View Disclosure
Form I : Detail of Corporate Debtor Undergoing Insolvency Resolution Process
(To be submitted by the
IRP/RP
with
Seven Days
of his demitting office as IRP/RP)
Name of Corporate Debtor:
Vikas WSP Limited
CIN of Corporate Debtor:
L24139HR1988PLC030300
Date of Commencement of CIRP:
02-02-2022
Assets(in Rs) as on the last balance sheet date (write date here):
15845324000.00
31-03-2021
Turnover(in Rs) in the last finacial year (write year here):
2216133000
2020-2021
No. of Workmen as on the date of commencement of CIRP:
0
No. of Employees as on the date of Commencement of CIRP:
2
Number of Claimants(Workmen & Employees):
599
Total Amount(in Rs) of Claims Admitted on the day of demitting office as IRP(Workmen & Employees):
16413762.00
Number of Claimants(Financial Creditor):
6
Total Amount(in Rs) of Claims Admitted on the day of demitting office as IRP(Financial Creditor):
2563007958.00
Number of Claimants(Operational Creditor):
51
Total Amount(in Rs) of Claims Admitted on the day of demitting office as IRP(Operational Creditor):
164874953.99
Name of IRP:
DARSHAN ANAND
Registration No. of IRP:
IP/N00326
Date of demitting office by IRP:
21-03-2022
Name of RP:
DARSHAN ANAND
Registration No. of RP:
IP/N00326
Date of Demitting office by RP:
Form II : Detail of Corporate Debtor Undergoing Insolvency Resolution Process
(To be submitted by the
IRP
with
Seven Days
of his demitting office as IRP/RP)
Activity/ Expense
Head / Expense Sub-Head
Amount of Expense (Rs.)
Amount Ratified/
Approved
2
By
% Of Specific
Cost/ Total Cost
% of Specific Ratified Cost / Total Ratified Cost
Remarks
Running Process / IRP
*
Fee Payable to IRP
300000.00
300000.00
72.54
72.54
Cost of Insurance for IRP
0.00
0.00
0.00
0.00
Other Expenses on/ for IRP
(Travel, stay, security, etc related to)
54318.04
54318.04
13.13
13.13
Running Process / IPE (Registered Valuer)
*
Fee Payable for support services to an IPE, if any
0.00
0.00
0.00
0.00
Fee Payable to Valuer 1
0.00
0.00
0.00
0.00
Fee Payable to Valuer 2
0.00
0.00
0.00
0.00
Other Expenses on/ for Valuers
(Travel, stay, other out-of-pocket)
0.00
0.00
0.00
0.00
Running Process / Other Professionals engaged for CIRP, not for Corporate Debtor
*
Fee Payable to Accounting and Finance Professionals
0.00
0.00
0.00
0.00
Fee Payable to Audit Professionals
0.00
0.00
0.00
0.00
Fee Payable to Legal Professional
0.00
0.00
0.00
0.00
Fee Payable to any other professionals other Expenses on/ for Professionals
(Travel, stay, other out-of-expenses)
0.00
0.00
0.00
0.00
Running Process / COC Meetings
*
Meeting Venue
5664.00
5664.00
1.37
1.37
Video Conferencing
0.00
0.00
0.00
0.00
Any other Expenses related to COC
16305.00
16305.00
3.94
3.94
Running Process / Other Expenses
*
Expenses on Pubic Announcement
37296.00
37296.00
9.02
9.02
Expenses on CIRP Related Filings before adjudicating authority and CIRP related litigation
0.00
0.00
0.00
0.00
Running Business / Essential Services
*
Electricity
0.00
0.00
0.00
0.00
Water
0.00
0.00
0.00
0.00
Telecommunication Services
0.00
0.00
0.00
0.00
Information Technology Services
0.00
0.00
0.00
0.00
Other Essential Services, if Any
0.00
0.00
0.00
0.00
Running Business / Other Services
*
Other Supplies
0.00
0.00
0.00
0.00
Employess and Workmen
0.00
0.00
0.00
0.00
Security Personnel Services
0.00
0.00
0.00
0.00
Other Expenses, If any
0.00
0.00
0.00
0.00
Running Business / Interim Finance
*
Amount of Interim Finance
0.00
0.00
0.00
0.00
Expenses for Raising Interim Finance
0.00
0.00
0.00
0.00
Interest Payable on Interim Finance
0.00
0.00
0.00
0.00
Other Expenses, If any
0.00
0.00
0.00
0.00
Other Expenses, if any, directly related to CIRP
*
Other Expenses
0.00
0.00
0.00
0.00
dsanand57@gmail.com
Total Cost
413583.04
413583.04
Form III : Detail of Corporate Debtor Undergoing Insolvency Resolution Process
(To be submitted by the
RP
with
Seven Days
of his demitting office as IRP/RP)
Date of Joining as RP:
02-02-2022
Date of Demitting officer as RP:
09-09-2026
Activity/ Expense Head / Expense Sub-Head
Amount of Expense (Rs.)
