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ALOK INDUSTRIES, PRE & POST
CORPORATE INSOLVENCY RESOLUTION PROCESS
Dr. Binoy Joy Kattadiyil
DSc Research Scholar Westminster International University, Tashkent
Umarov Ilhomjon Yuldashevich
Associate Professor of Andijan State University, Doctor of Economics
E-mail:
Abstract.
If I asked a stock trader to put their money in a company which has just come
out of the insolvency resolution proceedings, they’d probably j
ust ignore me. But who knew
back in February 2020
that this multibagger, ‘Alok Industries’ a bankrupt company taken over
by Mukesh Ambani’ Reliance
Industries, would give returns more than 300 % within 3 months,
hitting 17 consecutive upper circuits. Little do the people who come into stock market for
these rallies know the reality behind such su rge. This study aims to discuss the history, fall
and the rapid comeback of this company, which would be impossible if it would not have been
for legislations like IBC, 2016 The study aims to give a brief about the background and birth
of the company, factors that led to its fall, the process under IBC, and its acquisition by
Reliance Industries Limited and J M Finance.
Key Words
:
Independent Advisory Committee, NPA, Indolvency
Introduction
The Insolvency and Bankruptcy Bill was introduced by the NDA government in 2015,
but got the assent of the President by the end of May 2016, and became effective in
December 2016. This was introduced as a reform focused towards fastening the long
insolvency process and to cure the tremendously spreading diseases of Bad Debts in our
Banking sector.
In June 2017, an Independent Advisory Committee for the Central Bank of India,
identified
12 Bad Debt Accounts totaling about 25% of the Gross NPA’s of the banking
system. The RBI even made a plea to the Hon’ble NCLT to prioritize these cases. Alok
Industries was one of these 12 companies.
Research methodology
The research methodology to conduct this study was majorly secondary research or
desk research, involving the already existing data. The author has referred to articles, reports
and research papers widely available. Some trend analysis has been done with the help of
data available on Stock Exchange regulator websites.
The Rise of Alok Industries
Established in 1989, Alok Industries Ltd. is an integrated textiles solution company,
based in Mumbai, India. The company got listed in the Bombay Stock Exchange and the
National Stock Exchange of India in 1993. The major dealings of the company involve Cotton
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Yarn, Garment Fabric, Home Textiles and Polyester Yarn. Its 27
th
annual report shows a 26%
of total product exports in about 90 countries around the globe.
1
Up till 15 years since its incorporation the company carried on its business in
readymade garments, Polyester yarns and Spinning & weaving. In 2005 company wanted to
expand, as a result they opted for 2 expansion plans.
First
, they wanted to increase their
spinning capacity for which they invested around 10,000 Crore rupees. These funds for
investment were raised through debts. The company was very confident about their
expansion plans, but there were major managerial flaws, the resources and assets of the
company were underutilized, due to which there was not much rise in the profits of the
company.
Second
, they wanted to open retail stores, both in India and outside. They
launched a garment retail chain under the name
‘
H & A Store
’
in India, they opened around
350 stores within a period of 3 years. Simultaneously they launched similar stores in U.K as
‘
Store 21
’
, they opened around 220 stores in U.K as well. All these expansions were done
with the help of debts from banks. The borrowings of the company took a whooping jump of
800% from the year 2007 to 2017. The borrowing of INR 3337 crore in the financial year 2007
increased to 25,506 crore in 2017.
2
Due to poor management, these huge scale investments went in vain, both the
strategies of the company failed, the profits from the retail outlets were also very poor. The
company was eventually left with no other choice but to close these stores, they gradually
closed almost all the stores across India and abroad.
