CoC approves resolution plan by SNJ distillers

The Committee of Creditors (CoC) have unanimously approved the resolution plan submitted by SNJ Distillers Pvt Ltd, Chennai, in the matter of Corporate Insolvency Resolution proceedings of Empee Distilleries Ltd, which is currently under Corporate Insolvency Resolution Process for not paying over ₹300 crore dues to financial creditors.

The resolution plan was submitted with the Adjudicating Authority, National Company Law Tribunal, Chennai Bench, on July 25, for their approval, according to a letter issued by S Rajendran, a Resolution Professional for Empee Distilleries, and submitted to the Bombay Stock Exchange (BSE) by the distillery company.

SNJ Distilleries is leading manufacturer of Indian-made foreign liquor.

Rajendran in an earlier communication to the BSE said that the company received resolution plan from four applicants and the same were submitted to CoC for their consideration and approval.