The National Company Law Tribunal, Chennai, has approved the scheme of compromise or arrangement submitted by Kals Distilleries for takeover of assets and properties of Thiru Arooran Sugars Ltd. This is binding on the Corporate Debtor (Thiru Arooran Sugars) and all other stakeholders involved, says an order issued by Justice (Retd) S Ramathilagam, Member (Judicial) and B Anil Kumar, Member (Technical).
Kals Distilleries operates distillery and brewery units in Tamil Nadu’s Pudukottai district. The scheme involved ₹145 crore plus liquidation expenses at actuals. This is more than the average liquidation value of the corporate debtor.
“While this being the case, we find no merit in the objectors attacking the valuation report obtained by the liquidator,” the order said.
The liquidator is directed to file the certified copy of the order to the Registrar of Companies, the order said.