We were engaged to audit the
accompanying standalone financial
statements of IVRCL Limited (the
"Company"), which comprise the
Standalone Balance Sheet as at March
31, 2024, the Standalone Statement of
Profit and Loss (including Other
Comprehensive Income), the Standalone
Statement of Changes in Equity and the
Standalone Statement of Cash Flows for
the year on that date and a summary of
the significant accounting policies and
other explanatory information for the
year then ended in which are
incorporated the unaudited returns of all

the branches of the Company for the
year ended on that date. We do not
express an opinion on the accompanying
standalone financial statements of the
Company. Because of the significance of
the matters described in the Basis for
Disclaimer of Opinion paragraph, we
have not been able to obtain sufficient
appropriate audit evidence to provide a
basis for the audit opinion. Accordingly,
we do not express an opinion on the
standalone financial statements of the
Company for the year ended March 31,
2024.

2. Basis of Disclaimer of Opinion

We refer to the following notes in the accompanying standalone financial statements:

a. Note 38 of the standalone financial
statement, in respect of the
preparation of standalone financial
statements of the Company has
incurred a Net Loss of Rs. 26,959.62
Million for the year ended March 31,
2024 resulting into accumulated
losses of Rs. 1,74,637.15 Million and
erosion of its Net worth as at March
31, 2024. This includes inter alia Rs.
6,940.23 Million towards Finance cost.
The Company has obligations towards
fund-based borrowings (including
interest) aggregating to Rs.
1,91,151.67 Million as per books of
accounts and non-fund based
exposure aggregating to Rs. 3,736.86
Million, operational creditors and
statutory dues, subject to
reconciliation/verification as stated in
note below, that have been
demanded/recalled by the
financial/operating creditors pursuant
to ongoing Liquidation process as
going concern, obligations pertaining

to operations including unpaid
creditors and statutory dues as at
March 31, 2024. As the company is a
going concern by order of the NCLT
dated 26th July 2019 with
corrigendum order issued on July 31,
2019 and started receiving the bid
amount under Third E-auction process
for sale of the company as a going
concern, in the opinion of the
management, the company will
continue its operations and the above
results have been prepared on the
basis that the Company is Going
Concern and however, the Company
may be unable to realize its assets
and discharge its liabilities in the
normal course of business. The
ultimate outcome of these matters is
at present not ascertainable.
Accordingly, we are unable to
comment on the consequential
impact, if any, on the accompanying
Statement.

b. Note 39 of the standalone financial
statement, in respect of recognition of
deferred tax asset on account of
carrying forward unused tax losses
and other taxable temporary
differences aggregating to Rs.

9,570.59 Million generated as on 31st
March 2017. Subsequently, there has
not been recognised deferred tax on
unused tax losses and other taxable
temporary difference a raised except
on Ind AS adjustment. As the
company is a going concern by order
of the NCLT dated 26th July 2019 with
corrigendum order issued on July 31,
2019 and started receiving the bid
amount under Third E-auction process
for sale of the company as a going
concern the management of the

c. Note 40 of the standalone financial
statement in connection with the
existence of material uncertainties
over the reliability of bank guarantees
encashed by customers, certain trade
receivables, security deposit,
withheld, claims of indirect taxes and
other deposits including bank
guarantees encashed by customers
aggregating to Rs.15,767.48 Million
which are subject matters of various
disputes /arbitration proceedings/
negotiations with the customers and
contractors due to termination / fore
closure of contracts and other

d. Note 41 of the standalone financial
statement in respect of investment of
Rs. 18,343.88 Million in subsidiaries,
associate and joint ventures engaged
in BOT and other projects as at March
31, 2024 which are under disputes
with the concessionaire/clients and
have significant accumulated losses as
at March 31, 2024. The management
of the Company is at various stages of
negotiation/communication/arbitration
with respective contractee/clients of
such subsidiaries engaged in BOT and
other projects to recover the dues and
cost incurred by the Company and
taking necessary steps to turnaround
the loss-making subsidiary
Companies. As the company is a

company is confident that sufficient
future taxable income will be available
against which such deferred tax asset
will be realized. However, in our
opinion, in absence of convincing
evidence that sufficient future taxable
income will be available against which
such deferred tax assets can be
realized, such recognition is not in
accordance with Indian Accounting
Standard 12 "Income Taxes" (Ind AS
12). Had the aforesaid deferred tax
assets not been recognized, loss after
tax for the year ended March 31,
2024 would have been higher by Rs.

