SKIL Infrastructure Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP) pursuant to an order of the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, dated February 1, 2024, has filed its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2024, under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were submitted by Resolution Professional Purusottam Behera (IBBI Registration No. IBBI/IPA-002/IP-N00940/2019-20/12993) and reviewed by GPS & Associates, Chartered Accountants (Firm Reg No: 121344W). Notably, the Hon'ble NCLAT, Principal Bench, New Delhi, vide its order dated October 15, 2025, vacated an earlier interim stay and allowed withdrawal of a pending appeal, following which the Committee of Creditors (CoC) was constituted with NCLT approval. At the first CoC meeting held on November 03, 2025, members approved the appointment of Mr. Purusottam Behera as Resolution Professional (RP).

Standalone Financial Performance

On a standalone basis, SKIL Infrastructure recorded a sharp deterioration in financial performance for Q2 FY25, driven entirely by a large exceptional charge. The company reported nil revenue from operations, with other income of ₹12.16 lakhs for the quarter ended September 30, 2024, compared to ₹2,577.97 lakhs in the corresponding quarter of the previous year. Total expenses stood at ₹18.87 lakhs for Q2 FY25. The following table summarises the standalone financial results:

Not Annualised

Consolidated Financial Performance

On a consolidated basis, which includes wholly owned subsidiary SKIL Advanced Systems Pvt. Ltd. (100%), the company reported total revenue of ₹12.16 lakhs for Q2 FY25, against ₹2,577.97 lakhs in Q2 FY24. Total expenses for the quarter were ₹20.25 lakhs. The consolidated net loss attributable to owners stood at ₹2,60,453.35 lakhs for Q2 FY25, compared to a net profit of ₹2,154.12 lakhs in Q2 FY24, with exceptional items of ₹2,60,445.26 lakhs being the primary driver.

Not Annualised

Exceptional Items: UIHPL Capital Reduction

The exceptional losses for the period were primarily driven by the impairment of the company's investment in Urban Infrastructure Holdings Pvt. Ltd. (UIHPL), an associate company. SKIL Infrastructure had originally invested in 12,41,56,500 equity shares of UIHPL at a face value of ₹10 per share between FY 2005 and FY 2008, for the purpose of developing a Special Economic Zone (SEZ) in Navi Mumbai. At the time of first adoption of Ind AS in FY 2017-18, the investment was valued at ₹3,17,850.15 lakhs as deemed cost.

The Board of Directors of UIHPL, at its meeting held on December 23, 2024, approved a capital reduction of 99.76% of its issued, subscribed, and paid-up share capital under Section 66 of the Companies Act, 2013. The same was subsequently approved by shareholders at an EGM on January 2, 2025, and sanctioned by the Hon'ble NCLT, Mumbai Bench, vide its order dated March 24, 2025. The company received ₹16,003.34 lakhs (net of TDS of ₹408.38 lakhs) as consideration for the reduced share capital, resulting in an exceptional loss of ₹3,05,434.50 lakhs on a standalone basis. The post-reduction holding position in UIHPL is as follows:

Additionally, an amount of ₹259.10 lakhs representing accrued interest booked during February and March 2024 was reversed in the current quarter as an exceptional item, as the said interest is no longer payable pursuant to the initiation of CIRP.

Balance Sheet and Cash Flow Position

On a standalone basis, total assets declined sharply to ₹14,729.28 lakhs as at September 30, 2024, from ₹3,20,178.13 lakhs as at March 31, 2024, reflecting the impact of the UIHPL investment impairment. Non-current financial investments stood at ₹13,349.14 lakhs as at September 30, 2024, compared to ₹3,18,783.63 lakhs as at March 31, 2024. Standalone current borrowings remained at ₹1,66,756.87 lakhs, unchanged from March 31, 2024. Other equity on a standalone basis moved to ₹(2,62,059.02) lakhs from ₹43,140.00 lakhs as at March 31, 2024.

The standalone cash flow statement for the period ended September 30, 2024, reflects a net decrease in cash and cash equivalents of ₹4.93 lakhs, with a closing cash balance of ₹1.84 lakhs against an opening balance of ₹6.77 lakhs. On a consolidated basis, the net decrease in cash and cash equivalents was ₹11.52 lakhs, with a closing balance of ₹2.87 lakhs against an opening balance of ₹14.39 lakhs.

