Non Availability of Financial Statements of Associate Concern as it is into Liquidation

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Dear Colleagues,

What to do in case Associate Company in which we hold 38% has not prepared its Financial Statement as the same is in Liquidation. We had communication with IRP, but as his information they are in the process of preparation of FS for FY 19-20. And we need to file Annual Financial Statement for 20-21, also we had filed suit against the company and hence we can not make our investment to Zero in our FS.

Question 1 :
How to provide independent audit report? Shall we provide note for the same or Shall we qualify the report?

Question 2 :
While filling AOC-4 there are 2 options - CFS or Standalone FS.

If we choose standalone FS then it will be treated as prove that we don't have anything to receive from them. If we choose CFS then 

Replies (2)
It is suggested that you attach AOC-1 and explain in col no 5 6 & 7 of that that since BS is not available neither received as invester nor available in public domain . and from sources the said company is in liquidation under control of RP and vide your request to RP ihe nformed that same is not available. therefore consolidated FS statements can not be made nor can be filed in AOC -4 CFS . but in MGT -7 fill the col made for associate or holdings as the case may be. You can write that as and when such FS received yowill file revised aoc l. Thus you will be protected of your investment
Yes , explain reason of non consolidation in annexure AOC -1

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