Key Financial Figures (Quarter Ended March 31, 2023)

  • Revenue from Operations: ₹0.00 lakh
  • Other Income: ₹0.32 lakh
  • Total Revenue (Net): ₹0.32 lakh
  • Depreciation and Amortization Expenses: ₹816.05 lakh
  • Other Expenses: ₹13.04 lakh
  • Total Expenses: ₹829.09 lakh
  • Net Loss for the period: ₹(828.77) lakh
  • Basic and Diluted Loss per share: ₹(0.27)
  • Paid-up Equity Share Capital: ₹3,100.49 lakh
  • Face Value per Equity Share: ₹10.00

Year-to-Date Figures (March 31, 2023)

  • Total Revenue: ₹0.32 lakh
  • Total Expenses: ₹3,277.24 lakh
  • Net Loss: ₹(3,276.92) lakh
  • Basic and Diluted Loss per share: ₹(1.06)

Balance Sheet Position (as at March 31, 2023)

  • Total Assets: ₹36,403.55 lakh
  • Property, Plant and Equipment: ₹14,318.24 lakh
  • Capital work-in-progress: ₹2,268.10 lakh
  • Investments: ₹7,553.00 lakh
  • Loans: ₹7,038.98 lakh
  • Other non-current assets: ₹803.30 lakh
  • Inventories: ₹27.90 lakh
  • Trade receivables: ₹556.00 lakh
  • Cash and cash equivalents: ₹3,197.42 lakh
  • Other current assets: ₹640.61 lakh
  • Total Equity: ₹8,015.16 lakh
  • Equity Share capital: ₹3,100.49 lakh
  • Other Equity: ₹4,914.67 lakh
  • Non-current liabilities: ₹25,254.20 lakh
  • Borrowings: ₹22,028.20 lakh
  • Deferred tax liabilities: ₹3,226.00 lakh
  • Current liabilities: ₹3,134.20 lakh
  • Trade payables (other than micro/small enterprises): ₹1,386.00 lakh
  • Other current liabilities: ₹1,430.80 lakh
  • Current Tax Liabilities: ₹317.40 lakh

Cash Flow Statement (Year Ended March 31, 2023)

  • Net Cash from Operating Activities: ₹(16.24) lakh
  • Net Cash used in Investing Activities: ₹171.76 lakh
  • Net Cash from Financing Activities: ₹0.00 lakh
  • Net Increase in Cash and Cash Equivalents: ₹155.52 lakh
  • Opening Cash Balance: ₹3,041.90 lakh
  • Closing Cash Balance: ₹3,197.42 lakh

Corporate Background and Insolvency Proceedings

The Company underwent Corporate Insolvency Resolution Process (CIRP) initiated on January 11, 2021 pursuant to NCLT order on application filed by Axis Bank Limited. Mr. Saurabh Kumar Tikmani was appointed as Resolution Professional. No resolution plan was received, leading to liquidation proceedings. Hon'ble NCLT passed Liquidation Order on April 28, 2022 under Section 33(2) of IBC, appointing Mr. Gajesh Labhchand Jain as Liquidator.

Sale of Company as Going Concern

The Liquidator conducted e-auction on August 16, 2024 for sale of company as going concern. Sale Certificate was issued on January 23, 2025 confirming completion of sale as of November 7, 2024 (Transfer Date). Total sale consideration was fully paid on "as is where is" and "no recourse" basis.

NCLT Relief Order Dated February 26, 2026

Pursuant to Hon'ble NCLT Order dated February 26, 2026, all pre-transfer dues and liabilities have been permanently extinguished, and existing equity share capital stands cancelled. Company adopted Fresh Start Accounting effective Transfer Date of November 7, 2024. Successful Bidder shall not be held liable for statutory/regulatory non-compliances occurring prior to Transfer Date.

Basis for Auditor's Disclaimer of Conclusion

Auditors could not obtain sufficient appropriate evidence due to:

  • Non-availability of complete books of accounts, original vouchers, and underlying IT servers from historical period
  • Inability to conduct physical verification of fixed assets and inventories
  • Inability to ascertain potential impairment under Ind AS 36
  • Inability to verify historical balances of trade receivables, cash and bank balances, loans and advances, trade payables, borrowings, and statutory dues
  • Inability to evaluate financial impact of shifting bases of accounting during CIRP and Liquidation phases
  • Inability to ascertain completeness of provisions for taxation, employee benefits, contingent liabilities, and related party transactions

Accounting Policies Period-Specific

  • Pre-CIRP Period (Sep-2019 to Dec-2020): Prepared under Ind AS on going concern basis
  • CIRP Period (Jan-2021 to Apr-2022): Assets stated at net realisable values, CIRP costs expensed as incurred
  • Liquidation Period (May-2022 to Nov-2024): Prepared on liquidation basis, write-back of liabilities treated as Capital Reserve
  • Post-Going-Concern-Sale Period (Dec-2024): Fresh Start Accounting adopted effective Transfer Date

Going Concern Assessment

Company was not on going concern basis during CIRP and liquidation periods (Jan-2021 to Nov-2024). Post Transfer Date (07.11.2024), going concern assumption is appropriate given clear title, extinguishment of liabilities, and legal protections provided by NCLT Relief Order.