Adhunik Metaliks Q2 loss narrows to Rs 250 cr
It had posted a standalone loss after tax of Rs 297.87 crore in the year-ago period.
November 13, 2018 / 09:43 PM IST
We are in the last phase of the September quarter earnings season, and the results announced by the BSE 500 companies so far have shown signs of a sharp recovery, as compared to the June quarter, when the economic activity in the country was compromised due to lockdown in various regions. From the BSE 500 list, 216 companies have announced their September quarter results so far. We excluded banking and financial companies. Along with the index stocks we also analyse each sector quarterly earnings. (Data Source: ACE Equity)
Adhunik Metaliks 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 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 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.