Vikas WSP Reports Widening Losses Amid Ongoing Insolvency Process

Vikas WSP Limited, currently under Corporate Insolvency Resolution Process (CIRP), has reported a net loss of Rs 967.50 lakhs for the quarter ended September 30, 2025, according to its unaudited financial results. This marks a deterioration from the previous quarter's loss of Rs 877.75 lakhs, highlighting the company's ongoing financial challenges.

Key Financial Highlights

Particulars	Q2 FY2026 (Rs. in lakhs)	Q1 FY2026 (Rs. in lakhs)
Net Loss	967.50	877.75
Total Income	4.80	6.34
Total Expenses	880.50	884.08

Insolvency Proceedings and Resolution Plan

Vikas WSP has been under CIRP since February 2, 2022, with Darshan Singh Anand serving as the Resolution Professional. In a significant development, the Committee of Creditors approved a resolution plan submitted by Arcbolt Space and Foods Private Limited in August 2022. The next hearing for this matter is scheduled for November 12, 2025, at the National Company Law Tribunal (NCLT).

Auditor's Observations

The company's auditors have issued a qualified opinion, citing several concerns:

Inability to assess impairment of tangible assets
Unconfirmed balances of assets and liabilities
Ongoing reconciliation of creditor claims

Going Concern Uncertainty

The auditors have highlighted material uncertainty regarding Vikas WSP's ability to continue as a going concern. This assessment is based on:

Continuous losses
Current liabilities exceeding current assets
Defaults in repayment obligations

Financial Position

As of September 30, 2025:

Particulars	Amount (Rs. in lakhs)
Total Assets	1,43,058.57
Total Equity	76,963.61
Total Liabilities	66,094.96

Operational Challenges

The company faces several operational challenges, including:

Incomplete handover of company records to the Resolution Professional
Loss of data due to a ransomware attack before April 1, 2021
Unconfirmed bank balances and pending reconciliations

Contingent Liability

The Resolution Professional has reported a contingent liability of Rs 26.27 crore related to workmen claims, which exceeds the amount recorded in the company's financial statements.

As Vikas WSP navigates through its insolvency process, the approval and implementation of the resolution plan by Arcbolt Space and Foods Private Limited may be crucial for its future prospects. Stakeholders will be closely watching the upcoming NCLT hearing on November 12, 2025, for further developments in the company's restructuring efforts.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.65%	+1.65%	-4.65%	-16.89%	-29.31%	-77.72%

Vikas WSP Limited, a company currently undergoing corporate insolvency resolution process (CIRP), has announced a significant update regarding its ongoing legal proceedings. The hearing for the approval of its Resolution Plan by the National Company Law Tribunal (NCLT), Chandigarh Bench, has been rescheduled to November 12.

Key Developments

The application bearing IA No. 1538/2022, pertaining to the approval of the Resolution Plan, was initially scheduled for hearing on October 8.
The hearing took place on September 3, along with Section 19(2) and other matters.
During this hearing, the Brief Note filed by the Resolution Professional was taken on record by the NCLT.

Company Status

Vikas WSP Limited has been under CIRP since February 2, 2022. During this period:

The company's affairs, business, and assets are being managed by the Resolution Professional.
The powers of the board of directors are vested in the Resolution Professional, Mr. Darshan Singh Anand.
Mr. Anand was initially appointed as the Interim Resolution Professional by the NCLT, Chandigarh Bench.
He was subsequently continued as the Resolution Professional by the second committee of creditors (CoC) in its meeting held on March 17, 2022.

Disclosure and Compliance

The company has made this disclosure in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR). This information has been communicated to the BSE Limited, where Vikas WSP Limited's shares are listed under the Scrip Code 519307.

What's Next

Stakeholders and interested parties should mark their calendars for November 12, when the NCLT is expected to further hear the application for approval of the Resolution Plan. This hearing could potentially determine the future course of action for Vikas WSP Limited and its stakeholders.

As the company navigates through this critical phase of corporate insolvency resolution, all eyes will be on the outcome of the November hearing, which could have significant implications for the company's future operations and structure.