Tricom Fruit Products Undergoes CIRP as Resolution Plan Awaits NCLT Approval

Resolution plan approved by Committee of Creditors with 99.91% vote; Company reports nil operational income.

Reader Takeaway: The company has ceased operations and relies entirely on the NCLT-approved resolution plan for survival.

What just happened

Tricom Fruit Products Limited is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the IBC, 2016. The NCLT Mumbai Bench suspended the company's Board of Directors on August 13, 2024, transferring management to Resolution Professional Prakash Dattatraya Naringrekar. The Committee of Creditors has officially backed a resolution plan submitted by Vivek Kumar Ratakonda, which is now pending final judicial approval.

Why this matters

The company has effectively ceased business operations, reporting nil income for the period. Its financial health is severely compromised, with a negative net worth of Rs 8,693.64 lakh as of March 31, 2026, and accumulated losses reaching Rs 13,035.31 lakh. Financial creditors have recalled all outstanding borrowings, which total Rs 6,564.64 lakh.

Risks to watch

Auditors have explicitly flagged material uncertainty regarding the company's ability to continue as a going concern. With a current ratio of 0.0, the company lacks the liquidity to meet its existing liabilities. Future value for equity holders is speculative and contingent entirely on the terms of the resolution plan sanctioned by the NCLT.

Governance and Compliance

While the auditor provided an unmodified opinion, the secretarial audit highlighted past procedural delays, including late filings of MGT-14 and MGT-15 forms and delays in annual listing fee payments to the BSE. These compliance issues have since been rectified under the current insolvency oversight.