State-owned Cochin Shipyard has been declared as the successful resolution applicant by the lenders to Tebma Shipyards, which is under insolvency resolution process.

The Corporate Insolvency Resolution Process (CIRP) of Tebma Shipyards was initiated by an order dated September 25, 2018 of National Company Law Tribunal (NCLT), Chennai Bench.

“Cochin Shipyard has been declared as the successful Resolution Applicant by the Committee of Creditors of Tebma Shipyards under the CIRP of the Insolvency and Bankruptcy Code, 2016,” Cochin Shipyard said in a BSE filing on Tuesday.

The implementation of the transaction will be subject to compliance with applicable regulatory requirements and as per the final terms approved by the NCLT, the filing said.

Tebma Shipyards, incorporated in July 1984, is into manufacturing and repairs of variety of ships, including warships, dredgers, tugs and offshore vessels, for domestic and international companies.