Radhagobind Commercial Limited plan awaits NCLT approval

Radhagobind Commercial Limited’s creditor-approved resolution plan was awaiting approval from the adjudicating authority as of 13 November 2026, while the auditor identified material uncertainty over its ability to continue as a going concern. Radhagobind Commercial reported a Rs 8.42 lakh loss for the six months ended 30 September 2026 and no income from operations.

What is the status of Radhagobind Commercial’s resolution plan?

Radhagobind Commercial’s resolution plan has been approved by the Committee of Creditors, or CoC, but approval from the adjudicating authority was still being pursued as of 13 November 2026. The statutory auditor described the Corporate Insolvency Resolution Process, or CIRP, as being at its final stage in its limited review report on the unaudited standalone results for the quarter and half year ended 30 September 2026.

The filing does not identify the resolution applicant, the value of the plan, the proposed treatment of creditors or shareholders, or an expected date for the adjudicating authority’s decision. The disclosed position is therefore that the CoC approval is complete, but implementation remains dependent on approval by the adjudicating authority.

The National Company Law Tribunal, or NCLT, Kolkata Bench admitted Radhagobind Commercial to CIRP and appointed Najeeb T P as resolution professional, according to the 13 November 2026 filing. The board’s powers stand suspended and are exercised by the resolution professional, who took the September 2026 results on record on 13 November 2026.

The document carries an unresolved date discrepancy. Its header and the note to the financial results state that a petition by Fort Cafe Food Services Pvt Ltd was accepted on 30 October 2025, while the covering letter describes the NCLT order as dated 30 October 2026. The filing does not explain the difference between the two dates.

Why did the auditor flag a going-concern uncertainty?

The auditor said the final-stage CIRP and pending approval of the CoC-approved plan create a material uncertainty that may cast significant doubt on Radhagobind Commercial’s ability to continue as a going concern. This wording is based on the resolution professional’s statement that approval from the adjudicating authority was still being pursued, rather than on a separate target or timetable.

Mohan & Ravi Chartered Accountants did not modify its limited-review conclusion on the matter. Its report, dated 13 November 2026, was issued under Standard on Review Engagements 2410 and says a review provides moderate assurance through inquiries and analytical procedures, rather than the assurance provided by an audit.

The auditor said nothing had come to its attention that caused it to believe the standalone statement for the quarter ended 30 September 2026 did not meet applicable disclosure requirements or contained a material misstatement. That conclusion does not remove the separate going-concern uncertainty identified in the same report.

The financial results provide further context: Radhagobind Commercial recorded Rs 9.78 lakh of total income in the six months ended 30 September 2026, entirely as other income, against Rs 18.20 lakh of expenditure. The company reported no net sales or income from operations in the September 2026 quarter, the preceding June 2026 quarter, or the six-month total.

How did Radhagobind Commercial perform in the September 2026 quarter?

Radhagobind Commercial reported a Rs 1.68 lakh net loss for the quarter ended 30 September 2026, compared with a Rs 6.73 lakh loss in the quarter ended 30 June 2026. The narrower quarterly loss reflected total expenditure of Rs 6.69 lakh, down from Rs 11.51 lakh, while other income rose to Rs 5 lakh from Rs 4.78 lakh.

For the six months ended 30 September 2026, Radhagobind Commercial reported a Rs 8.42 lakh loss after tax and negative earnings per share of Rs 0.06. Employee cost was Rs 0.60 lakh and other expenditure was Rs 17.60 lakh, producing total expenditure of Rs 18.20 lakh against total income of Rs 9.78 lakh.

The six-month loss was below the Rs 45.86 lakh loss for the year ended 31 March 2026, although the periods are not like-for-like because one covers six months and the other 12 months. The company had reported a Rs 39.08 lakh loss for the year ended 31 March 2025, while its total income for those annual periods was Rs 2.73 lakh and Rs 0.06 lakh, respectively.

What changed in Radhagobind Commercial’s balance sheet?

Radhagobind Commercial’s cash and cash equivalents fell to Rs 5.61 crore at 30 September 2026 from Rs 7.63 crore at 31 March 2026. Total assets declined to Rs 5.69 crore from Rs 7.70 crore over the same period, with cash remaining the largest reported asset category.

Other current liabilities fell to Rs 5.91 crore at 30 September 2026 from Rs 7.84 crore at 31 March 2026. Short-term borrowings remained unchanged at Rs 1.57 crore, while provisions were also unchanged at Rs 3.59 crore across the two reporting dates.

Other equity became more negative by Rs 8.43 lakh, moving to negative Rs 6.82 crore from negative Rs 6.73 crore. Equity share capital remained Rs 1.44 crore. The filing also says the face value of each equity share changed to Rs 1 from Rs 10 on 6 June 2023, raising the number of shares from 14.40 lakh to 144 lakh without changing total paid-up capital.

Conclusion

Radhagobind Commercial has secured CoC approval for its resolution plan but remains in CIRP pending the adjudicating authority’s decision. The unmodified limited-review conclusion coexists with the auditor’s stated material uncertainty over going concern, while the September 2026 half-year results show a Rs 8.42 lakh loss, no reported operating income and cash of Rs 5.61 crore.

The next disclosed matter to watch is approval of the CoC-approved plan by the adjudicating authority, which the resolution professional said was still being pursued on 13 November 2026. A subsequent filing could also clarify the conflicting 30 October 2025 and 30 October 2026 dates stated for the NCLT admission order and disclose the plan’s terms.