The Fall of Alok Industries
By the end of 2012 the closure process of the retail stores had started,
3
almost 500
stores both in India and U.K. were shut down, it was evident that the company’s expansion
plans had failed tremendously, but an even bigger issue was still awaiting the attention of
the company-
It’s Debts. Irrespective of the success or failure of the company’s strategies
and plans, the company was bound to pay back the debts along with the interest. By 2017
the company was so burdened under the weight of its enormous financial debt that it took
no time for the company to reach a point where the second biggest expense of the company,
after raw material cost, was the interest cost. Till 2007 because the borrowings were low,
the interest cost was 142 crore, but this amount took a disastrous increase, by 2015 the
interest on debt increased to 3,513 crore. This amount was unimaginably huge as compared
to the size of the company. Till 2015 the Net profits of the company ranged from 200 to 300
Crore, but due to the burden of Debts and Interest on them, the company started booking
huge losses, within 1 year the company moved from a profit of 258 crore (2015) to a loss of
4357 crore (2016) and another loss of 3083 crore (2017).
Reasons that led to Alok Industries into Insolvency
Textile industry, by nature is very volatile, sometimes there is huge demand, and
suddenly there is none. At the time when Alok industries were already trying to make up for
its past mistakes, it went on to make blunders. This company entered into the real estate
https://www.bseindia.com/bseplus/AnnualReport/521070/5210700913.pdf
https://www.screener.in/company/ALOKINDS/consolidated/
https://fashionunited.in/v1/apparel/alok-to-shut-45-haa-stores/201208212784
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sector in 2007. The set foot in the retail markets through H&A and Store 21.
4
This trail of
losses, market competition, operational inefficiency, & internal mismanagement led to
shutting down of most of the retail sector. When the company actually realized that it is
making losses, it was deeply drowned by debt. Alok industries due to mismanagement was
blindly borrowing huge amounts and investing.
It is pertinent to understand what led to the company defaulting their loans,
borrowing money from banks and investing them into operations is not a big problem, but it
becomes a huge problem when such investments do not yield good sales thereby leading to
profits. If we analyze the data below in
Table 1
, it will be evident that the sales of the
company on March 2007 was 1,806 Cr. It kept on increasing steadily till March 2017, but just
the next year in 2018 we see a huge drop. The Sales dropped from 24,153 Cr. in 2015 to
12,924 Cr. in 2016, and further to 8,723 Cr. in 2017. Simultaneously we see the borrowings
increase from 3,337 Cr. in 2007 to 25,506 Cr. in 2017. This had a major impact of the
profitability of the business. The profits drastically fell from 165 Cr. in 2007 to a loss of 3,083
Cr. in 2017. This led to continuous default in loan installment payments. The company was
not even in a position to pay back the interest amount of the loan let alone the principle
amount. This was basically a case of extremely high expansion, not backed by a strong
revenue growth. The lenders were definitely not going to be quite.
MARCH
BORROWINGS
INTEREST
SALES
NET PROFITS
2007
3,337
142
1,806
165
2008
5,834
252
2,234
190
2009
6,956
418
3,021
74
2010
9,673
599
4,327
138
2011
12,123
782
6,615
312
2012
16,050
1,235
9,785
93
2013
19,932
2,814
21,388
297
2015
18,009
3,513
24,153
258
2016
22,037
2,874
12,924
-4,357
2017
25,506
3,442
8,723
-3,083
2018
27,415
4,711
5,514
-18,580
Table 1- Source: www.screener.in
Insolvency Resolution Process
On the 12
th
of June 2017, the Internal Advisory Committee of the RBI identified 12
accounts that covered about 25% of the banking systems non-performing assets, for
immediate resolution under the Insolvency and Bankruptcy Code. The IAC directed the
lender Banks to refer to the Insolvency and Bankruptcy Court for all accounts with total
outstanding loans amounting to more than INR 5,000 crore, with at least 60% classified as
non-performing by banks as on March 31, 2016.
5
https://blog.finology.in/success-stories/alok-industries-and-its-revival-story
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SBI the lead bank in the case initiated the insolvency proceedings against Alok
Industries in June 2017. The company owed the lenders a total of 30,000 crore. The
Ahmedabad bench of the National Company Law Tribunal (NCLT) admitted the State Bank of
India’s insolvency petition, appointing Ajay Joshi a
s the Interim Resolution Professional (IRP)
for insolvency proceedings. A case for liquidation was already pending before the Bombay
HC, prior to SBI’s application. Industrial and Commerce Bank of China (ICBC) even seeked
dismissal of the insolvency proceedings,
but to no avail, as Section 238 of the
Insolvency and Bankruptcy Code (IBC),
2016, prevailed over the former as a
subsequent Act.
