Alps Industries Limited , a textile manufacturing company, has undergone a significant board restructuring as part of its corporate insolvency resolution process. The company has appointed four new directors effective December 1, 2025, following the implementation of a resolution plan approved by the National Company Law Tribunal (NCLT).

New Board Appointments

The company has made the following key appointments to its board:

These appointments are subject to shareholder approval at the ensuing General Meeting, as per Sub-regulation (1C) of Regulation 17 of SEBI LODR Regulations.

Outgoing Directors

Pursuant to the NCLT order dated November 4, 2025, six existing directors, including Managing Director Sandeep Agarwal, have ceased to hold office. The complete list of outgoing directors is as follows:

This complete board overhaul marks a significant change in the company's leadership structure as part of its resolution process.

Financial Context

While the company undergoes this significant restructuring, it's important to note the challenging financial position reflected in its recent balance sheet data:

The negative total equity and the significant increase in current assets and liabilities highlight the financial challenges the company faces, underscoring the importance of the resolution plan and board restructuring.

The appointment of new directors, particularly those with expertise in finance and stock markets like Sandhya Kohli, may be aimed at steering the company through its current financial difficulties and implementing a turnaround strategy.

As Alps Industries Limited embarks on this new phase under fresh leadership, stakeholders will be keenly watching how the new board addresses the company's financial challenges and implements the NCLT-approved resolution plan.

Alps Industries Limited , a textile company currently under insolvency proceedings, has reported continued losses for the quarter ended September 30, 2025. The company's financial results, released under the supervision of Resolution Professional Mr. Hemant Sharma, highlight the ongoing challenges faced by the firm as it navigates through the Corporate Insolvency Resolution Process (CIRP).

Financial Performance

For the quarter ended September 30, 2025, Alps Industries reported a standalone net loss of Rs. 17.09 crore, compared to a net loss of Rs. 16.3 crore in the previous quarter. The company's revenue for the quarter stood at Rs. 0.1 crore, reflecting a significant decline from Rs. 0.3 crore in the previous quarter.

Key financial highlights for the quarter include:

The company's performance continues to be severely impacted by high interest costs, which amounted to Rs. 16.80 crore for the quarter, up from Rs. 16.10 crore in the previous quarter.

Insolvency Proceedings and Resolution Plan

Alps Industries has been undergoing insolvency proceedings since September 13, 2024, when the National Company Law Tribunal (NCLT), Allahabad Bench, admitted a petition filed by Edelweiss Assets Reconstruction Company Ltd. (EARC) under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The company's management has reported that out of 13 resolution plans received, the Committee of Creditors (CoC) voted in favor of one plan on June 27, 2025. This plan was subsequently approved by the NCLT on November 4, 2025, and is currently under implementation.

Auditor's Observations

The company's auditors have raised concerns regarding the non-provision of liabilities towards interest and part of the principal loan that was earlier waived under a draft rehabilitation scheme. According to the auditors, these unprovided liabilities amount to Rs. 2,219.48 crore. If accounted for, this would significantly increase the reported loss and loan liabilities of the company.

Going Concern Status

Despite the ongoing insolvency proceedings, the financial statements have been prepared on a going concern basis. The management and the Board of Directors (whose powers are currently suspended) have recommended maintaining the company's status as a "Going Concern" during the CIRP, in line with the requirements of the Insolvency and Bankruptcy Code.

Outlook

The implementation of the approved resolution plan is expected to have a significant impact on Alps Industries' financial position and operations. However, the exact implications will only be clear once the plan is fully executed.

As the company continues to navigate through this critical phase, stakeholders will be closely watching the progress of the resolution plan implementation and its potential to turn around the company's fortunes in the highly competitive textile sector.