9.570.59 Million and other equity
would have been lower by Rs.

9.570.59 Million.

disputes. The management of
Company is confident of positive
outcome of litigation/ resolution of
dispute and recovering the aforesaid
dues. However, the management is in
the process of initiating
arbitration/other legal action for such
invocations. Had the aforesaid assets
been provided for impairment, loss
after tax for the year ended March 31,
2024 would have been higher by Rs.
Rs.15,767.48 Million, and other equity
would have been lower by Rs.
Rs.15,767.48 Million.

going concern by order of the NCLT
dated 26th July 2019 with
corrigendum order issued on July 31,
2019 and started receiving the Bid
amount under Third E-auction process
for sale of the company as a going
concern considering the long-term
nature of investments and in view of
ongoing discussion, no provision has
been considered necessary by the
management in respect of impairment
in the value of investment. In absence
of a fair valuation of these
Investments, we are unable to
comment upon the carrying value of
these investments and the
consequential impact, if any, on the
accompanying standalone financial
results.

e. Note 42 of the standalone financial

statement in respect of loans and
advances of Rs. 8,028.10 Million as at
March 31, 2024 given to subsidiary
companies, associate, net receivable
against development rights, that are
outstanding for long period. The
management of the Company is at
various stages of

negotiation/communication/ with
respective subsidiary/associate

company to recover the dues and cost
incurred by the Company. As the
company is a going concern by order
of the NCLT dated 26th July 2019 with

f. Note 38 and 43 of the standalone
financial statement in respect
commencement of Liquidation process
as going concern by order of the NCLT
dated 26th July 2019 with
corrigendum order issued on July 31,
2019, various claims submitted by the
operational creditors, the financial
creditors, employees, statutory
authorities and other creditors against
the Company including the claims on
Company's subsidiaries. Some of
these claims are under further

g. Note 45 of the standalone financial
statement in respect of Confirmation
of balances could not be obtained as
at March 31, 2024 for bank balances,
bank borrowings and for various trade
receivables including retention, loans
and advances, and trade payables
including other financial/non-financial

h. Note 46 of the standalone financial
statement in respect of Physical
verification for fixed assets
aggregating to Rs.950.05 Million (net
block as on March 31, 2024) and
inventory aggregating to Rs. 521.62
Million (as on March 31, 2024) could
not be carried out at majority
locations including project site due to
shortage of manpower and
accessibility of the stock yards that
are terminated/ foreclosed/ having
slow progress and the status is still

corrigendum order issued on July 31,
2019 and started receiving the Bid
amount under Third E-auction process
for sale of the company as a going
concern and accordingly, no provision
has been considered necessary by the
management in respect of impairment
in the value of loans and advances.
Had the aforesaid assets been
provided for impairment, loss after
tax for year ended March 2024 would
have been higher by Rs. 8,028.10
Million, other equity would have been
lower by Rs. 8,028.10 Million.

verification/validation and the same
may be updated as per any additional
information which may be received in
the future. Hence there are
differences between the liabilities
admitted vis-a-vis balance as per
books of account, that are currently
under consideration/reconciliation.
Pending reconciliation/admission of
such claims, we are unable to
comment on the consequential
impact, if any, on the accompanying
statement;

liabilities though, the management
has requested for the confirmation of
balances and the status is still
continued. The Management believes
that no material adjustments would
be required in books of account upon
receipt of these confirmations.