6
By December 2017, the
Insolvency Professional supervising the
bankruptcy process of the company had to
call for fresh bids to resolve the 29,000 Cr.
default. Among the 12 NPA Accounts listed
by the RBI’s IAC, Alok Industry was the only
company that did not receive any bids
when the insolvency professional invited
Expression of Interest (EoI).
By June 2018 Reliance Industries Ltd.
along
with
JM
Financial
Asset
Reconstruction Company (ARC) managed
to get the approval of the lenders, striking
the deal for INR 5,050 Cr. 4,550 Cr. were
supposed to be given to the lender banks, and 500 Cr. to be invested in the company. RIL
acquired a stake of 37.7% and JM Financial 6.15% in Alok Industries. The Banks had to take a
haircut of 86%.
The CoC had no intentions to accept such an offer, one of the earlier joint resolution
plan had been rejected by the CoC in April 2018. This second round of voting was done
because 270 day deadline to resolve insolvency causes under the IBC had passed, and the
company was set to be sent for liquidation.
7
Fearing that liquidation would lead to erosion
of value and a loss of livelihood, the employee
’s
trust of the company and other operational
creditors had filed an interlocutory petition in NCLT Ahmedabad. Thereafter on the direction
of the tribunal the Resolution Professional asked the CoC to reconsider the new resolution
plan.
8
The company had got delisted after the NCLAT order dated 26
th
July 2019, but was
relisted on 27th February 2020, at a share price of 14 Rupees.
Performance of the company Before, During and Post CIRP Process
The table below highlights the financial performance of Alok Industries in the last five
years.
https://bsmedia.business-standard.com/_media/bs/img/article/2018-06/23/full/1529699936-2253.jpg
https://www.thehindubusinessline.com/todays-paper/tp-news/article23723805.ece
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POST CIRP
DURING CIRP
PRE-CIRP
PARTICULARS
(IN CRS.)
2021
2020
2019
2018
2017
REVENUE
3,735.32
3,166.34
3,128.76
5,381.95
8,326.06
OTHER INCOME
21.66
85.19
124.32
236.31
165.69
TOTAL INCOME
3,756.98
3,251.53
3,253.08
5,618.26
8,491.75
EXPENDITURE
-7,903.43
-1,499.62
-438.69
-23,294.87
-13,605.10
INTEREST
-472.72
-98.57
-4,158.00
-4,682.87
-3,273.52
PBDT
-4,146.45
1,751.91
2,814.39
-17,676.61
-5,113.35
DEPRECIATION
-285.43
-529.45
-533.17
-527.81
-512.62
PBT
-4,431.88
1,222.46
2,281.22
-18,204.42
-5,625.97
TAX
-1,423.11
0.73
0.91
-11.19
2,123.54
NET PROFIT
-5,854.99
1,223.19
2,282.13
-18,215.61
-3,502.43
EQUITY
496.53
221.08
1,368.64
1,368.63
1,357.87
EPS
-15.68
8.45
16.67
-134.14
-25.80
CEPS
--
--
20.57
-129.24
-22.02
OPM %
-111.01
55.33
89.95
-328.44
-61.41
NPM %
-156.75
38.63
72.94
-338.46
-42.07
Source: BSE
During CIRP-2019
9
After the Approval of the Resolution plan, a monitoring committee was formed w.e.f
12
th
march, 2019 to manage the affairs of Alok Industries as a Going Concern. The resolution
plan proposed reduction of the Company’s share capital without any payout to the
shareholders, by reducing the face value of each Issued and outstanding equity share. The
Resolution Plan for the Company had been approved by the Adjudicating Authority. Interest
on the borrowings accrued for the period from 2017-2019, amounting to INR 7045.19 crore
was derecognized. Arising out of this adjustment the Company recorded a total
comprehensive Income of INR 2283.02 Crore for the year ended 31st March, 2019. The
Company
’
s accumulated losses amounted to Rs. 15658.54 Crore. Total liabilities of the
Company as on 31st March, 2019, exceeded total assets by Rs. 12922.11 Crore.
