Key Financial Figures

Income Statement (₹ in Lakhs):

  • Total Income: ₹8 (Previous quarter: ₹9, Year-ago quarter: ₹8, Full year FY2026: ₹37)
  • Total Expenses: ₹85 (Previous quarter: ₹48, Year-ago quarter: ₹101, Full year FY2026: ₹304)
  • Loss before tax: ₹(77) (Previous quarter: ₹(39), Year-ago quarter: ₹(93), Full year FY2026: ₹(267))
  • Tax expense: ₹2 (Previous quarter: ₹2, Year-ago quarter: ₹2, Full year FY2026: ₹9)
  • Net Loss for period: ₹(79) (Previous quarter: ₹(41), Year-ago quarter: ₹(95), Full year FY2026: ₹(276))
  • Total comprehensive loss: ₹(79) (Previous quarter: ₹(41), Year-ago quarter: ₹(95))

Other Financial Data:

  • Paid-up equity share capital: ₹3,399 lakhs (face value ₹10 per share, paid up @ ₹5.42 per share)
  • Basic and Diluted EPS: ₹(0.13) (Previous quarter: ₹(0.07), Year-ago quarter: ₹(0.15), Full year FY2026: ₹(0.44))
  • Loss allowance recognized: ₹8 lakhs (Year-ago quarter: ₹20 lakhs, Full year FY2026: ₹42 lakhs)

Breakdown of Other Income:

  • Interest income on financial assets: ₹8 lakhs
  • Other Income: ₹8 lakhs

Breakdown of Other Expenses:

  • Legal and professional expenses: ₹46 lakhs
  • Information technology expenses: ₹5 lakhs
  • Rates & Taxes: ₹1 lakh
  • Travelling and conveyance: ₹1 lakh
  • Directors Sitting Fee: ₹2 lakhs
  • Miscellaneous Expenses: ₹17 lakhs

Liquidation Process Timeline

Voluntary Liquidation Initiation:

  • Board in-principle approval: March 30, 2021
  • Formal Board resolution: May 31, 2021
  • Shareholder approval: June 25, 2021 (Extra-Ordinary General Meeting)
  • Creditor approval: June 29, 2021 (two-thirds in value)
  • Liquidation commencement date: June 25, 2021

Liquidator Appointments:

  • Mr. Chandra Prakash (IBBI/IPA-002/IP-N00660/2018-2019/12023): Appointed May 31, 2021
  • Ms. Kapila Gupta (IBBI/IPA-001/IP-P-02564/2021-2022/13955): Replaced Mr. Prakash on October 21, 2022, confirmed by shareholders November 22, 2022 and creditors November 28, 2022

Claims Settlement:

  • Public announcement for claims: June 30, 2021
  • Last date for claims submission: July 25, 2021
  • Total claims received: ₹143.83 lakhs
  • Total claims admitted: ₹97.18 lakhs
  • All admitted claims of ₹97.18 lakhs have been settled

Asset Sales:

  • Gajraula Plant: Sold to Dykes and Dunes Enterprises Private Limited for ₹420 million (reserve price ₹420 million) through auction process. Leasehold land surrendered to UPSIDA on November 4, 2023, sale deed executed November 6, 2023. UPSIDA issued Transfer Memorandum November 18, 2023, fresh lease deed executed December 16, 2023. Net gain booked in Q4 FY2024.
  • Mehsana, Gujarat land: Sold for ₹2.3 million through private sale, completed and recognized in Q1 FY2023.

Distribution to Shareholders:

  • Record date for distribution: March 11, 2025 (authorized February 27, 2025)
  • Distribution rate: ₹4.58 per equity share
  • Total distribution amount: ₹287,234,700
  • Distribution method: Electronic transfer for shareholders with bank details (March 28, 2025), banker's cheques for others (valid 90 days)
  • Undistributed proceeds: ₹1,06,45,709.79 deposited with IBBI Corporate Voluntary Liquidation Account on April 10, April 22, May 28, and July 11, 2025
  • Consolidated Form G filed with IBBI: July 16, 2025

NCLT Dissolution Proceedings:

  • Dissolution Application (CP(IB) 87/ALD/2025) filed: July 21, 2025 with Form-H and final report
  • First hearing: August 14, 2025 - NCLT directed filing of Condonation of Delay Application and compliance affidavit
  • Compliance filed: August 31, 2025
  • Subsequent hearings: September 9, 2025 → September 29, 2025 → October 7, 2025
  • Notices issued to: IBBI, SEBI, Income Tax Department (Lucknow), ROC Kanpur (October 15, 2025)
  • ROC and SEBI sought time to file reply (December 4, 2025)
  • Hearing adjournments: January 29, 2026 → February 12, 2026 → March 19, 2026 → April 6, 2026
  • Income Tax Department's right to reply struck off (failed to file within 10 days per April 6, 2026 order)
  • Further adjournments: May 11, 2026 → June 12, 2026

Distribution Application (IA (IBC) No. 368 of 2026):

  • Filed to distribute surplus provisioned amounts to shareholders
  • Listed: June 3, 2026 - notice issued to ROC, Kanpur
  • Hearing: July 2, 2026 - ROC granted 10 days to file report
  • Next hearing: July 30, 2026 for final disposal

Labor Court Proceedings

Case Background:

  • 35 summons received October 21, 2022 from Labour Court, Rampur, Uttar Pradesh
  • Cases relate to former employees seeking reinstatement, claiming illegal termination under VRS
  • Lead matter: Case No. 24 of 2022 (Bijender Singh v Insilco Ltd.)

Current Status:

  • Written statements filed by both parties for most cases
  • Objection applications filed by workmen regarding pleadings signed by Liquidator (dismissed March 14, 2024)
  • Company filed applications seeking refund of VRS amounts by workmen
  • Hearing on refund application: Workmen admitted receiving VRS money but spent it
  • Order reserved on refund application: July 3, 2025 (pronouncement date not notified)
  • New Presiding Officer appointed, hearings to be conducted again

Other Significant Information

  • Financial statements not prepared on going concern basis due to voluntary liquidation
  • Trading in company shares suspended by BSE effective October 7, 2022
  • Liquidation process completed on July 18, 2025 (exceeding 270-day timeline)
  • Four contributories meetings held: July 11, 2022; July 6, 2023; July 5, 2024; December 20, 2024
  • Limited Review Report by Shiv & Associates (Firm Registration Number: 009989N) issued with emphasis on liquidation and labor court matters