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Simbhaoli Sugars Limited has announced the outcome of the Interim Resolution Professional (IRP) convened meeting held on December 29, 2025. The meeting considered and took note of the Standalone Unaudited Financial Statement for the quarter ended September 30, 2025.

The financial results were reviewed by B.K. Kapur & Co. Chartered Accountants, who issued a limited review report. The report highlighted several qualifications, including the non-provision of interest expenses on borrowings from banks amounting to ₹8691.77 Lakhs for the quarter and ₹17052.06 Lakhs for the half-year ended September 30, 2025. Additionally, interest on unsecured loans from related parties and interest on delayed sugarcane payments to farmers were not provided for.

The auditors also noted that the company has not assessed impairment losses on investments in and receivables from its subsidiary companies, Simbhaoli Power Private Limited (SPPL) and Integrated Casetech Consultants Pvt. Ltd. Furthermore, the company has not assessed the impairment loss on its Property, Plant, and Equipment.

Remuneration paid to the Managing Director and Whole-Time Director during earlier financial years and the CIRP period was paid without obtaining the consent of all lenders, as required by Section 197 of the Companies Act, 2013. The tenure of the Chief Financial Officer (CFO) has expired, and remuneration for the period after expiration has not been provided pending approval.

Corporate Insolvency Resolution Process (CIRP) costs have not been recognized as the Committee of Creditors (COC) has not been constituted. The financials are prepared on a going concern basis despite the company's net worth being fully eroded, incurring cash losses, and having current liabilities exceeding current assets.

The latest hearing date for the Corporate Insolvency Resolution Process (CIRP) has been scheduled for January 14, 2026.