SKIL Infrastructure Limited, currently undergoing the Corporate Insolvency Resolution Process (CIRP) pursuant to an NCLT order dated February 1, 2024, has filed its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2024. The results were taken on record at the Resolution Professional (RP) Committee meeting held on May 08, 2026. The Committee of Creditors (CoC) was constituted following an NCLAT order dated October 15, 2025, which vacated an earlier interim stay. Subsequently, the CoC approved the appointment of Mr. Purusottam Behera as the Resolution Professional at its first meeting held on November 03, 2025.

Standalone Financial Performance

On a standalone basis, SKIL Infrastructure reported a net loss of ₹3,05,182.11 lakhs for Q2 FY25, a drastic decline from the net profit of ₹2,154.75 lakhs in the corresponding quarter of the previous year. This massive loss was primarily driven by exceptional items amounting to ₹3,05,175.40 lakhs, stemming from the impairment of the company's investment in its associate, Urban Infrastructure Holdings Pvt. Ltd. (UIHPL). The company recorded nil revenue from operations for the quarter, with other income of ₹12.16 lakhs compared to ₹2,577.97 lakhs in Q2 FY24. Total expenses stood at ₹18.87 lakhs.

Consolidated Financial Performance

On a consolidated basis, the company reported a total revenue of ₹12.16 lakhs for Q2 FY25 against ₹2,577.97 lakhs in Q2 FY24. The consolidated net loss attributable to owners stood at ₹2,60,453.35 lakhs for the quarter, compared to a net profit of ₹2,154.12 lakhs in the previous year. Exceptional items of ₹2,60,445.26 lakhs were the primary driver of this loss. Basic and Diluted EPS for the quarter stood at (₹120.26) on a consolidated basis.

Exceptional Items and UIHPL Capital Reduction

The exceptional losses resulted from a 99.76% capital reduction in UIHPL, approved by its board on December 23, 2024, and sanctioned by the NCLT on March 24, 2025. SKIL Infrastructure received ₹16,003.34 lakhs (net of TDS) as consideration for the reduced share capital. This resulted in an exceptional loss of ₹3,05,434.50 lakhs on a standalone basis. Additionally, ₹259.10 lakhs of accrued interest booked in February and March 2024 was reversed as it is no longer payable following the initiation of CIRP.

Auditor's Observations

GPS & Associates, Chartered Accountants, issued a qualified conclusion on the financial results. Key observations included material uncertainty regarding the company's ability to continue as a going concern due to the UIHPL impairment. The auditors also noted unreconciled intercompany loan balances of approximately ₹19.07 lakhs with subsidiary SKIL Advanced Systems Pvt. Ltd. and the deconsolidation of SKIL Shipyard Holdings Pvt. Ltd. due to loss of control. The auditors were unable to determine the impact of the deconsolidation due to insufficient documentation.

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