Revenue from operations for the period up till June, 2017 included excise duty, which
is discontinued with effect from 1st July, 2017 upon Implementation of Goods and Service
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Tax (GST) Act
. The Revenue in 2019 saw a steep fall since 2017 as the company’s level of
operations during that time period was at 30 % capacity only. The Net profits did see a
positive figure during this period even during the Company went through the CIR Process.
The Return on equity also saw a great positive change from -183 in 2017 to -14 in 2019. For
better understanding please refer to the Graphical representation of Revenue, Net Profits
and ROE.
Source: moneycontrol.com10
Source: moneycontrol.com
https://www.moneycontrol.com/india/stockpricequote/textiles-weaving/alokindustries/AI54
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Source: moneycontrol.com
Post CIRP- 2020- 21
11
The Company recorded a total comprehensive income of Rs. 1224.55 Crore for year
ended 31st March, 2020. During the quarter and year ended, Alok Infrastructure Limited
(“Alok Infra”) a wholly owned subsidiary of the company incurred a net loss of Rs. 4.50 C
rore
and of Rs. 13.50 Crore respectively. The Alok Infra's accumulated losses amounted to Rs.
1010.01 Crore. Total liabilities as on 31st March, 2020, exceeded total assets by Rs. 933.27
Crore.
Further, due to the outbreak of Corona virus Disease (COVID-19) the Company had to
temporarily suspend operations. But after the production resumed after 17
th
March 2020, at
some places of production the company did see increased revenue generated in the year,
Net profits also increased considerably. The Company's operations and revenue during the
period were impacted due to Covid-19 and also due to the fact that the capacity utilization
over the past few years have been in the range of 25-30%. With the new business plan in
place, there is an focus to increase the capacity utilization gradually in a phased manner. Also
due to the nature of business being in textiles, the company had a great business opportunity
of use its resources in the production of PPE Kits and Masks being greatly in demand as an
essential tool to fight against the Covid-19 Pandemic.
12
To gather a better understanding of the performance of the Company, a comparative
chart of some financial ratios is produced below:
Post CIRP
During CIRP
Pre-CIRP
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2021
2020
2019
2018
2017
Basic EPS
-15.68
8.45
16.67
-134.15
-25.79
Revenue from
Operations/Share
(Rs.)
7.52
14.32
22.86
38.97
59.87
PBDIT/Share (Rs.)
-0.87
-0.91
-0.53
-94.95
-13.55
PBIT/Share (Rs.)
-1.45
-3.31
-4.43
-98.81
-17.32
PBT/Share (Rs.)
-8.93
5.53
16.67
-133.02
-41.43
Net Profit/Share
-11.79
5.53
16.67
-133.11
-25.79
Enterprise Value (Cr.)
32,604.37
28,426.84
23,402.78
24,634.48
22,669.61
EV/EBITDA (X)
-75.36
-140.68
-321.47
-1.90
-12.32
MarketCap/Net
Operating Revenue (X)
2.68
0.27
0.19
0.08
0.05
Price/Net Operating
Revenue
2.68
0.27
0.19
0.08
0.05
Earnings Yield
-0.59
1.41
3.75
-44.52
-8.68
Table 2- Source:
Looking at the aforementioned ratios, it is evident that Earnings Per Share since 2017
has definitely travelled a path towards betterment the profitability of the company has
drastically increased since 2018 from -134 EPS to 2020 recording 8.45 EPS. The Net operating
Revenue has also increase from 0.08 in 2017 to 2.68 in 2021. The earning yield has also
increased from a negative 44.5 in 2017 to a positive 1.4 in 2020. This is definitely due to the
increase in revenue and Net Profits during that period.
March of law:
As per the table produced below, the flow of events and the march of law have been
described according to the orders passed in the Insolvency Process of Alok Industries by the
NCLT.
