S R Industries Ltd Company Summary

S R Industries Ltd Summary

S R Industries Limited (SRIL) is currently navigating a challenging scenario, wherein the companys performance has been adversely impacted by a liquidity crunch. Pursuant to an order dated December 21, 2021, from the National Company Law Tribunal, Chandigarh Bench, the Company is undergoing the Corporate Insolvency Resolution Process (CIRP). As a result, Shri Rajender Kumar Jain, Insolvency Professional (IP), has been appointed as the Interim Resolution Professional and subsequently confirmed as the Resolution Professional. Presently, the IP has taken over the management and operations of the Company. Consequently, all the powers of the Board of Directors of SRIL are suspended, and all powers are vested with the Resolution Professional.Incorporated in year 1989, S R Industries Limited is a dynamic group heading the footwear division having the state-of-the-art integrated manufacturing plant. The Company is having its operations in the State of Punjab (Mohali) and Himachal Pradesh (Una) and is engaged in the manufacturing of Footwear comprising of the facilities including Rubber Outsole Moulding, EVA Sheet, Cutting and preparation, Stitching, Assembly line for shoes. The footwear division manufactures goods for various companies such as Bata, Fila etc.The Company has facilities like Rubber Outsole moulding, EVA sheet, IMEVA, stockfitting, Cutting and preparation, Stitching, Assembly line for Shoes equipped with latest machinery from leading machine manufacturers across the globe. It is currently producing items for the Sports Footwear segment of the market - mostly EVA Flip Flops, Lifestyle Footwear, Sports Sandals, Sports Shoes - Die-Cut Jogger & Running Shoes with IMEVA midsole.The Company was registered under The Corporate Insolvency Resolution Process (CIRP) and initiated by the Adjudicating Authority (AA/ Honble NCLT, Chandigarh Bench) on 21.12.2021. Pursuant to the process of Request for Resolution Plan (RFRP), Bazel International Limited(BIL) emerged as the Successful Resolution Applicant (SRA), which was granted the approval of the AA vide its order dated 01.07.2024. The Company has rehabilitated from CIRP and new management has taken the charge over the Company. Post restructuring of share capital, Bazel has become Holding Company of the Company. During the year 23-24 there were no any business activity in the Company due to CIRP proceeding.