Key Quantitative Figures

  • Revenue from Operations: ₹0.00 lakh for quarter ended June 30, 2023
  • Other Income: ₹0.00 lakh for quarter ended June 30, 2023
  • Total Expenses: ₹863.70 lakh, comprising primarily Depreciation and Amortization Expenses of ₹863.70 lakh
  • Net Loss for the period: ₹(863.70) lakh
  • Basic and Diluted Loss per share: ₹(2.79)
  • Paid-up Equity Share Capital: ₹3100.49 lakh with Face Value of ₹10.00 per share
  • Reserves excluding revaluation reserves: ₹0.00 lakh (compared to ₹4914.67 lakh in previous period)

Dates of Action

  • Corporate Insolvency Resolution Process (CIRP) initiated: January 11, 2021
  • Liquidation Order date: April 28, 2022
  • Company acquisition completion (Transfer Date): November 7, 2024
  • Sale Certificate issued: January 23, 2025
  • NCLT Relief Order: February 26, 2026
  • Auditor's Report date: May 30, 2026

Parties Involved

  • Auditor: S K Bhavsar & Co. (Firm Registration No.: 145880W), Proprietor Shivam Bhavsar (Mem. No. 180566)
  • Resolution Professional: Saurabh Kumar Tikmani
  • Liquidator: Gajesh Labhchand Jain
  • Successful Bidder: Not named in disclosure
  • Applicant for CIRP: Axis Bank Limited

Basis for Disclaimer of Conclusion

The auditor was unable to obtain sufficient appropriate evidence due to:

  • Complete non-availability of primary books of accounts, original vouchers, and underlying IT servers
  • 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

NCLT Relief Order Impact (February 26, 2026)

  • All pre-transfer dues and liabilities permanently extinguished
  • Existing equity share capital stands cancelled
  • Company adopted Fresh Start Accounting effective Transfer Date of November 7, 2024
  • Successful Bidder not liable for statutory/regulatory non-compliances occurring prior to Transfer Date
  • Non-compliance penalties/fines by BSE and NSE for non-publication of results waived

Accounting Policies by Period

  • 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 realizable 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-Acquisition Period (Dec-2024): Fresh Start Accounting adopted from Transfer Date

Going Concern Assessment

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

Comparative Figures Limitations

Comparative figures for previous periods were not previously published and have been similarly reconstructed on best-effort basis from fragmented records, carrying the same limitations regarding non-availability of original records.