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12000 employees of bankrupt Alok Industries to lose jobs – Economic Times

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…

Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/12000-employees-of-bankrupt-alok-industries-to-lose-jobs/articleshow/63839267.cms

Category: LiquidationBy Insolvency GuardianApril 20, 2018

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12000 employees of bankrupt Alok Industries to lose jobs – Economic Times

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…

Read the full article at: https://economictimes.indiatimes.com/jobs/12000-employees-of-bankrupt-alok-industries-to-lose-jobs/articleshow/63839267.cms

Category: LiquidationBy Insolvency GuardianApril 20, 2018

Post navigation

PreviousPrevious post:Salim Mehajer launches court bid to overturn bankruptcy – The Sydney Morning HeraldNextNext post:National Australia Bank flags $755m of restructuring costs – The Australian Financial Review

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May 30, 2025
SC agrees to hear petition by Byju’s promoters – ThePrint – PTIFeed
May 30, 2025
Access Denied
May 30, 2025
Deep Creek liquidation: ASB recoups funds, other creditors face $1.4m loss
May 30, 2025
Supreme Court admits Byju’s insolvency appeals | Bengaluru News
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