continued. The Management believes
that no item of fixed assets and
inventory has a net realizable value in
the ordinary course of business which
is less than the amount at which it is
included in the fixed assets and
inventories. Accordingly, no provision
is required in respect of such fixed
assets and inventories. In absence of
any alternative corroborative
evidence, we are unable to comment
on the recoverability of the same.

i. Note 47 of the standalone financial
statement in respect of various input
credits and balances with various
statutory authorities pertaining to
service tax, sales tax /GST, Income
Tax etc. aggregating to Rs. 2,377.61
Million as at March 31, 2024. The
recovery of these amounts is subject
to reconciliation, filing of returns and

j. Note 53 of the standalone financial
statement in respect of IVRCL
Chengapally Tollways Limited,
subsidiary of IVRCL Limited was in to
CIRP from 20^th April, 2022 and the
claim was submitted of Rs. 78.9
Millions of which the claim admitted
by RP of Rs. 58.4 Millions. The
resolution plan has been approved
vide order dated 1st May 2023 by
Hon'ble NCLT, Hyderabad and as per
the resolution plan approved by NCLT

k. As stated in Note 56 of the standalone
financial statements, no impairment
assessment of tangible and intangible
assets has been carried out as at
March 31, 2024. Therefore, we are

l. As stated in Note 57 of the standalone
financial statements, the company
has not filed GST returns for
Rajasthan Region with effect from
April 2023 due to suspension of
IVRCL Limited GST registration in
Rajasthan by the GST authorities
stating the reason that IVRCL Limited
is under Liquidation and advised to
obtain fresh registration. The turnover
from Rajasthan region during the
period from April 2023 to March 2024
is Rs. 266.3 Million and the GST is Rs
47.9 Millions . Input tax credit from
the subcontractors is at Rs.46.1
Million. The penal interest on the GST
liability will be around Rs. 3.5 Million
and fee for delay filing will be Rs.0.02

admission by respective statutory
authorities and the status is still
continued. No adjustments have been
made in the books of accounts in
respect of such amounts., thus we are
unable to comment on whether any
provision for impairment in the value
of advances is required.

provides that operational creditors
shall be paid in full as claim admitted,
hence IVRCL claim admitted of Rs.
58.4 Millions to be receivable. IVRCL
Limited had an Equity investment of
Rs.2,285.53 Millions in IVRCL
Chengapally Tollways Limited. Thus
we are unable to comment on whether
any loss on account of realisation is to
be account for in the value of
investment is required.

unable to comment on the
consequential impairment, if any, that
is required to be made in the carrying
value of property, plant and
equipment and intangible assets

million until March 31, 2024. As the
company is a going concern by order
of the NCLT dated 26th July 2019 with
corrigendum order issued on July 31,
2019 and started receiving the bid
amount under Third E-auction process
for sale of the company as a going
concern, in the opinion of the
management, the company will
continue its operations and about the
realisation of said amount. The
ultimate outcome of these matters is
at present not ascertainable.
Accordingly, we are unable to
comment on the consequential
impact, if any, on the accompanying
Statement.

m. As stated in Note 57 of the
standalone financial statements, the
company has not filed GST returns
for Karnataka Region with effect from
July 2023 due to suspension of IVRCL
Limited GST registration in Karnataka
by the GST authorities stating the
reason that IVRCL Limited is under
Liquidation and advised to obtain
fresh registration. The turnover from
Karnataka region during the period
from July 2023 to March 2024 is Rs.
149.0 Million and the GST is Rs. 13.8
Million. Input tax credit from the
subcontractors is at Rs.13.2 Million.
The penal interest on the GST liability
will be around Rs. 0.03 Million and fee
for delay filing will be Rs.0.01 Million

n. Audit assertions i.e., existence,
completeness, valuation, cut-off etc.
with respect to the majority of the
assets and liabilities cannot be
concluded due to lack of sufficient and
appropriate evidence. In addition, we
could not obtain sufficient and
appropriate evidence for adequacy
and reasonableness of management
estimates for various provisions, fair
valuation/net realizable value of

until March 31, 2024. As the company
is a going concern by order of the
NCLT dated 26th July 2019 with
corrigendum order issued on July 31,
2019 and started receiving the bid
amount under Third E-auction process
for sale of the company as a going
concern, in the opinion of the
management, the company will
continue its operations and about the
realisation of said amount. The
ultimate outcome of these matters is
at present not ascertainable.
Accordingly, we are unable to
comment on the consequential
impact, if any, on the accompanying
Statement.

