Integrated Filing — IndAS



General information about company

Scrip Code 533605
NSE Symbol SETUINFRA
MSEI Symbol NOTLISTED
ISIN INE023M01027
Name of company Setubandhan Infrastructure Limited
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2024
Date of end of financial year 31-03-2025
Date of board meeting when results were approved 01-12-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 01-12-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Half Yearly
Reporting Quarter Yearly
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment Civil Construction
Start date and time of board meeting 01-12-2025   17:00:00
End date and time of board meeting 01-12-2025   17:30:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Whether the company has any related party? No
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? No
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)? No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? No
Latest Date on which RPT policy is updated
Indicate Company website link for updated RPT policy of the Company
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
Not Applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2024 01-04-2024
B Date of end of reporting period 31-03-2025 31-03-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
Revenue from operations 0.00 0.00
Other income 0.00 23.22
Total income 0.00 23.22
2 Expenses
(a) Cost of materials consumed 0.00 0.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 0.00 0.00
(e) Finance costs 0.00 0.00
(f) Depreciation, depletion and amortisation expense 0.00 75.01
(f) Other Expenses
1 Other Expenses 0.00 99.18
Total other expenses 0.00 99.18
Total expenses 0.00 174.19
3 Total profit before exceptional items and tax 0.00 (150.97)
4 Exceptional items 0.00 0.00
5 Total profit before tax 0.00 (150.97)
6 Tax expense
7 Current tax 0.00 0.00
8 Deferred tax 0.00 33.89
9 Total tax expenses 0.00 33.89
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 0.00 (184.86)
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 0.00 (184.86)
17 Other comprehensive income net of taxes 0.00 0.00
18 Total Comprehensive Income for the period 0.00 (184.86)
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 0.00 1,256.78
Face value of equity share capital 0 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 0.00
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 0 -0.15
Diluted earnings (loss) per share from continuing operations 0 -0.15
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 0 -0.15
Diluted earnings (loss) per share from continuing and discontinued operations 0 -0.15
24 Debt equity ratio 0 0
25 Debt service coverage ratio 0 0
26 Interest service coverage ratio 0 0
27 Disclosure of notes on financial results



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2024
Date of end of reporting period 31-03-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Assets
1 Non-current assets
Property, plant and equipment 2,658.07
Capital work-in-progress 0.00
Investment property 0.00
Goodwill 0.00
Other intangible assets 0.87
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 42.33
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets 1,850.16
Total non-current financial assets 1,892.49
Deferred tax assets (net) 0.00
Other non-current assets 2,648.80
Total non-current assets 7,200.23
2 Current assets
Inventories 3,621.07
Current financial asset
Current investments 0.00
Trade receivables, current 1,514.86
Cash and cash equivalents 292.90
Bank balance other than cash and cash equivalents 0.00
Loans, current 0.00
Other current financial assets 17.55
Total current financial assets 1,825.31
Current tax assets (net) 2,432.09
Other current assets 1,891.23
Total current assets 9,769.70
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 16,969.93
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 1,256.78
Other equity 3,257.44
Total equity attributable to owners of parent 4,514.22
Non controlling interest
Total equity 4,514.22
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities 1,320.72
Total non-current financial liabilities 1,320.72
Provisions, non-current 6.12
Deferred tax liabilities (net) 245.76
Deferred government grants, Non-current 0.00
Other non-current liabilities 5.50
Total non-current liabilities 1,578.10
Current liabilities
Current financial liabilities
Borrowings, current 7,165.11
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 696.49
Total Trade payable 696.49
Other current financial liabilities 0.00
Total current financial liabilities 7,861.60
Other current liabilities 3,012.85
Provisions, current 3.16
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 10,877.61
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 12,455.71
Total equity and liabilites 16,969.93
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-10-2024 01-04-2024
Date of end of reporting period 31-03-2025 31-03-2025
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2024 01-04-2024
B Date of end of reporting period 31-03-2025 31-03-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss
5 Total Other comprehensive income



