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NCLT nod for Kamini Metalliks taking over VBC Industries
January 25, 2021
As per the arrangement, Kamini Metalliks will pay ₹57 crore to the VBC lenders. The National Company Law Tribunal , Hyderabad has approved the resolution plan of Kamini Metalliks for debt-strapped VBC Industries.
VBC Industries, which was earlier declared insolvent, will now have a new owner in Kamini Metalliks which offered ₹98 crore with its bid.
Judicial member K Anantha Padmanabha Swamy and Member Technical Binod Kumar Sinha of the NCLT Hyderabad, on a petition moved by the corporate debtor, approved the resolution plan filed by Kamini Metalliks.
Lenders had moved NCLT for a resolution against the VBC Industries, which had raised about ₹268 crore from various bank facilities but could not keep up its commitments to repay the dues.