 4, 2026 notice gives the venue as 310, New Delhi House, 27 Barakhamba Road, Connaught Place, New Delhi-110001.

The meeting is due to consider and approve unaudited financial results for the quarter and half year ended September 30, 2026, along with the statutory auditor’s Limited Review Report. It will also review and take note of related-party transactions for the same quarter and half-year period.

The September 30, 2026 reporting date falls 21 days after the September 9, 2026 effective date of the resolution plan. The agenda also includes taking note of the NCLT order, although the filing contains no revenue, profit, loss, asset or liability figures for the quarter or half year.

Conclusion

Vikas WSP has moved from a CIRP that began on February 2, 2022 to implementation of a resolution plan approved by the NCLT on September 9, 2026. Its Active status reflects that approval, while control of its affairs, assets and board powers remains with the Monitoring Committee led by Darshan Singh Anand.

The next disclosed event is the November 12, 2026 board meeting, which is scheduled to consider unaudited results for the quarter and half year ended September 30, 2026 and related-party transactions. The filing does not disclose plan milestones, payment terms or a completion timetable, making subsequent implementation disclosures the next stated area to watch.