**(Formerly Prakash Constrowell Limited)** Setubandhan Infrastructure Limited is an Indian construction and civil engineering firm currently undergoing a fundamental structural and legal transition. Historically a diversified player in the infrastructure space, the company is presently managed under the **Corporate Insolvency Resolution Process (CIRP)**. This profile details the company’s operational history, its current insolvency status, and the significant financial and regulatory risks facing stakeholders. --- ### **Core Business Verticals and Historical Operations** Before the commencement of insolvency proceedings, the company operated as a comprehensive infrastructure developer catering to **government, semi-government, and private sector** clients. Its operational model was built upon three pillars: * **Infrastructure Projects:** Large-scale civil engineering works including the construction of **roads, bridges, airports, godowns**, and essential utility services. * **Civil Construction:** Specialized development of public and institutional infrastructure, such as **government quarters, hospitals, industrial buildings**, and educational campuses. * **Residential & Commercial Real Estate:** Development of integrated townships, healthcare centers, and commercial complexes. These were executed through both **own-account development** and **fee-based contract management**. The company’s strategic positioning was designed to align with Indian national flagship programs, including **PM Awas Yojna** (Housing), **PM Gati Shakti** (Logistics), **Make in India**, and **Kawach** (Railway Safety). --- ### **Corporate Structure and Subsidiary Holdings** The company’s consolidated financial position is influenced by its primary subsidiaries and joint ventures, which focus on specialized construction and real estate development: | Name of the Entity | Nature of Holding | % Holding | Nature of Relationship | | :--- | :--- | :--- | :--- | | **Unique Vastu Nirman & Projects Pvt. Ltd.** | Equity | **70%** | Subsidiary | | **Godavari Projects J.V.** | Capital Contribution | **99.99%** | Subsidiary | --- ### **Insolvency Status and Legal Proceedings (CIRP)** Setubandhan Infrastructure is currently under the mandate of the **Insolvency and Bankruptcy Code (IBC), 2016**. * **Initiation of CIRP:** On **November 28, 2022**, the **NCLT, Mumbai Bench** admitted an application filed by the **State Bank of India** following a default of **₹95,60,36,160.13** (plus interest). * **Management Transition:** The powers of the Board of Directors are **suspended**. Management and operations are overseen by a **Resolution Professional (RP)**, currently **Mr. Prakash Laddha** (Whole Time Director & CFO) remains in a functional role under the RP's supervision. * **Resolution Plan Status:** A resolution plan previously approved by the **Committee of Creditors (CoC)** was **rejected by the NCLT on March 24, 2025**. * **Appellate Status:** An appeal against the NCLT’s rejection was filed with the **NCLAT on July 09, 2025**, and is currently pending adjudication. * **Moratorium:** A legal moratorium is in effect, prohibiting any new or ongoing legal proceedings against the company. --- ### **Financial Performance and Audit Observations** The company’s financials reflect a period of severe contraction and accounting adjustments necessitated by the insolvency process. **Comparative Financial Summary:** | Metric | Consolidated (FY23) | Standalone (FY23) | Standalone (FY22) | | :--- | :--- | :--- | :--- | | **Total Revenue** | **₹110.47 crore** | **₹9.03 crore** | **₹90.94 crore** | | **Net Profit / (Loss)** | **₹9.13 lakhs** | **₹3.46 lakhs** | **(₹6.13 crore)** | **Critical Financial Notes:** * **Revenue Cessation:** As of the **March 2025** reporting period, the company recorded **zero turnover**. * **Accounting Standards:** Financials are prepared under **Indian Accounting Standard (Ind AS)**, though auditors have issued a **Qualified Opinion**. * **Prior Period Adjustments:** Significant adjustments have been made to the opening balance of the Profit & Loss account to account for **unrecognized interest on loans** and **work contract service expenses** from previous years. * **Contractual Reversals:** Following the rejection of escalation claims by government departments for back-to-back contracts with **Univastu India Limited**, the company was forced to reverse corresponding bill amounts. --- ### **Risk Factors and Material Uncertainties** Investors should note several high-impact risks identified by statutory auditors and the Resolution Professional: **1. Data and Transparency Risks** * **Non-Availability of Records:** The RP has noted a persistent failure by former management to provide essential financial records and books of accounts. * **Audit Limitations:** Auditors (M/s J A M P R S & Company) relied heavily on bank statements rather than internal ledgers. Statements for **Bank of Baroda** and **Ambajogai Bank** were unavailable for review. **2. Asset and Liability Valuation** * **Title Discrepancies:** Title deeds for the **Pinnacle Mall** floors are not in the company’s name (held via lease with **Silver Key Developers Pvt Ltd**). Other properties are reportedly in the possession of **third parties**. * **Inventory Verification:** There is a lack of documentation for physical verification of **Work-in-Progress (WIP)** inventory. * **Debt Classification:** Bank accounts are classified as **Non-Performing Assets (NPA)**. Liabilities have not been restated to reflect the actual claims accepted by the RP during the CIRP. **3. Regulatory and Compliance Defaults** * **SEBI Violations:** The company is in default of multiple **SEBI (LODR) Regulations**, including failure to submit audited results for **March 2025** and quarterly results for **September/December 2025**. * **Forensic Investigation:** SEBI concluded a forensic investigation and issued a **Show Cause Notice** on **November 28, 2022**, regarding alleged regulatory violations. * **Depository Issues:** Due to non-payment of fees to **NSDL, CDSL, and the RTA**, the company no longer receives **Benpos** (shareholding data), preventing the filing of shareholding patterns. * **Statutory Dues:** Undisputed **TDS arrears** stood at **₹2,00,05,093** as of March 2023. * **Governance Vacancy:** The position of **Whole Time Company Secretary & Compliance Officer** has been vacant since **November 09, 2020**. **4. Going Concern Uncertainty** Auditors have explicitly stated there is **material uncertainty** regarding the company's ability to continue as a going concern, given its inability to meet liabilities and the rejection of the initial resolution plan.