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2024
B Date of end of reporting period 31-03-2025
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Standalone
Statement of cash flows
Cash flows from used in operating activities
Profit before tax (150.97)
Adjustments for reconcile profit (loss)
Adjustments for finance costs 0.00
Adjustments for decrease (increase) in inventories 0.00
Adjustments for decrease (increase) in trade receivables, current 0.00
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets 11.08
Adjustments for decrease (increase) in other non-current assets 275.01
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (3.27)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 0.00
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 68.71
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 75.01
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current (0.19)
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 23.22
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 0.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 403.13
Net cash flows from (used in) operations 252.16
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 252.16
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 0.00
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 23.22
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) investing activities 23.22
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 0.00
Repayments of borrowings 0.00
Payments of lease liabilities 0.00
Dividends paid 0.00
Interest paid 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities 0.00
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 275.38
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents 275.38
Cash and cash equivalents cash flow statement at beginning of period 17.52
Cash and cash equivalents cash flow statement at end of period 292.90





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 J A M P R S & Co. Yes 30-06-2027


Financial details

Amount in (Lakhs)

Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 23,22,353.00 23,22,353.00
2 Total Expenditure 1,74,19,228.00 1,74,19,228.00
3 Net Profit/(Loss) (1,50,96,875.00) (1,50,96,875.00)
4 Earnings Per Share -0.15 -0.15
5 Total Assets 1,69,69,92,307.00 1,69,69,92,307.00
6 Total Liabilities 1,69,69,92,307.00 1,69,69,92,307.00
7 Net Worth 45,14,22,086.00 45,14,22,086.00


Audit qualification

Amount in (Lakhs)

Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Qualified opinion Repetitive Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)
2 Textual Information(6) Qualified opinion Repetitive Textual Information(7) Textual Information(8) Textual Information(9) Textual Information(10)
3 Textual Information(11) Qualified opinion Repetitive Textual Information(12) Textual Information(13) Textual Information(14) Textual Information(15)
4 Textual Information(16) Qualified opinion Repetitive Textual Information(17) Textual Information(18) Textual Information(19) Textual Information(20)
5 Textual Information(21) Disclaimer of opinion Repetitive Textual Information(22) Textual Information(23) Textual Information(24) Textual Information(25)
6 Textual Information(26) Disclaimer of opinion Repetitive Textual Information(27) Textual Information(28) Textual Information(29) Textual Information(30)
7 Textual Information(31) Disclaimer of opinion Repetitive Textual Information(32) Textual Information(33) Textual Information(34) Textual Information(35)
8 Textual Information(36) Qualified opinion Repetitive Textual Information(37) Textual Information(38) Textual Information(39) Textual Information(40)
9 Textual Information(41) Disclaimer of opinion Repetitive Textual Information(42) Textual Information(43) Textual Information(44) Textual Information(45)
10 Textual Information(46) Disclaimer of opinion Repetitive Textual Information(47) Textual Information(48) Textual Information(49) Textual Information(50)
11 Textual Information(51) Qualified opinion Repetitive Textual Information(52) Textual Information(53) Textual Information(54) Textual Information(55)


Text Block

Textual Information(1) i. Balance Confirmation of Assets and liabilities along with other documentary evidence has not been made available to us. The same has also been mentioned in the Significant accounting policies by Resolution professional while preparing the financial statement.

Textual Information(2) We wish to inform you that the Corporate Insolvency Resolution Process (CIRP) for Setubandhan Infrastructure Limited (the 'Corporate Debtor'), initiated by the State Bank of India under Section 7 of the IBC, 2016, was admitted by the Honble NCLT, Mumbai Bench on November 28, 2022. Following this, the undersigned was appointed as the IRP and later confirmed as the RP by the CoC on December 28, 2022. Although a resolution plan was approved by the CoC and submitted, it was rejected by the NCLT on March 24, 2025. An appeal against this rejection was filed with the Honble NCLAT on July 09, 2025, and is currently sub-judice. Due to the persistent non-availability of essential books of accounts and financial data despite repeated requests, the RP is unable to finalize the financial statements at this time.
Textual Information(3) Not Applicable

Textual Information(4) Not Applicable
Textual Information(5) Not Applicable
Textual Information(6) ii. The liabilities has not been restated according to claim received and accepted during the CIRP period by Resolution professional it has been carried forward with the historical value taken from last audited balance sheet of Financial year 2023-24

