Key Quantitative Figures

Financial Results for Quarter Ended June 30, 2025:

  • Total Income: ₹0.86 lakhs
  • Total Expenses: ₹41.84 lakhs
  • Loss before tax: ₹(40.98) lakhs
  • Loss for the period: ₹(40.98) lakhs
  • Paid-up Equity Share Capital: ₹2,057.80 lakhs
  • Other Equity: ₹(37,749.24) lakhs (negative)
  • Basic EPS: ₹(0.20)
  • Diluted EPS: ₹(0.20)

Financial Results for Quarter Ended September 30, 2025:

  • Total Income: ₹7.71 lakhs
  • Total Expenses: ₹59.50 lakhs
  • Loss before tax: ₹(51.79) lakhs
  • Loss for the period: ₹(51.79) lakhs
  • Basic EPS: ₹(0.25)
  • Diluted EPS: ₹(0.25)

Financial Results for Quarter Ended December 31, 2025:

  • Total Income: ₹9.38 lakhs
  • Total Expenses: ₹135.00 lakhs
  • Loss before tax: ₹(125.62) lakhs
  • Loss for the period: ₹(125.62) lakhs
  • Basic EPS: ₹(0.61)
  • Diluted EPS: ₹(0.61)

Resolution Plan Details:

  • Total resolution amount: ₹2,665 lakhs
  • Payment towards creditors: ₹2,314 lakhs
  • Capex & working capital: ₹351 lakhs
  • Funds infused by Resolution Applicant: ₹973.40 lakhs (up to September 2025), ₹1,508.16 lakhs (up to December 2025)

Dates of Action

  • Monitoring Committee meeting: May 27, 2026
  • CIRP admission date: December 5, 2022 (NCLT Mumbai order)
  • Resolution Plan approval date: July 31, 2025 (NCLT)
  • Financial results periods: Quarter ended June 30, 2025; September 30, 2025; December 31, 2025

Parties Involved

  • Monitoring Committee (erstwhile Resolution Professional): Ajit Kumar (IBBI/IPA-003/IP-N00062/2017-18/10548)
  • Resolution Applicant: Kshitij Polyline Limited
  • Statutory Auditors: R. R. Tibrewala & Co. (Firm Registration No. 112387W)
  • Secretarial Auditor: Aabid & Co, Company Secretaries
  • New Bank: ICICI Bank

Committee Appointments

Audit Committee Composition:

  • Mr. Bhupeshkumar Jain (Independent Director) - Chairperson
  • Ms. Muskaan Pherwani (Independent Director) - Member
  • Mr. Mahendra Kumar Jain (Executive Director) - Member

Stakeholder's Relationship Committee Composition:

  • Ms. Muskaan Pherwani (Non-Executive Director) - Chairperson
  • Mr. Bhupeshkumar Jain (Independent Director) - Member
  • Mr. Mahendra Kumar Jain (Executive Director) - Member

Key Personnel Appointments

  • Mr. Ruhini Kumar Chakraborty (DIN: 08124270) appointed as Independent Director effective May 27, 2026
  • Mr. Dipak Kumar Shaw (PAN: CCYPS8421F) appointed as Chief Executive Officer (CEO) effective May 27, 2026

Other Resolutions

  • Approval for opening current Bank Account with ICICI Bank
  • Discussion on CIRP costs incurred for Monitoring Committee meetings, NSDL/CDSL costs, fees/charges paid to IBBI
  • Discussion regarding refund/release of Performance Bank Guarantee of 10% furnished by Successful Resolution Applicant

Financial Impact

  • The company has incurred losses during all reported quarters with negative net worth
  • Resolution Plan implementation is expected to revive operations
  • Financial results prepared on going concern basis considering Resolution Plan approval

Capital Structure Impact

  • Equity restructuring contemplated in Resolution Plan (extinguishment and reissuance)
  • No change in paid-up equity share capital during reported periods: ₹2,057.80 lakhs

Auditor's Qualification

  • Limited review reports contain qualified conclusions due to:
  • Company under CIRP during review period
  • No comparative quarterly figures available for FY 2024-25
  • Losses incurred and negative net worth indicating material uncertainty about going concern
  • Resolution Plan approved after quarter ended June 30, 2025