SKIL Infrastructure Limited Fails to Submit Q3FY26 Financial Results Due to CIRP
SKIL Infrastructure Limited has notified stock exchanges of its inability to submit mandatory Q3FY26 financial results under Regulation 33 due to ongoing CIRP proceedings initiated in February 2024. The company faces significant challenges from statutory auditors who declined to finalize accounts unless pre-CIRP dues are cleared, prompting the Resolution Professional to file non-cooperation applications under Section 19 of the IBC.
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SKIL Infrastructure Limited has informed stock exchanges of its inability to submit mandatory financial results for the quarter ended December 31, 2025, under Regulation 33 of the SEBI (LODR) Regulations, 2015. The company, currently operating under Corporate Insolvency Resolution Process (CIRP) proceedings, faces significant operational challenges including non-cooperation from statutory auditors that prevent compliance with regular reporting requirements.
CIRP Timeline and Current Status
The company's insolvency journey began when the Hon'ble National Company Law Tribunal (NCLT) Mumbai admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, through an order dated February 1, 2024. This decision initiated the CIRP proceedings and led to the appointment of Purusottam Behera as the Interim Resolution Professional (IRP).
| Key Date: | Event |
|---|---|
| February 1, 2024 | NCLT Mumbai admits CIRP application |
| February 12, 2024 | NCLAT stays Committee of Creditors constitution |
| October 15, 2025 | NCLAT vacates stay and allows appeal withdrawal |
| November 3, 2025 | CoC approves Purusottam Behera as Resolution Professional |
The proceedings faced a temporary setback when an appeal was filed before the Hon'ble National Company Law Appellate Tribunal (NCLAT) in the matter of Bhavesh Gandhi vs. Amluckie Investment Company Ltd. During the appeal's pendency, the NCLAT issued an interim order on February 12, 2024, staying the constitution of the Committee of Creditors (CoC).
Auditor Non-Cooperation Creates Compliance Challenges
The statutory auditors of SKIL Infrastructure Limited, who had previously cooperated in finalizing financial results for quarters ended March 31, 2024, and June 30, 2024, subsequently declined to proceed with finalizing accounts for the quarter ended September 30, 2024, unless their outstanding past dues were cleared. The Resolution Professional informed them that their dues pertained to the pre-CIRP period and required filing claims through the CIRP process.
| Quarter: | Auditor Status |
|---|---|
| March 31, 2024 | Results finalized with cooperation |
| June 30, 2024 | Results finalized with cooperation |
| September 30, 2024 | Auditors declined to proceed |
| December 31, 2025 | Unable to compile results |
Upon continued refusal from auditors, the Resolution Professional filed a non-cooperation application under Section 19 of the IBC, being IA No. 4015 of 2025, before the Hon'ble NCLT on August 23, 2025. The statutory auditors later expressed willingness to cooperate via email dated October 31, 2025.
Key Managerial Personnel Challenges
An application under Section 19(2) of the IBC- IA No. 1557 of 2024 was filed against the Company Secretary of SKIL Infrastructure Limited due to non-cooperation faced by the Resolution Professional. Given the company's listed status and non-cooperation from the in-house Company Secretary, who serves as Key Managerial Personnel (KMP), the Resolution Professional engaged an external Company Secretary firm to ensure statutory and regulatory compliance.
Resolution Strategy and Path Forward
Due to prolonged legal proceedings and initial lack of cooperation from the Company Secretary and statutory auditors, the company has been unable to compile, finalize, approve, and submit financial results for the period ended December 31, 2025. The Resolution Professional has assured that the company will make every effort to prepare and submit pending financial statements at the earliest opportunity upon regularization of access to records and further progress of statutory processes under CIRP.
The company has requested stock exchanges to grant suitable relaxation and understanding regarding the delayed submission of financial results, citing circumstances beyond the company's control. The Resolution Professional continues working toward resolving these operational challenges to restore compliance with regulatory requirements.
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