Textual Information(7) Setubandhan Infrastructure Limited has been under CIRP since November 28, 2022, following an application by State Bank of India. While the CoC confirmed my appointment as Resolution Professional on December 28, 2022, the subsequent resolution plan was rejected by the NCLT Mumbai Bench on March 24, 2025. We are currently appealing this decision before the NCLAT. Please note that because the Corporate Debtor has failed to provide necessary financial records despite multiple follow-ups, the RP was unable to compile or review the company's financial statements for the current period.
Textual Information(8) Not Applicable
Textual Information(9) Not Applicable

Textual Information(10) Not Applicable
Textual Information(11) iii. Assets has not been revalued as per valuation report received by the Resolution professional. Further valuation report has not been shared with us. The value of assets has been carried forward on the basis of audited financial statement as on 31.03.2024. The same has also been mentioned in the Significant accounting policies by Resolution professional while preparing the financial statement.
Textual Information(12) Since its admission into CIRP on November 28, 2022, Setubandhan Infrastructure Limited has undergone significant legal developments. After my confirmation as RP in December 2022, a resolution plan was presented to but ultimately rejected by the NCLT in March 2025. An appeal was promptly filed with the NCLAT on July 09, 2025. Throughout this process, the absence of vital financial documentation from the Corporate Debtor has hindered the RP's ability to finalize any financial reports, as essential records remain unavailable despite extensive efforts.
Textual Information(13) Not Applicable
Textual Information(14) Not Applicable
Textual Information(15) Not Applicable
Textual Information(16) iv. No Bank statement has been received for confirmation of Balance of following bank Accounts (Table attached in Audit Report).

Textual Information(17) Pursuant to the NCLT Mumbai Bench order dated November 28, 2022, the Corporate Debtor was placed under CIRP. The undersigned, serving as the confirmed RP since December 28, 2022, submitted a CoC-approved resolution plan which was denied by the Adjudicating Authority on March 24, 2025. This matter is now pending before the Hon'ble NCLAT following an appeal on July 09, 2025. In light of the continued non-cooperation regarding the handover of financial records, the RP remains legally and practically unable to review or finalize the company's financial statements.
Textual Information(18) Not Applicable
Textual Information(19) Not Applicable
Textual Information(20) Not Applicable
Textual Information(21) Whether there have been any qualifications or adverse remarks by the respective auditors in the Companies (Auditor's Report) Order (CARO) reports of the companies included in the consolidated financial statements, if yes, indicate the details of the companies and the paragraph numbers of the CARO report containing the qualifications or adverse remarks.

Auditor's Remarks: -we have not received any audit report of subsidiaries or hence we cannot comment on the same.

Textual Information(22) We are providing an update on the ongoing insolvency proceedings of Setubandhan Infrastructure Limited. Since the admission of the CIRP application in late 2022, we have navigated through the rejection of a resolution plan by the NCLT in early 2025 and a subsequent appeal at the NCLAT, which is still active. We regret to inform stakeholders that due to the unavailability of core financial data from the company's management, the Resolution Professional cannot provide finalized financial statements at this juncture.
Textual Information(23) Not Applicable
Textual Information(24) Not Applicable
Textual Information(25) Not Applicable

Textual Information(26) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have not been disclosed in the financial statements as required by the applicable accounting standards.
Textual Information(27) The insolvency journey of Setubandhan Infrastructure Limited began with an SBI-filed petition admitted on November 28, 2022. As the appointed RP, I have overseen the submission of a resolution plan that the NCLT rejected on March 24, 2025, leading us to seek relief from the NCLAT in July 2025. A major hurdle in this process continues to be the lack of access to the company's books and records. Despite our best efforts to secure this data, the ongoing absence of these documents makes it impossible to finalize the financial statements.
Textual Information(28) Not Applicable

Textual Information(29) Not Applicable

Textual Information(30) Not Applicable

Textual Information(31) a) Based on information and explanations provided to us and our audit procedures, in our opinion, the company has no internal audit system commensurate with the size and nature of its business.