Amount Retified/ Approved
2
By CoC
% of expense cost/ Total Cost
% of Specific Ratified Cost / Total Ratified Cost
Running Process / RP
Fee Payable to RP
6341549.00
6341549.00
8.71
8.71
Cost of Insurance for RP
0.00
0.00
0.00
0.00
Other Expenses on/ for RP
(Travel, stay, security, etc related to)
415241.00
415241.00
0.57
0.57
Fee payable for support services to an IPE, if Any
0.00
0.00
0.00
0.00
Running Process / Registered Valuer
Fee Payable to Valuer 1
266000.00
266000.00
0.37
0.37
Fee Payable to Valuer 2
266000.00
266000.00
0.37
0.37
Fee Payable to Valuer 3, if any
0.00
0.00
0.00
0.00
Fee Payable for support services to an IPE, if any
0.00
0.00
0.00
0.00
Running Process / Other Professional engaged for CIRP, not for Corporate Debtor
Fee Payable to Accounting and Finance Professionals
3528900.00
3528900.00
4.84
4.84
Fee Payable to audit professionals
2335689.00
2335689.00
3.21
3.21
Fee Payable to Legal Professional
8268488.00
8268488.00
11.35
11.35
Fee Payable to any other professionals other Expenses on/ for Professionals
(Travel, stay, other out-of-expenses)
0.00
0.00
0.00
0.00
Data Room Service
23305.00
23305.00
0.03
0.03
Running Process / COC Meeting
Meeting Venue
19089.00
19089.00
0.03
0.03
Video Conferencing
0.00
0.00
0.00
0.00
Electronic Voting
165200.00
165200.00
0.23
0.23
Expenses for or by Authorized
0.00
0.00
0.00
0.00
Any other Expenses related to CoC
109983.00
109983.00
0.15
0.15
Running Process / Examination of Transactions
Preferential Transactions
0.00
0.00
0.00
0.00
Under/ Over-valued transactions
0.00
0.00
0.00
0.00
Extortionate transactions
0.00
0.00
0.00
0.00
Fraudulent Transactions
177000.00
177000.00
0.24
0.24
Running Process / Other Expenses
Expenses on CIRP related
288162.00
288162.00
0.40
0.40
Filings before adjudicating
12005.00
12005.00
0.02
0.02
CIRP Related Litigation
7264032.00
7264032.00
9.97
9.97
Running Business / Essential Services
Electricity
7533143.00
7533143.00
10.34
10.34
Water
292862.00
292862.00
0.40
0.40
Telecommunication Services
96301.00
96301.00
0.13
0.13
Information Technology Services
128374.00
128374.00
0.18
0.18
Other Essential Services, if Any
10560191.00
10560191.00
14.50
14.50
Running Business / Other Services
Other Supplies
0.00
0.00
0.00
0.00
Employess and Workmen
4863162.00
4863162.00
6.68
6.68
Security Personnel Services
11403135.00
11403135.00
15.65
15.65
Other Expenses, If any
5050253.00
5050253.00
6.93
6.93
Running Business / Interim Finance
Amount of Interim Finance
0.00
0.00
0.00
0.00
Expenses for raising Interim Finance
0.00
0.00
0.00
0.00
Interest payable on Interim Finance
0.00
0.00
0.00
0.00
Other Expenses, If any directly related to
0.00
0.00
0.00
0.00
Other Expenses, if any, directly related to CIRP
Other Expenses
3436201.00
3436201.00
4.72
4.72
Amount due to prejudicially affected persons
Other Expenses
0.00
0.00
0.00
0.00
Remarks:
Vikas WSP Limited is a BSE-listed entity and must undertake various statutory and regulatory compliances to maintain its listing status and preserve the value of the Corporate Debtor. These compliances include convening Board Meetings and Annual General Meetings, publishing notices in newspapers, making statutory disclosures, paying fees to BSE, CDSL, NSDL, Registrar and Transfer Agent, and the Practising Company Secretary, among others. It is further clarified that the CIRP Cost incurred pertains to 55 Months period and is inclusive of applicable taxes. The CIRP was initiated on 02.02.2022 and in the same year on 29.10.2022 the application for approval of Resolution Plan was filed with Hon'ble NCLT, while the Resolution Plan was approved by Hon'ble AA vide order dated 09.09.2026. Further, the CD being a listed entity a budget of Rs. 2 Crore was put up before the members in 1st CoC Meeting for 6 months period. However, the approval of the Resolution Plan by Hon'ble AA took considerable time resulting in passage of 55 Months and resultant cost. However, it is important to note that the RP has ensured to optimize and reduce cost and according the actual CIRP Cost incurred is Rs. 7.28 Crore while the budget adjusted for 55 months would have been Rs. 18.33 Crores. Therefore, the RP has been able to reduce the actual cost by more than 60 percent. Further, the RP Fee includes incentive payable upon distribution to the creditors. The category of “Other Expenses” includes the regulatory fee payable to the IBBI.
Total Cost
72844265.00
72844265.00
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