ICSA Reports Continued Operational Performance as Board Approves Quarterly Results Amid Post-Insolvency Transition

ICSA Reports Continued Operational Performance as Board Approves Quarterly Results Amid Post-Insolvency Transition​

ICSA (India) Limited has released its latest quarterly financial results, reflecting the company’s operations subsequent to its successful acquisition following liquidation proceedings. The financial statements detail the ongoing operational status of the company, which is managed under a reconstituted board and continues to meet reporting standards set by the Companies Act, 2013, and SEBI regulations.

The financial reports submitted reflect that ICSA has transitioned into a going concern, a status confirmed by previous rulings related to its restructuring and eventual closure of liquidation proceedings.

Key Operational Milestones​

ICSA (India) Limited underwent severe corporate distress, leading to the initiation of liquidation proceedings by the National Company Law Tribunal (NCLT), Hyderabad Bench - II, which ordered the company's liquidation in August 2020. Mr. Nethi Mallikarjuna Setty was appointed as the Liquidator.

The liquidation process included significant asset realization and disposal:

• Land Sale: A portion of land measuring 5 acres and 18.94 guntas (originally 6 acres and 5 guntas, reduced due to a 26.06 gunta acquisition by State Highway Authorities) was sold to M/s Hyderabad Bottling Company Private Limited for Rs. 900.00 lakhs.
• Motor Vehicle Sale: A Benz Car was sold to Mr. Y.V. Ramanareddy for a consideration of Rs. 3.05 lakhs.
• Estate Realization: Total realization from the sale of the liquidation estate, including a performance bank guarantee and cash balances, reached Rs. 10,23,89,263/- and was distributed among eligible stakeholders.

The NCLT, Hyderabad Bench, later issued an order on February 7, 2023, formalizing the closure of the Liquidation proceedings after the successful completion of the sale of the Corporate Debtor as a going concern. This led to the Liquidator being relieved of duties and company records being handed over to the successful bidder.

Financial Standing Highlights​

The financial statements reviewed by the Board are prepared in compliance with Indian Accounting Standards (IND AS) and reflect that the new management has taken charge post-acquisition. The Board members have affirmed that they are not responsible for oversights or defaults committed during periods prior to the acquisition.

Financial data across multiple reporting cycles shows a complex transition, spanning from pre-liquidation insolvency metrics to performance under the reconstructed entity:

Summary of Financial Performance (in Lakhs):


Note: Figures are aggregated from multiple published reports (Q/H, FY) as presented in the source materials.

Balance Sheet Snapshot (As of March 31, 2022):

Contextual Notes and Reporting Standards​

The Financial statements are prepared according to the Indian Accounting Standards (IND AS). The reports confirm that previous financial periods have been regrouped and rearranged where necessary to maintain comparability.

Specific details regarding past defaults were noted in the audit review, noting that all prior non-compliances, breaches, and defaults of ICSA (India) Limited before the Effective Date are considered waived by the respective government authorities under the terms of the Acquisition Plan, which was approved by the NCLT on February 7, 2023.