Starlite Components

Starlite Components Limited has been affected by difficult market conditions, leading to a notable decline in the turnover from its products. As a result, the company entered a Corporate Insolvency Resolution Process (CIRP) to restructure its operations and finances for a revival. During this period, the powers of the Board of Directors were suspended, and the company's affairs were managed by a Resolution Professional. The company's main business activity was paused during the year; however, it still achieved a turnover of over ?3.13 crores. This revenue was generated from Annual Maintenance Contract charges related to the Ambernath Project, showing a shift in its operational income source. This strategic change led to a significant financial turnaround, resulting in a net profit of ?10.36 crores, compared to a loss previously.;