Alok Industries not to file financial results due to NCLT proceeding

Textile manufacturing company Alok Industries today said it would not be able to file quarterly and annual results as it is facing liquidation before the NCLT under the Insolvency & Bankruptcy Code (IBC). "We wish to inform you that the company will not be able to meet the requirements of Regulation 33 of the SEBI LODR regulations to inter alia, consider and approve the audited standalone financial result, audited consolidated financial result of the company for the quarter/year ended March 31, 2018," the company said in a regulatory filing.

It further informed that the Resolution Professional of the company has filed an application before the National Company Law Tribunal for liquidation of the company and no order has been passed by it.

"Therefore, the audited financial statements that may be prepared on a going concern basis has its inherent challenges and may not give complete, true and fair representation of the financial of the company," it added.

The company would comply with the regulations after NCLT passes a final order over RP's liquidation plea.

The Committee of Creditors of Alok Industries could not approve resolution plans for the company within 270 days mandated under IBC.

Lenders had rejected the bids from Reliance Industries, which had submitted a resolution plan along with JM Financial Asset Reconstruction Company.