Simbhaoli Sugars Faces Financial Reporting Delays Amid Insolvency Process and Staff Exodus
Simbhaoli Sugars Limited is experiencing significant delays in submitting financial statements due to multiple factors. The company entered Corporate Insolvency Resolution Process (CIRP) on July 11, with management now vested in the Interim Resolution Professional. Legal challenges include an appeal against the NCLT order. Staff attrition in the finance department has impacted the preparation of financial statements. The company is facing issues with consolidated and standalone financial statements, as well as delays in receiving reports from subsidiaries. Steps are being taken to resolve these challenges and complete the financial reporting process.