b) We were not provided any internal audit reports for the reporting period.
Textual Information(32) CIRP Admission dated November 28, 2022, via NCLT Mumbai (SBI application). RP Confirmation dated December 28, 2022, by the Committee of Creditors.Resolution plan rejected by NCLT on March 24, 2025, currently under appeal at NCLAT (filed July 09, 2025). Due Non-availability of financial records and books of accounts from the Corporate Debtor, the RP is unable to compile, review, or finalize financial statements due to lack of essential data.
Textual Information(33) Not Applicable

Textual Information(34) Not Applicable

Textual Information(35) Not Applicable

Textual Information(36) In respect of its inventories:

a) As explained to us, inventories i.e. WIP of construction activity have not been physically verified by the management at reasonable intervals during the reporting period. We do not find any document to verify the physical verification of the inventories by the management.

b) As per the information given to us, and on the basis of our examination of the records of the Company, the Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks. However, the limits sanctioned by the banks are already classified by the Banks as NPA and CIRP has been initiated on company during F.Y. 2022-23 hence there are no stock statements being submitted by the company.

The company is not maintaining proper records of inventory. Since there are no proper documents to support the physical verification of the inventories by the management, we cannot comment on the adequacy and discrepancy in the stock items.
Textual Information(37) The ongoing CIRP of Setubandhan Infrastructure Limited has faced delays following the NCLTs rejection of the proposed resolution plan on March 24, 2025. While an appeal is currently being heard by the NCLAT, a more immediate challenge is the inability of the Resolution Professional to meet financial reporting requirements. Because the Corporate Debtor has not provided the necessary books of accounts despite repeated follow-ups, the finalization of financial statements remains on hold until the required data is secured.
Textual Information(38) Not Applicable

Textual Information(39) Not Applicable

Textual Information(40) Not Applicable

Textual Information(41) We are informed that the company has a regular programme of physical verification of its property, plant and equipment by which all the property, plant and equipment are verified in a phased manner over a period of three years. However, as per the information's and explanations given to us, the management have not done the verification during the reporting period.
Textual Information(42) Setubandhan Infrastructure Limited has been in CIRP since November 2022. Following the NCLTs rejection of a CoC-approved resolution plan in March 2025, the matter is now under appeal at the NCLAT. Critically, the Resolution Professional has been unable to fulfill financial reporting obligations because the Corporate Debtor has failed to hand over the necessary books of accounts and records, despite exhaustive efforts to retrieve them.
Textual Information(43) Not Applicable

Textual Information(44) Not Applicable

Textual Information(45) Not Applicable

Textual Information(46) Based on our examination which included test checks. The company has not used accounting software for maintaining its books of accounts which has a feature of recording audit trail (edit log) facility.
Textual Information(47) Notice is hereby given that the CIRP of Setubandhan Infrastructure Limited, initiated on November 28, 2022, remains ongoing with an appeal currently pending before the Honble NCLAT against the NCLTs rejection of the resolution plan. Please be advised that the financial statements of the Corporate Debtor cannot be compiled or reviewed at this stage. This is a direct result of the non-availability of the companys books of accounts and supporting data, which have not been released to the Resolution Professional to date.
Textual Information(48) Not Applicable

Textual Information(49) Not Applicable

Textual Information(50) Not Applicable

Textual Information(51) a) We do not been provided sufficient documents and details regarding depositing of statutory liabilities hence we cannot comment on the depositing with appropriate authorities undisputed statutory dues including Provident Fund, employee's state insurance, income tax, service tax, sales tax, tax deducted at source, cess and other material statutory dues applicable.
Textual Information(52) We are providing an update on the ongoing insolvency proceedings of Setubandhan Infrastructure Limited. Since the admission of the CIRP application in late 2022, we have navigated through the rejection of a resolution plan by the NCLT in early 2025 and a subsequent appeal at the NCLAT, which is still active. We regret to inform stakeholders that due to the unavailability of core financial data from the company's management, the Resolution Professional cannot provide finalized financial statements at this juncture.
Textual Information(53) Not Applicable

Textual Information(54) Not Applicable

Textual Information(55) Not Applicable



Signatories detail

Name of CEO / Managing director NA
Name of CFO NA
Name of audit committee chairman NA
Name of statutory auditor J A M P R S & Co. (CA Sandeep Kumar)
Name of other signatory, if any, with designation Sandeep Maheshwari (Resolution Professional)
Place Mumbai
Date 01-12-2025