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The National Company Law Tribunal, Kolkata Bench has approved the Resolution Plan submitted by Dalmia Bharat Refractories Limited and Himadri Speciality Chemicals Limited in respect of Birla Tyres Limited.
Indian Oil Corporation (IOC) has acquired Mercator Petroleum for about Rs 148 crore in an insolvency proceeding. As per the resolution plan, the company will pay Rs 135 crore to secured financial creditors, who had admitted claims of Rs 291 crore.
Indian Oil Corporation (IOC) has acquired Mercator Petroleum for about INR 148 crore in an insolvency proceeding. As per the resolution plan, the company will pay INR 135 crore to secured financial creditors, who had admitted claims of INR 291 crore.
IndianOil will execute the Resolution Plan and fulfill the required regulatory procedures, including securing any essential approvals, for the effective execution of the Resolution Plan, the company further said.
In a discussion paper, the Insolvency and Bankruptcy Board of India (IBBI) has said the first part of the proposed rescue deal will enable the National Company Law Tribunal (NCLT) to approve the resolution plan giving control to the acquirer so that the sick firm can quickly resume or accelerate its operations.