Premier Limited , currently undergoing Corporate Insolvency Resolution Process (CIRP), has reported a loss of Rs 235.88 lakhs for the half-year ended September 30. The company, which has been under CIRP since January 2021, continues to face significant financial challenges.

Financial Performance

The company's financial results paint a grim picture of its current state:

Premier Limited's net worth has been completely eroded, raising concerns about its ability to continue as a going concern.

Operational Challenges

Manufacturing activities at Premier Limited's Chakan plant have remained suspended since March 3, 2020, due to a lack of working capital. This prolonged suspension has significantly impacted the company's operations and financial health.

Insolvency Process Update

The Committee of Creditors (CoC) approved a resolution plan submitted by Fab Metals Pvt. Ltd. with 92.47% consent in January 2022. However, the approval from the National Company Law Tribunal (NCLT) Mumbai Bench is still pending.

Other Developments

During the quarter, Premier Limited received compensation of Rs 164.00 lakhs from land acquisition by Dedicated Freight Corridor Corporation. This amount has been treated as other income in the financial results.

Auditor's Concerns

The company's auditors, Jayesh Dadia & Associates LLP, have raised several concerns in their review report:

1. Material uncertainty about the company's ability to continue as a going concern.
2. Lack of assessment of impairment for the company's assets.
3. Potential discrepancies in the claims admitted by the Resolution Professional and the amounts reflected in the financial results.
4. Incomplete updation of personnel records and employee dues calculations.

Conclusion

As Premier Limited continues to navigate through its insolvency process, the company's financial health remains precarious. The pending approval of the resolution plan by the NCLT will be crucial in determining the future course of the company.

Investors and stakeholders are advised to closely monitor further developments in the insolvency proceedings and any potential turnaround strategies that may be implemented.

Premier , a company currently undergoing Corporate Insolvency Resolution Process (CIRP), convened its twentieth Committee of Creditors (CoC) meeting on October 27, 2025. The meeting, which lasted from 4:00 PM to 4:50 PM, was held under the supervision of Resolution Professional Kanak Jani.

Meeting Details

Regulatory Compliance

In adherence to regulatory requirements, Premier promptly notified the stock exchanges about the conclusion of the meeting. This disclosure aligns with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and specifically complies with Clause 16(g) of Part A of Schedule III of LODR.

Company Status

Premier is currently navigating through the Corporate Insolvency Resolution Process, a structured approach under Indian insolvency laws designed to resolve the debt issues of financially distressed companies. The ongoing CIRP and the regular CoC meetings indicate that the company is actively working towards addressing its financial challenges and exploring potential resolutions.

Resolution Professional

Kanak Jani, the appointed Resolution Professional overseeing the CIRP for Premier, holds the following credentials:

The Resolution Professional plays a crucial role in managing the company's affairs during the CIRP and facilitating negotiations between creditors and potential investors.

While the specific outcomes of the meeting were not disclosed, these regular CoC meetings are typically held to discuss and decide on various aspects of the insolvency resolution process, including potential resolution plans, operational decisions, and strategies to maximize value for creditors.

Investors and stakeholders of Premier are advised to stay informed about further developments in the company's insolvency proceedings, as these may significantly impact the company's future and potential recovery.