In an exchange filing made during market hours today, the company informed that it had participated in the challenge mechanism undertaken in the corporate insolvency resolution process of the corporate debtor and has, pursuant thereto, been declared as the highest bidder on 10 April 2023.

"the decision on the resolution plan submitted by the company is subject to the approval of the committee of creditors of the corporate debtor as well as necessary regulatory approvals,” Kirloskar Ferrous said in a statement.

Oliver Engineering was engaged in the business of ferrous casting with its manufacturing facility located in the state of Punjab. The corporate insolvency resolution process (CIRP) was initiated against the company by order of the NCLT Delhi passed on 26 April 2022 in the matter of Punjab National Bank vs Oliver Engineering Pvt Ltd. Akash Shinghal has been appointed as interim resolution professional (IRP) by the NCLT.

Kirloskar Ferrous Industries is one of India's largest castings and pig iron manufacturers. The company caters to various industry sectors, such as tractors, automobiles and diesel engines.

On standalone basis, the company's net profit jumped 26.5% to Rs 103 crore on 15.2% rise in net sales to Rs 1,075.09 crore in Q3 FY23 over Q3 FY22.

The scrip rose 0.83% to currently trade at Rs 432.30 on the BSE.