Harish Textile Engineers Limited has disclosed that the National Company Law Tribunal (NCLT) hearing regarding a petition filed by creditor Kamlesh Corporation has been adjourned to February 6, 2026. The adjournment was necessitated due to audio-video connectivity issues experienced by the applicant's counsel during the proceedings.

NCLT Hearing Details

The company received the Order Sheet of Hearing dated January 5, 2026, from the official website of the Hon'ble NCLT Mumbai Bench on January 13, 2026. The tribunal directed that the matter be re-listed following the technical difficulties encountered during the hybrid hearing.

Case Background

The petition was filed by Kamlesh Corporation against Harish Textile Engineers Limited regarding alleged outstanding dues payable to the creditor. This disclosure follows the company's earlier intimation dated December 12, 2025, when the initial petition was filed before the NCLT Mumbai.

Financial and Operational Impact

The company has assessed the current situation and provided the following impact analysis:

Company's Response Strategy

Harish Textile Engineers Limited has confirmed that it has taken note of the tribunal's order and will act accordingly in consultation with its legal counsel. The company stated it is seeking legal advice and will attend and respond at the scheduled hearing on February 6, 2026.

Regulatory Compliance

This disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. The company has requested BSE Limited to take this information on record as compliance with the regulatory requirements.

The communication was signed by Sandeep Gandhi, Managing Director (DIN: 00941665), and submitted to BSE Limited on January 13, 2026, from Mumbai.

Harish Textile Engineers Limited has informed BSE about its inability to redeem Non-Convertible Debentures (NCDs) worth ₹1.47 crore that were due for redemption on December 20, 2025. The company disclosed this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

NCD Redemption Default Details

The company has defaulted on its 7% Unlisted, Secured, Unrated, Redeemable, Non-Convertible Debentures (Series-IV). The NCDs were originally issued on September 21, 2022, with a three-year tenure at 7% interest rate, payable half-yearly on September 30 and March 31 every year.

Outstanding Interest and Total Debt Position

Apart from the principal redemption amount, Harish Textile Engineers has been unable to service interest payments on these NCDs from April 1, 2025, till December 20, 2025. The company's total financial indebtedness, including short-term and long-term debt, stands at ₹31.64 crore.

The company had issued NCDs worth ₹4.23 crore across four series. While Series I (₹0.93 crore) and Series II (₹1.13 crore) were redeemed on their respective due dates, Series III faced partial redemption with ₹0.65 crore remaining in default since October 7, 2025.

Debenture Holders Meeting Outcome

The company held a meeting of debenture holders on December 22, 2025, conducted virtually by Axis Trustee Services Limited, the Debenture Trustee. The meeting addressed issues related to both Series III and Series IV NCDs. During the discussions between the Debenture Trustee, debenture holders, and the company, it was observed that certain issues require further deliberation and finalization.

The meeting concluded with an agreement to hold further discussions in a subsequent meeting scheduled for next week. The Debenture Trustee will issue a separate notice specifying the date and time for the upcoming meeting to both the company and all debenture holders.

Reasons for Financial Distress

The company attributed the redemption delay to general slowdown in the manufacturing sector coupled with ongoing cash flow constraints and liquidity crunch. However, the management stated that the present liquidity crisis is temporary and will not affect its going concern status. Harish Textile Engineers continues to coordinate with the Debenture Trustee and NCD holders to arrive at a suitable resolution.