The National Company Law Tribunal (NCLT) Kolkata bench has commenced insolvency proceeding for India-based aluminium foil company Ess Dee Aluminium last week. The company has been referred to the NCLT by the State Bank of India, the company’s financial creditor. Ess Dee owes Rs4,698.4mn ($69.58mn) to the bank.
For the December quarter (Q3), Ess Dee posted a loss of Rs517.64mn compared to a loss of Rs519.68mn in the prior year. In 2019, the company reported an after-tax loss of Rs7,953.66mn. Ess Dee Aluminium has reported consecutive losses for both; quarter over quarter and year over year and the company’s operations are at a stand still.
Ess Dee offered an integrated, customised primary packaging solutions for the food, pharma and FMCG sectors. It has facilities in Daman, Goa and Kolkata. Ess Dee’s Daman plant has an aluminium foil cold rolling mills with an annual capacity to produce 18,000mt of average 27 microns gauge.