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The Karnataka High Court has invalidated the resolution plan for the takeover of insolvent wood panel and laminates maker Associate Decor, almost four years after lenders' approval. The court stated that lenders failed to provide the mandated five days' notice in writing before the plan's approval meeting, rendering it unsustainable.
Lenders to wood panel and laminates maker Associate Decor are still waiting for approval from the National Company Law Tribunal (NCLT) more than three years after the bid was approved. Tanzania-based METL was declared the preferred bidder in March 2020, offering a recovery of 40% for lenders. However, legal issues and various litigations have caused significant delays, compromising the resolution process.
Tanzania-based METL was declared the preferred bidder by lenders led by Union Bank of India (UBI) in March 2020. Its offer of ₹245 crore for the ₹604 crore debt of the company meant a recovery of 40% for lenders. However, various litigations by the promoters, state government and tax departments have delayed the case beyond the IBC timeline.
/PRNewswire/ -- The latest Particle Board Market in India research report by Technavio infers that the increasing demand for furniture from the office space...
/PRNewswire/ -- The latest Particle Board Market in India research report by Technavio infers that the increasing demand for furniture from the office space...