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Atlas Cycles (Haryana) Ltd. - Outcome of Board Meeting

| Updated on July 19, 2019 Published on July 19, 2019

Pursuant to passing of the Judgment dated 02.07.2019 by the Honble NCLAT, Delhi, the Board considered it prudent, to forthwith sell/ dispose of the Non-Core and Non-productive assets of the company, to protect the company against an impending threat to the existence of the company due to filing of series of petitions by the operational creditors under I&B code in NCLT, Chandigarh. The Board is also alive to the fact that presently drawing power of the company has become nil, resultantly, the bank borrowings have become payable to the bankers. The Company is not in a position to borrow any more money from the bankers and the only plausible option is to sell the non-core and non-productive assets of the company to streamline the finances and bring the company back on rails. Unless such funds are infused, the company is not in a position to pay the operational creditors and financial creditors/banks. The proceeds realized therefrom shall be utilized for payment of operational/ financial creditors as mandated in the order dated 02.07.2019 passed by the Honble NCLAT.

Accordingly, The Board of Directors at their meeting held on 19.07.2019 (Started at 5.00 PM and concluded at 6:00 PM) resolved to sell/transfer or dispose of the Non-Core and Non-Productive assets of the company (Undertaking) upto Rs. 150 Crores.

Pdf Link: Atlas Cycles (Haryana) Ltd. - Outcome of Board Meeting

Source : BSE - www.bseindia.com

Published on July 19, 2019
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