Empee Distilleries’ CoC approves resolution plan submitted by SNJ Distillers

Our Bureau Chennai | Updated on July 29, 2019

The Committee of Creditors (CoC) of Empee Distilleries Ltd has unanimously approved the resolution plan submitted by Chennai-based SNJ Distillers Pvt Ltd.

Empee is under a Corporate Insolvency Resolution Process (CIRP) for not paying over ₹300 crore in dues to financial creditors.

The resolution plan was submitted to the Chennai Bench of the National Company Law Tribunal on July 25, according to a letter issued by S Rajendran, Empee’s Resolution Professional, to the BSE.

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

Rajendran, in an earlier communication to the BSE, had said the company received had resolution plans from four applicants and these were submitted to the CoC for their consideration and approval.

The NCLT had initiated the insolvency process on a petition filed by Union Bank of India, which claimed a default of ₹10.18 crore.

Published on July 29, 2019

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like