Intimation of Newspaper Advertisement of Form-A as per Regulation 6 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 made in reference to our Announcement dated July 15, 2024
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Awaiting price reaction for this filing.
Simbhaoli Sugars Limited has published Form-A in newspapers, as required under Regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. This is in reference to an earlier announcement dated July 15, 2024, indicating the company is currently undergoing a Corporate Insolvency Resolution Process (CIRP). Form-A is a public notice inviting financial creditors to file their claims with the Interim Resolution Professional. The publication is a mandatory compliance step under the Insolvency and Bankruptcy Code to ensure creditors are informed of the insolvency proceedings.
This confirms that Simbhaoli Sugars remains in active insolvency proceedings, which is a negative signal for equity shareholders as their value is at significant risk of dilution or complete loss depending on the eventual resolution plan. Investors should expect continued stock price pressure and uncertainty.