SKIL Infrastructure Limited’s Committee of Creditors (CoC) has appointed M/s AMS & Co LLP as its statutory auditors for FY26. The decision was taken during the CoC meeting held on August 12, 2026.

The appointment comes after the Hon'ble National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, vacated a stay order on October 15, 2025. This allowed the constitution of the CoC, which had been stayed since February 12, 2024. The NCLT, Mumbai Bench, admitted the Corporate Insolvency Resolution Process (CIRP) against SKIL Infrastructure on February 1, 2024, under Section 7 of the Insolvency and Bankruptcy Code, 2016.

Auditor Appointment Details

M/s AMS & Co LLP, a Chartered Accountants firm with ICAI Firm Registration No. 130878W/W101034, will hold office for one year. The firm is tasked with conducting the statutory audit of SKIL Infrastructure for the financial year 2025–26.

Resolution Professional Context

Mr. Purusottam Behera serves as the Resolution Professional (RP) for SKIL Infrastructure. He was initially appointed as Interim Resolution Professional (IRP) following the NCLT order in February 2024. The CoC approved his appointment as RP during its first meeting on November 3, 2025.

The filing notes that an application under Section 19(2) of the IBC was filed against the company’s Secretary due to non-cooperation faced by the RP. Consequently, the RP engaged an external Company Secretary firm to ensure timely discharge of statutory and regulatory compliances. The in-house Company Secretary is now extending limited cooperation.

About AMS & Co LLP

Established in 2010 and based in Mumbai, AMS & Co LLP is a multidisciplinary Chartered Accountants firm. It provides audit and assurance, taxation, corporate advisory, compliance, company law, accounting, and business process outsourcing services. The firm serves over 150 client groups across diverse industries.

AMS & Co LLP is peer reviewed and empaneled with the Reserve Bank of India (RBI) and the Comptroller and Auditor General (CAG). Its partners bring extensive experience in taxation, statutory and SME audits, auditing and assurance, due diligence, SEBI and MCA compliances, and company law matters.

Skil Infrastructure Limited reported a standalone net loss of ₹3,05,242.31 lakhs for the fiscal year ended March 31, 2025, marking a sharp deterioration from a net profit of ₹888.39 lakhs in the previous year. The results, which include a consolidated net loss attributable to owners of ₹2,59,684.19 lakhs, were approved by the Resolution Professional (RP) Committee meeting held on July 29, 2026, in lieu of the suspended Board of Directors. The significant loss is primarily attributed to exceptional items and the ongoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, initiated following an order by the National Company Law Tribunal (NCLT), Mumbai Bench, on February 1, 2024.

The audited financial statements were reviewed by statutory auditors GPS & Associates, who issued a qualified opinion for the sixth consecutive time. The qualification stems from multiple material uncertainties, including the inability to verify admitted claims by the Resolution Professional, inadequate disclosure of going concern risks, and unconfirmed bank balances. Additionally, the auditors noted discrepancies in balances with subsidiary Skil Advanced Systems Private Limited (SKAD) and the absence of an actuarial valuation for gratuity obligations. The NCLAT had previously stayed the constitution of the Committee of Creditors (CoC), but this stay was vacated on October 15, 2025, allowing the CoC to be constituted and approve Mr. Purusottam Behera as the Resolution Professional.

Financial Performance Overview

The company recorded negligible revenue from operations, with total revenue standing at ₹12.52 lakhs for the year, compared to ₹2,611.48 lakhs in FY24. This decline reflects the near-total cessation of operational activities during the insolvency process. Total expenses amounted to ₹79.43 lakhs, including employee benefits of ₹53.72 lakhs and provisions for CIRP costs of ₹17.82 lakhs.

The exceptional loss of ₹3,05,175.40 lakhs includes the reversal of accrued interest of ₹259.10 lakhs booked during February and March 2024, which became non-payable upon the initiation of CIRP. Furthermore, the company recognized an impairment provision of ₹3,05,434.50 lakhs in the cash flow statement, reflecting the write-down of assets.

Balance Sheet and Audit Qualifications

As of March 31, 2025, total assets stood at ₹14,362.07 lakhs, down significantly from ₹3,20,178.13 lakhs in the prior year. This reduction was driven by a substantial decrease in investments, which fell from ₹3,18,783.63 lakhs to ₹612.23 lakhs. The company’s net worth turned negative, with other equity showing a deficit of ₹2,62,438.32 lakhs against equity share capital of ₹21,657.12 lakhs. Current liabilities included borrowings of ₹1,66,756.87 lakhs and other financial liabilities of ₹65,782.02 lakhs.

The audit report highlighted several critical issues. First, the amounts of claims admitted by the RP were not fully aligned with contingent liabilities disclosed by the company, preventing auditors from verifying completeness and accuracy. Second, the financial statements did not adequately disclose the material uncertainty associated with the company’s ability to continue as a going concern. Third, bank balances could not be confirmed due to dormant accounts and lack of alternative audit procedures. Finally, there was a difference of ₹16.49 lakhs in outstanding balances between the company and SKAD, with certain expenses paid by the subsidiary lacking documentary evidence of CoC approval.

What the Numbers Show

The divergence between the minimal operational revenue and the massive exceptional loss underscores that the company’s financial position is now entirely dependent on the outcome of the resolution process rather than business operations. The negative net worth and the qualified audit opinion signal high risk for stakeholders, as the true extent of liabilities remains unascertainable until the CIRP concludes. The reliance on management estimates for gratuity and the inability to verify creditor claims further complicate the assessment of the company’s recoverable value.