Adhunik Metaliks' loss narrowed to Rs 250.26 crore

Adhunik Metaliks Ltd Tuesday said its standalone loss narrowed to Rs 250.26 crore for the quarter ended September 30.

It had posted a standalone loss after tax of Rs 297.87 crore in the year-ago period, the company said in a filing to the BSE.

The company's income dropped to Rs 5.87 crore in the quarter under review from Rs 183.57 crore in the corresponding quarter of the previous fiscal, it said.

The firm said it "has incurred a significant amount of losses leading to erosion of net worth and the current liabilities exceeds the current assets."

Since due compliance of the sanctioned Corporate Debt Restructuring (CDR) package could not be met with, the lenders invoked the Strategic Debt Restructuring (SDR).

"Further, due to SDR also having not been implemented, State Bank of India in its capacity as financial creditor had filed a petition under the Insolvency and Bankruptcy Code, 2016 (IBC) with the National Company Law Tribunal, Kolkata Bench (NCLT)," the company said.

On August 3, 2017, the NCLT vide its order of even date, has admitted the Corporate Insolvency Resolution Process (CIRP) in respect of the company, it added.

The NCLT had by its order dated July 17, 2018, approved the resolution plan submitted by Liberty House Group Pte Ltd.

As per the terms of the resolution plan approved by the NCLT, 90 days are allowed to the resolution applicant for the implementation of the resolution plan which has already expired and the plan couldn't be implemented.

The resolution applicant has filed for an extension of time for the implementation of the resolution plan with NCLT, Kolkata Bench, and the same is pending for hearing.