MUMBAI: With Alok Industries heading into likely liquidation, about 12,000 permanent employees of the company are set to lose jobs in what could be the biggest labour casualty since the implementation of the bankruptcy code.
These employees earned an average salary of Rs 1.45 lakh a year, show data compiled by Corporate Professionals that used the financials reported by the company for 2016-17. Alok Industries was subsequently referred for insolvency proceedings.
While considering the resolution plans, lenders are looking at only the recovery aspect, said Manoj Kumar, partner & head M&A and Insolvency Service at Corporate Professionals, a Delhi-based firm. If they feel that an offer does not meet their expectations, they refuse to app…
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