SKIL Infrastructure Limited has scheduled its sixth Committee of Creditors (CoC) meeting for June 2, 2026, at 04:00 P.M. through Audio-Visual means in virtual mode. The Resolution Professional, Mr. Purusottam Behera, communicated this pre facto intimation to the stock exchanges pursuant to Regulation 30 and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company remains under the Corporate Insolvency Resolution Process (CIRP) following an order by the Hon'ble National Company Law Tribunal (NCLT), Mumbai, dated February 1, 2024.

The insolvency proceedings have previously hindered the company's ability to file financial results on time, including for the quarter and year ended March 31, 2026. The Hon'ble National Company Law Appellate Tribunal (NCLAT) initially stayed the constitution of the CoC via an order dated February 12, 2024, but vacated the stay on October 15, 2025. The first CoC meeting was subsequently held on November 3, 2025, where members approved the appointment of Mr. Purusottam Behera as the Resolution Professional.

Operational and Compliance Challenges

The Resolution Professional encountered significant non-cooperation from the in-house Company Secretary, who is also a Key Managerial Personnel (KMP). This led to the engagement of an external Company Secretary firm to ensure statutory and regulatory compliances. Additionally, statutory auditors had declined to finalize accounts for the quarter ended September 30, 2024, unless outstanding past dues from the pre-CIRP period were cleared.

Following the auditors' continued refusal, the Resolution Professional filed a non-cooperation application under Section 19 of the Insolvency and Bankruptcy Code (IBC), being IA No. 4015 of 2025, before the Hon'ble NCLT on August 23, 2025. The auditors subsequently expressed their willingness to cooperate via an email dated October 31, 2025. Despite this, the delays resulted in the company only recently finalizing results for the quarters ended September 30, 2024, and December 31, 2024.

Pending Filings and Future Actions

SKIL Infrastructure Limited is currently compiling and finalizing pending financial results for subsequent periods up to the current reporting period in a phased manner. The company assured the stock exchanges that it would make every effort to prepare and submit the pending financial statements at the earliest opportunity.

SKIL Infrastructure Limited has reported a standalone net loss of ₹9.47 lakh for the quarter ended December 31, 2024 (Q3 FY25), compared to a loss of ₹3,05,182.11 lakh in the previous quarter ended September 30, 2024. The company, which is undergoing the Corporate Insolvency Resolution Process (CIRP) following an order by the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, recorded total revenue of ₹0.14 lakh for the quarter. The financial results were taken on record by the Resolution Professional Committee in lieu of the suspended Board of Directors on May 22, 2026.

The company reported total expenses of ₹9.61 lakh for Q3 FY25, down from ₹18.87 lakh in the preceding quarter. For the nine months ended December 31, 2024, the company reported a net loss of ₹3,05,223.46 lakh, primarily due to exceptional items. The consolidated financial results for the quarter ended December 31, 2024, showed a net loss of ₹9.95 lakh. The group includes the parent company and its subsidiary, SKIL Advanced Systems Pvt. Ltd., while SKIL Shipyard Holdings Pvt. Ltd. was deconsolidated during the period due to loss of control.

Financial Performance

The financial statements reflect the impact of the ongoing CIRP proceedings. The Resolution Professional noted that the company has relied upon assistance from existing staff and key management personnel for the preparation of these results. GPS & Associates, Chartered Accountants, provided a limited review report, highlighting material uncertainties regarding the company's ability to continue as a going concern.

Standalone Financial Results (₹ in Lakhs)

Exceptional Items and Capital Reduction

The results for the quarter and nine-month period were significantly impacted by exceptional items. The company recognized an exceptional loss of ₹3,05,175.40 lakh in the quarter ended September 30, 2024, related to the capital reduction of its associate company, Urban Infrastructure Holdings Pvt. Ltd. (UIHPL). Following the approval of the capital reduction scheme by the NCLT on March 24, 2025, SKIL Infrastructure received a consideration of ₹16,003.34 lakh (net of TDS of ₹408.38 lakh). Consequently, the investment in UIHPL was impaired, resulting in a substantial reduction in the value of holdings from ₹12,415.65 lakh to ₹29.80 lakh.

Additionally, the company reversed an amount of ₹259.10 lakh representing accrued interest booked in the previous quarter, as the interest is no longer payable following the initiation of CIRP. GPS & Associates also noted in their review that complete bank statements and direct confirmations were not made available for certain bank accounts, restricting review procedures relating to cash and bank balances.