Warning: SQLite3::exec() [sqlite3.exec]: database disk image is malformed in /home/content/90/9609190/html/HOSEPVC.COM/cms.client.php on line 1597
Alok Industries\' 12,000 employees may lose jobs as it heads towards liquidation-悠悠HOT資源站

Alok Industries\' 12,000 employees may lose jobs as it heads towards liquidation

作者:Ashley 發表日期:2019-03-26 03:04:41

About 12,000 permanent employees of Alok Industries are likely to lose their jobs as the company is heading towards liquidation, reported Economic Times. 

The resolution professional has referred Alok Industries, which owes Rs 29,500 crore to the lenders, for liquidation last Saturday as the 270-day deadline to finalise a resolution plan ended on April 14.

Lenders of the company have been looking for a suitable taker, however, in the absence of recovery options, Alok Industries would liquidate under the insolvency proceedings.

date = new Date(); date.setTime(date.getTime()+(1*24*60*60*1000)); $.cookie("dfp_cookie_article", "Y1", {expires: date,path:"/",domain: ".moneycontrol.com"});

「While considering the resolution plans, lenders are looking at only the recovery aspect,」 Manoj Kumar, partner and head – M&A and Insolvency Service at Corporate Professionals, told the paper, adding that if they feel that an offer does not meet their expectations, they will refuse to approve the resolution plan and the company will go into liquidation.

date = new Date(); date.setTime(date.getTime()+(1*24*60*60*1000)); $.cookie("dfp_cookie_article", "Y1", {expires: date,path:"/",domain: ".moneycontrol.com"});

related news

NTPC latches on to govt idea to sell renewable power at tariff of coal-based PPAs

Yes Bank gets RBI nod to open offices in London, Singapore

AB Group may sell up to 20% stake in Idea Payments Bank for Rs 200 crore

The Company had 11,759 full-time employees as of March 31, 2017, with a total staff strength at 18,000. Staff costs amounted to Rs 283.31 crore in FY18.

The firm's liquidation will also affect hundreds of small vendors, service providers and about 2.05 lakh equity shareholders, including public financial institutions and retail investors, who may lose their investments.

Earlier last week, lenders to Alok Industries did not approve an offer by Reliance Industries-JM Financial ARC to acquire the bankrupt company. Only 70 percent of the lenders agianst the required 75 percent vote to accept the resolution plan endorsed the revised all-cash offer of Rs 5,050 crore. This amount was just about Rs 100 crore higher than the previous proposal, the report said.

In July 2017, the Ahmedabad bench of the National Company Law Tribunal had admitted insolvency proceedings against the textile company under the Insolvency and Bankruptcy Code. The consortium of lenders, led by SBI, is claiming dues of over Rs 23,000 crore from Alok Industries.

About 81 companies that have already gone into liquidation under the Insolvency and Bankruptcy Code (IBC) and nearly 100 other companies facing insolvency processes are on the verge of liquidation, according to Corporate Professionals.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.