various assets etc. including our
inability to carry out certain other
mandatory analytical procedures
required for issuing a audit report.
These matters can have a material
and pervasive impact on the
Statement of the Company. We draw
attention to certain such matters and
its consequential impact, if any, on
the Statement including their
presentation/disclosure.

In view of the matters described in our 'Basis for Disclaimer of Opinion' mentioned
above, we are unable to obtain sufficient and appropriate evidence to provide a basis for
our opinion on this Standalone Financial Results. Accordingly, we do not express opinion
on this Standalone Financial Results.

In respect of the above, the IT department has also sent notices U/s 226 (3) of the IT
Act 1961 to certain banks and customers of the company demanding the recovery of the
aforesaid arrears.

2019 directs the IT department to
withdraw the garnishee notices issued
to the Banks and also directed the
Banks to release any amount due to
corporate Debtor.

b. Note 48 of the standalone financial
statement in respect of demand under
section 271(1)(c)of the Income Tax
Act 1961 for the AY. 2015-16, 2016¬
17 and 2017-18 aggregating Rs.
314.84 Million which has been

c. Note 49 of the standalone financial
statement in respect of received order
of the Regional Provident Fund
Commissioner in the matter of levy of
damages pertaining to the earlier
years' U/s 14 B of the Employees'

In respect of the above, The
Employees' Provident Fund
Organisation has also sent notice u/s
8 F of the Employees' Provident Fund
and Miscellaneous Provisions of the

The company has filed an appeal U/s
7-I of the Employees' Provident Funds
and Miscellaneous Provisions Act,
1952 with the Employees' Provident

adjusted against the Refund
Receivables and the same has not
been recognized in the books of
accounts as the company appealed
the matter before CIT(Appeals).

Provident Funds and Miscellaneous
Provisions Act, 1952 aggregating to
Rs. 0.41 Million for the period from
10/1999 to 02/2009 and Rs. 60.86
Million for the period from 07/2009 to
03/2015.

Act, 1952 to a Bank demanding the
recovery of Rs. 91.22 Million
(including interest of Rs. 29.96
Million).

Fund Appellate Tribunal, Bangalore
Bench regarding the damages
amounting to Rs. 61.26 Million and
the matter is presently sub-judice.

Our report is not qualified in respect of these matters.

4. Key Audit Matters

Key audit matters are those matters
that, in our professional judgment, were
of most significance in our audit of the
standalone financial statements of the
current period. These matters were
addressed in the context of our audit of
the standalone financial statements as a

whole, and in forming our opinion
thereon, and we do not provide a
separate opinion on these matters. We
were unable to determine the key audit
matters because of the matters

described in the Basis of Disclaimer of
Opinion Section of our report.

The Hon'ble National Company Law
Tribunal, Hyderabad Bench ("NCLT") has
passed its Order dated July 26, 2019
read with corrigendum order issued on
July 31, 2019 for Liquidation of M/s
IVRCL Limited "as going concern" and
the Resolution professional (RP) for the
Company has been appointed as the

The Hon'ble National Company Law
Appellate Tribunal, New Delhi ("NCLAT")
vide its order dated September 06, 2019
ordered that the Liquidator to ensure
that the company remains as going
concern and the liquidator would not sell
or transfer or alienate movable or
immovable property of the corporate

In view of ongoing liquidation process,
The Liquidator is responsible for the
matters stated in Section 134(5) of the
Companies Act, 2013 ("the Act") with
respect to the preparation and
presentation of these standalone
financial statements that give a true and
fair view of the financial position,
financial performance (including other