Order Dated
Order Passed by
Brief of the Order
18
th
July, 2017
NCLT, Ahmedabad A Petition under Section 7 of the IBC was filed by the State Bank of
India against Alok Industries on the direction of the RBI via its letter
dated 15
th
June 2017.
One of the controversies in this order of admission was whether the
tribunal can entertain the petition despite the pendency of a
winding up petition before the Hon’ble High Court of Bombay. But
Section-238 of the code came to a rescue, it was held that the
provisions of this code have overriding effect over any law which is
inconsistent with the provisions of the code. Also since no winding
up order had been passed by the concerned High Court, the
Tribunal deemed it fit to maintain the application before it.
The AA after observing that the application admitted the same
under Section 7 sub-section 5(a), appointing Mr. Ajay Joshi as the
IRP.
1
st
November,
2018
NCLT, Ahmadabad An I.A filed for withdrawal of 298/2018 in vie of the NCLAT order
wherein the hon’ble appellate court observed that Clause (b) and
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(c) of the regulation 38(1) are inconsistent with section 240(1) of
the IBC, 2016. Further it was observed that any resolution plan
which provides liquidation value to the Operational / Financial
Creditor(s) in view of the said regulations without any other reason
to discriminate between two set of creditors similarly situated
cannot be approved being illegal. In this view the prayer for
withdrawal of IA 298/2018 was allowed.
It was further ordered that all the dissenting financial creditor shall
be paid in proportion to their respective value of the outstanding
debts, in the same manner as the assenting member.
4
th
January,
2019
NCLT, Ahmedabad An application was filed under Section 60(5) of the Code, by IDBI
Bank (one of the financial creditors), against the provisions
Resolution Plan stating the same to be self-contradictory.
The applicants had voted against 2 resolution plans earlier. After
the Amendment to the Code whereby required majority of voting
share was reduced to 65%,
the Employee’s
Welfare Trust of the
Corporate Debtor filed an Interim Application requesting to
reconsider the Resolution Plan. In the 16
th
Meeting of the CoC the
said Resolution Plan was Approved on 21.06.2018 by 73.19%.
IDBI Bank had alleged that the Plan seeks to curtail the rights of IDBI
over the securities created by the third party security provider as
the amount to be recovered is restricted to Rs. 10 Crore only,
thereafter it would be assigned to the ARC Trust.
It was later held that Section 3.7, does not amount to a waiver by
Financial Creditor of any of their claims against subsidiaries. It was
observed that there is no ambiguity in the resolution plan and INR
10 Crore is just a commercially agreed cap in terms of enforcement
of security over immovable properties of the 3
rd
party.
8
th
March, 2019
NCLT, Ahmedabad An Interim Application No. 259 of 2018 was filed for approval of the
Resolution Plan under Section 30(6) r/w 31(1) of the Code r/w Reg.
39(4) of the IBBI (Insolvency Resolution Process for Corporate
Persons) Regulation, 2016.
A lot of Intervention/ Interlocutory Applications were filed with
various grievances. It was observed that these applications were
filed after the application for approval of Resolution Plan was filed
by the Resolution Applicants. These applications were filed at such
a belated date, that their claims did not seem bonafied. The court
while rejecting these applications observed that these applicants
were well aware of their fate and position but none of them
approached the AA on the date of Approval of the Plan.
This application approved the Resolution Plan with immediate
effect, allowing IA 259/2018 and dismissed all the other IAs.
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26
th
July, 2019
An I.A. No. 320/2019 was filed by the Applicant under section 60(5)
of the Code, seeking clarifications/ rectifications of the
typographical errors in the Order dated 8
th
March 2019. The court
found that there are certain typographical errors due to
inadvertence, which were rectified, vide the said order.
24
th
October,
2019
NCLAT
A Company Appeal (AT) no. 1093/2019 was filed after 191 days. It
was brought to the notice of the court that the said appeal is barred
by limitation. The appellants did not appear before the court during
the previous hearings.
The court resultantly held that it cannot condone the delay beyond
15 days, and are not inclined to adjourn the matter.
