Key Event: Corporate Insolvency Resolution Process (CIRP)

The company is undergoing proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC). The Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, admitted an application under Section 7 of the IBC against the company via its order dated February 1, 2024, commencing the CIRP. Mr. Purusottam Behera was appointed as the Interim Resolution Professional (IRP).

Legal Proceedings Timeline

  • An appeal was filed before the Hon'ble National Company Law Appellate Tribunal (NCLAT) in Bhavesh Gandhi vs. Amluckie Investment Company Ltd., Company Appeal (AT) (Ins.) No. 244 of 2024.
  • The NCLAT, via an interim order dated February 12, 2024, stayed the constitution of the Committee of Creditors (CoC).
  • The Hon'ble NCLAT, Principal Bench, New Delhi, vacated the stay and allowed the withdrawal of the appeal via its order dated October 15, 2025.
  • With the stay lifted, the CoC was constituted and approved by the NCLT.
  • In the 1st Committee of Creditors meeting held on Monday, November 03, 2025, the members approved the appointment of Mr. Purusottam Behera, IRP, as the Resolution Professional (RP).

Non-Cooperation Issues

  • An application under Section 19(2) of the IBC - IA No. 1557 of 2024 was filed against the Company Secretary of SKIL Infrastructure Limited for non-cooperation with the RP.
  • Due to this non-cooperation from the in-house Company Secretary (a Key Managerial Personnel), the RP engaged an external Company Secretary firm to ensure statutory and regulatory compliances. Subsequently, the in-house Company Secretary began extending limited cooperation.
  • The statutory auditors, who had cooperated in finalizing results for the quarters ended March 31, 2024, and June 30, 2024, subsequently declined to finalize accounts for the quarter ended September 30, 2024, unless outstanding pre-CIRP dues were cleared.
  • The RP informed them these were pre-CIRP dues requiring a claim filing in the CIRP process.
  • Upon their continued refusal, the RP filed a non-cooperation application under Section 19 of the IBC, being IA No. 4015 of 2025, before the Hon'ble NCLT on August 23, 2025.
  • The statutory auditors later expressed willingness to cooperate via email dated October 31, 2025.

Impact on Financial Results Submission

The prolonged legal proceedings and initial non-cooperation from key personnel caused a significant delay in compiling and finalizing the company's financial results.

Current Status of Submissions

  • The company has recently compiled, finalized, approved, and submitted the financial results for the quarters ended up to December 31, 2025.
  • The company is presently undertaking the process of compilation, finalization, and submission of the pending financial results for subsequent periods up to the current reporting period (September 30, 2026) in a phased manner.

Forward-Looking Statement & Request

The company and the Resolution Professional assure they will endeavor to prepare and submit the pending financial statements at the earliest opportunity upon regularization of access to records and further progress of the statutory processes under the CIRP. The company requests the stock exchanges to note the circumstances were beyond its control and to grant suitable relaxation and understanding for the delayed submission.