Talwalkars Better Value Fitness reported a net loss of ₹863.70 lakh for the quarter ended June 30, 2023, as revenue from operations remained nil. The company's operational activities were suspended during the period under review, which was managed by erstwhile management, the Resolution Professional, and subsequently the Liquidator. Consequently, the financial results have been reconstructed on a best-effort basis due to the non-availability of primary books of accounts, original vouchers, and underlying IT servers.

Auditor's Disclaimer

S K Bhavsar & Co., the statutory auditor, stated they were unable to conduct physical verification of fixed assets and inventories or ascertain potential impairment under Ind AS 36. The auditor could not independently verify, confirm, or reconcile historical balances of trade receivables, cash and bank balances, loans and advances, trade payables, borrowings, and statutory dues. Due to these pervasive scope limitations, the auditor did not express any conclusion on the accompanying statement of unaudited standalone financial results.

Financial Performance

Total expenses for the quarter stood at ₹863.70 lakh, driven primarily by depreciation and amortization expenses of ₹863.70 lakh. The company reported no income from operations, while other income was nil for the quarter. The loss for the period from continuing operations was ₹863.70 lakh, widening from a loss of ₹816.05 lakh in the corresponding quarter of the previous year.

Corporate Insolvency and Acquisition

The company underwent Corporate Insolvency Resolution Process (CIRP) initiated on January 11, 2021, and subsequent liquidation proceedings ordered by the Hon'ble NCLT, Mumbai Bench, on April 28, 2022. The company was sold as a going concern via e-auction on August 16, 2024, with the Sale Certificate issued on January 23, 2025. Control was transferred to the Successful Bidder on November 7, 2024. The NCLT Relief Order dated February 26, 2026, extinguished all pre-transfer dues and liabilities and cancelled the existing equity share capital. The company has adopted Fresh Start Accounting effective from the Transfer Date.

Talwalkars Better Value Fitness reported a net loss of ₹828.77 lakh for the quarter ended March 31, 2023, as the newly reconstituted management reconstructed financial results on a best-effort basis. The company recorded total revenue of ₹0.32 lakh for the quarter, while total expenses stood at ₹829.09 lakh. For the financial year ended March 31, 2023, the net loss was ₹3,276.92 lakh on total revenue of ₹0.32 lakh.

The independent auditor, S K Bhavsar & Co., disclaimed its conclusion on the accompanying statement of audited standalone financial results. The disclaimer was issued due to pervasive scope limitations, including the complete non-availability of primary books of accounts, original vouchers, and underlying IT servers for the historical period. Consequently, the auditor could not conduct physical verification of fixed assets and inventories or independently verify historical balances of trade receivables, cash and bank balances, and statutory dues.

Financial Performance

The company's operational activities were suspended during the period under review, which was managed by the erstwhile management, the Resolution Professional, and subsequently the Liquidator. The statement of financial results shows that revenue from operations was nil for the quarter and the year ended March 31, 2023. Other income for the quarter was ₹0.32 lakh, compared to ₹3.42 lakh in the corresponding period of the previous year.

Corporate Insolvency and Acquisition

The company underwent Corporate Insolvency Resolution Process (CIRP) initiated on January 11, 2021, followed by liquidation proceedings ordered by the Hon'ble NCLT, Mumbai Bench, on April 28, 2022. The company was subsequently sold as a going concern via e-auction, with the Sale Certificate issued on January 23, 2025. Control was transferred to the Successful Bidder on November 7, 2024.

Pursuant to the NCLT Order dated February 26, 2026, all pre-transfer dues and liabilities have been permanently extinguished, and the existing equity share capital stands cancelled. The company has adopted Fresh Start Accounting effective from the Transfer Date of November 7, 2024. The reconstituted Board of Directors approved these financial results on May 30, 2026.