Literature Reviews
In the article ‘
Alok industries and the St
ory of its Revival’
13
by Varishika Dinesh
the
author has discussed about the rise and sudden fall of Alok industries. The author has written
the article with an investors point of view. She opines that the company even after all the
ups and downs, is a money bagger for most of the investors. It went from Rags to riches after
its acquisition by the Giant Reliance Industries (RIL), and JM Finance an asset Reconstruction
company. The name of RIL itself has hyped the whole scenario, further the industry is sure
to climb the ladder of success again in near future.
In the case study on Alok Industries by Sanjay Dongre
14
the author aims to bring to
light the point about the huge Haircuts. The Case study highlights the Protests by the All India
Bank Officers Conf
ederation (AIBOC) against the COC’s decision of accepting Reliance
Industries-
JM Financial ARC’s resolution plan with a deep 83 per cent haircut. The resolution
plan was valued at 5000 crore, of which 4000 crore was to be used to repay financial creditors
while the claimes submitted by the Financial Creditors was worth over INR 29,000 crore. A
recovery of only 17% was done.
Conclusion and Recommendation
The Adjudicating Authority is quite clear in its terms when it comes to the compliance
with the objectives of the Insolvency and Bankruptcy Law in India. It was By April 2020, that
the lenders received their monies for Alok Industries Resolution from RIL and JMFARC.
Looking at this case it is evident how serious our Tribunals are about long term aims and
essence of the Code. Very efficiently the AA highlighted the importance of Resolution above
liquidation, taking the Apex Courts decision in the matter of K Sashidhar vs. Indian Overseas
Bank & Ors. as the precedent. The NCLT in this matter very efficiently accentuated the fact
that priority is to be given to the resolution and not liquidation. Liquidation is never in the
13
https://blog.finology.in/success-stories/alok-industries-and-its-revival-story
14
https://taxguru.in/corporate-law/insolvency-case-study-alok.html
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larger interest of public, workmen and stakeholders directly related to the corporate debtor,
it should always be the last resort. Resolution is a Rule and Liquidation is an Exception.
The Resolution Process of Alok Industries was quite a roller coaster ride for everyone
related to the process, it brought about better understanding of the IBC and resulted in the
achievement of its aims. It is the result of this that we are witnessing a betterment in the
health of the company. The company had seen days as bad as getting delisted from the BSE,
it got relisted at 14 Rs per share and dipped to 4 Rs per share in March 2020, due to the Covid
19 Outbreak.
The Pandemic has affected everyone globally, Indian economy has also seen major
turbulences and slowdown of the economic activities. After the Government ordered a
nationwide lockdown to prevent the community spread of the disease various economic
activities have come to a standstill. Most of the manufacturing units of Alok Industries had
to be shut down during this time but later the management decided to produce PPE Kits,
which are still high in demand due to the ongoing deteriorating situation of the pandemic.
This was an opportunity for the management, before January 2020 the PPE Kits that were
available in India were being imported from china at very high costs and poor quality. The
Management employed 10,000 workers at their Silvasa Palnt just focused on Manufacturing
PPE Kits. The Share Prices of the company has seen a sudden jump within a very short period,
there was an upper circuit also imposed by the Market Regulator. At present the Share Price
is at an average 20 Rs per share. The company is indeed in better health despite all the
unfavorable circumstances in the economy.
References
Online Articles
1.
Fashion United ‘https://fashionunited.in’
2.
Finology
Legal ‘https://blog.finology.in/’
3.
Economic times ‘https://economictimes.indiatimes.com/’
4.
Financial Express ‘https://www.financialexpress.com/’
5.
Business Standard ‘https://www.business
-
standard.com/’
6.
The Hindu Business Line ‘https://www.thehindubusinessline.com/’
7.
Money Control ‘https://www.moneycontrol.com/’
8.
Taxguru ‘https://taxguru.in/’
Data Collection
1.
Bombay Stock Exchange ‘https://www.bseindia.com/’
2.
Sceener.in ‘https://www.screener.in/company/ALOKINDS/consolidated/’
3.
Insolvency and Bankruptcy Board of In
dia ‘https://www.ibbi.gov.in/’