This responsibility also includes
maintenance of adequate accounting
records in accordance with the provisions
of the Act for safeguarding the assets of
the Company and for preventing and
detecting frauds and other irregularities;
selection and application of appropriate
accounting policies; making judgments
and estimates that are reasonable and
prudent; and design, implementation

In preparing the standalone financial
statements, management is responsible
for assessing the Company's ability to
continue as a going concern, disclosing,
as applicable, matters, related to going
concern and using the going concern
basis of accounting unless management
either intends to liquidate the company
or to cease operations, or has no
realistic alternative but to do so. Under

Liquidator. The Liquidator shall exercise
the powers and duties as enumerated in
sections 35 to 50, 52 to 54 of the
Insolvency and Bankruptcy Code, 2016
read with Insolvency and Bankruptcy
Board of India (Liquidation Process)
Regulations, 2016.

debtor without the prior approval of the
Appellate Tribunal. The said order is
vacated by the Hon'ble National
Company Law Appellate Tribunal, New
Delhi ("NCLAT") vide its order dated May
29, 2020 and upholds the Order of NCLT,
Hyderabad dated July 26, 2019 with
corrigendum order dated July 31, 2019.

comprehensive income), cash flows and
changes in equity of the Company in
accordance with the accounting
principles generally accepted in India,
including the Indian Accounting
Standards specified under Section 133 of
the Act, read with relevant Rules issued
thereunder.

and maintenance of adequate internal
financial controls, that were operating
effectively for ensuring the accuracy and
completeness of the accounting records,
relevant to the preparation and
presentation of the financial statements
that give a true and fair view and are
free from material misstatement,
whether due to fraud or error.

in sections 35 to 50, 52 to 54 of the
Insolvency and Bankruptcy Code, 2016
read with Insolvency and Bankruptcy
Board of India (Liquidation Process)
Regulations, 2016, it is incumbent upon
liquidator to manage the operations of
the Company as a going concern and the
standalone financial statements have
been prepared on going concern basis.

Our responsibility is to conduct an audit
of the standalone financial statements in
accordance with Standards on Auditing
and to issue an auditor's report.
However, because of the matter
described in the Basis for Disclaimer of

We are independent of the Company in
accordance with the Code of Ethics and
provisions of the Act that are relevant to
our audit of the standalone financial
statements in India under the Act, and

8. Other Matter

a. We did not audit the separate
financial statements of 4 joint
ventures included in standalone
financial statements, whose financial
results reflects company's share in net
Profit of joint venture aggregating to ?
1.64 million for the year ended March
31, 2024. 28 joint ventures were not
considered in standalone financial
statement. In our opinion and

b. We did not audit the financial
statements/information of all
branches included in the Standalone
financial statements of the company
whose financial statements/financial

Our opinion on the standalone
financial statements is not modified
in respect of the above matters with
respect to our reliance on the work

Opinion section of our report, we were
not able to obtain sufficient appropriate
audit evidence to provide a basis for an
audit opinion on these standalone
financial statements.

we have fulfilled our other ethical
responsibilities in accordance with the
Code of Ethics and the requirements
under the Act.

according to the information and
explanations given to us by the
Management, these financial
statements /financials information, in
aggregate, are not material to the
Company and have not been
subjected to audit hence, we are
unable to comment on the
consequential impact, if any, on the
accompanying statements.

information reflects total assets of ?
782.45 Million as at March 31, 2024
and total revenue is NIL for the year
ended on that date as considered in
standalone financial statements.

done and the reports of the other
auditors and the financial
statements/ financial information
certified by the liquidator.

9. Report on Other Legal and Regulatory Requirements

For CHATURVEDI & CO. LLP

Chartered Accountants

Firm Registration No.302137E/E300286

RAJESH KUMAR AGARWAL

Partner

Place: Delhi ICAI Membership No. 058769

Date : May 29, 2024 UDIN No.