Auditor's Qualified Conclusion and Key Observations

GPS & Associates, Chartered Accountants, issued a qualified conclusion on both the standalone and consolidated financial results. Key observations include:

• CIRP Claims: The amount of claims, including those on account of corporate guarantees invoked, admitted or to be admitted by the Resolution Professional, may differ from the amounts reflected in the books of account. No adjustments have been made pending the final outcome of the CIRP.
• Going Concern: The impairment of the investment in UIHPL following the 99.76% capital reduction indicates a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. The financial results have nonetheless been prepared on a going concern basis.
• Intercompany Balances: An unreconciled difference of approximately ₹19.07 lakhs exists in intercompany loan balances between the Parent Company and its subsidiary SKIL Advanced Systems Pvt. Ltd. (SKAD), adjusted through Reserves and Surplus.
• Deconsolidation of SKIL Shipyard Holdings Pvt. Ltd.: The SKIL Group deconsolidated its subsidiary SKIL Shipyard Holdings Pvt. Ltd. during the period, following a reassessment of control under Ind AS 110. An unreconciled balance of Rs. 9 lakhs between the company and the said subsidiary was derecognised upon deconsolidation without adequate supporting documentation. The auditors noted inability to determine the impact of these matters on the consolidated financial statements.
• Bank Account Limitations: Complete bank statements and direct confirmations were not made available for certain bank accounts, restricting review procedures relating to cash and bank balances.
• Mark-to-Market Revaluation: Revaluation of quoted investments to reflect mark-to-market gain or loss has not been carried out due to non-availability of fair value inputs. The potential impact is considered non-material given the relatively small value of such investments.

The paid-up equity share capital of the company remained unchanged at ₹21,657.12 lakhs (face value of ₹10 each) across all reported periods.

SKIL Infrastructure Limited, an infrastructure development company undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, has issued a fresh invitation for expression of interest (EOI) for submission of resolution plans. Resolution Professional Purusottam Behera published the fresh Form G on May 1, 2026, pursuant to approval by the Committee of Creditors (CoC) at its 5th meeting held on April 8, 2026. The disclosure was made to the stock exchanges on May 11, 2026, in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Background of the CIRP

The CIRP of SKIL Infrastructure Limited was initiated by the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, vide its order dated February 1, 2024, following an application filed by Amluckie Investment Company Limited under Section 7 of the IBC. Purusottam Behera was appointed as the Interim Resolution Professional (IRP) at that time.

Subsequently, an appeal was filed before the National Company Law Appellate Tribunal (NCLAT), which vide an interim order dated February 12, 2024, stayed the constitution of the CoC. The NCLAT, Principal Bench, New Delhi, vacated this stay vide its order dated October 15, 2025, and allowed withdrawal of the appeal. Following the vacation of the stay, the CoC was constituted, and at its first meeting held on November 3, 2025, the CoC approved the appointment of Mr. Purusottam Behera as Resolution Professional (RP).

An exclusion application for exclusion of 611 days (from February 12, 2024 to October 15, 2025) from the CIRP period was filed by the RP and allowed by the Hon'ble NCLT. An extension application seeking an extension of 90 days was also filed by the RP and allowed by the Hon'ble NCLT on April 7, 2026. The last date of the CIRP is July 1, 2026.

Fresh Form G and EOI Process

The initial Form G was published on December 3, 2025, with the extended last date for submission of resolution plans set at March 20, 2026. Following the CoC's approval at its 5th meeting on April 8, 2026, a fresh Form G was published on May 1, 2026. The key timelines for the fresh EOI process are set out below.

Eligibility and Financial Criteria for Prospective Resolution Applicants

Prospective Resolution Applicants (PRAs) may include individuals, body corporates, financial institutions, private equity funds, venture capital funds, asset reconstruction companies, non-banking finance companies, banks, and foreign investment institutions, whether registered in India or outside India. PRAs may also form a consortium, subject to the lead member holding at least 26% equity or minimum profit share, and all other members holding a minimum profit or voting share of 10%.

The financial qualification criteria are as follows:

• Body Corporates, Individuals, and Consortium of Investors: Minimum Tangible Net Worth (TNW) of INR 5,00,00,000 (Rupees Five Crores) in the immediately preceding completed audited financial year.
• Financial Institutions, Private Equity Funds, Asset Reconstruction Companies, Non-Banking Finance Companies, and Other Financial Investors: Minimum Assets Under Management (AUM) of INR 100,00,00,000 (Rupees Hundred Crores) in the immediately preceding completed audited financial year; or committed funds available for deployment or investment of at least INR 100,00,00,000 (Rupees Hundred Crores) as on March 31, 2025.

All PRAs must also satisfy the eligibility conditions under Section 29A of the IBC. In the case of a consortium, each member must independently demonstrate compliance with Section 29A.

Earnest Money Deposit and Submission Details

Each PRA is required to submit a non-interest-bearing refundable Earnest Money Deposit (EMD) of INR 10,00,000 for the company as a whole, payable by bank guarantee, NEFT, RTGS, or demand draft to the bank account of SKIL Infrastructure Limited under CIRP at State Bank of India, Madam Cama Road branch, Nariman Point, Mumbai (Account No. 42730280245, IFSC: SBIN0008586). The bank guarantee, if submitted, shall be valid for 6 (six) months from the date of issuance.

EOIs must be submitted in hard copy by speed post, registered post, courier, or hand delivery to the Resolution Professional at 410, Blue Rose Industrial Estate, Off WE Highway, Near Metro Mall, Borivali (East), Mumbai 400066, Maharashtra, along with a soft copy emailed to cirpskil@gmail.com (Subject: SIL – EOI). EOIs received after the last date of May 16, 2026, shall be considered invalid.

Source: Company/INE429F01012/d22bb39a53664d47.pdf