The Kolkata bench of National Company Law Tribunal has approved the resolution plan submitted by Tata Steel Mining (TSML), a wholly-owned subsidiary of Tata Steel for debt laden Rohit Ferro-Tech (RFTL).
The Committee of Creditors had, in June last year, declared Tata Steel Mining as the successful resolution applicant for the acquisition of Rohit Ferro-Tech, subject to necessary regulatory approvals, including approval from NCLT, Kolkata bench.
Pursuant to Section 31(1) of the Code, the NCLT orally pronounced its order approving the Resolution Plan submitted by TSML for acquisition of RFT. The copy of the order approving the Resolution Plan is yet to be uploaded on the website of NCLT and the same will be provided once available, Tata Steel said in a regulatory filing to stock exchanges on Thursday.
The NCLT, Kolkata bench had, in February 2020, admitted the State Bank of India’s petition for initiation of the Corporate Insolvency Resolution Process (CIRP) against the ferro alloys and stainless steel manufacturer RFTL under Section 7 of the Insolvency and Bankruptcy Code (IBC).