Walchandnagar Industries: JUD Cements CIRP Admission

Walchandnagar Industries Ltd has informed exchanges that a petition for Corporate Insolvency Resolution Process (CIRP) against its customer, JUD Cements Limited, has been admitted by the NCLT, Guwahati Bench. The admitted petition was filed by financial creditors under the IBC, 2016. The machinery manufactured for JUD Cements remains undelivered and in Walchandnagar's possession. The total value of the custom machinery was ₹1,657 Lakhs, with a post-impairment value of ₹92 Lakhs. The company had previously impaired ₹1,565 Lakhs of Work-in-Progress (WIP). Walchandnagar is exploring options to sell, dismantle, or salvage the machinery. Due to prior impairment and physical possession, the admission of JUD Cements into NCLT is not expected to have a material incremental adverse impact on the company's current quarter's profitability or financial performance.