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NCLT clears BRS Ventures’ resolution plan for Assam Co

Our Bureau Kolkata | Updated on September 20, 2018

 

 

The Guwahati bench of the National Company Law Tribunal (NCLT) on Thursday accepted the resolution plan for Assam Company India Ltd by the Abu Dhabi-based BRS Ventures Investment Ltd, run by BR Shetty.

The approved final resolution plan will come into force with immediate effect.

According to a release issued by the resolution professional, LSI Resolution, the banks, other financial creditors and secured lenders, that include banks like SBI, Indian Overseas Bank, Bank of Baroda, among others, will get 80 per cent of the dues.

Operational creditors which include workmen and employees will get 100 per cent of their claims.

Assam Company, which has a significant presence in tea and oil, had a total debt of ₹1,526 crore.

“The Resolution Plan takes care of almost all stakeholders. Out of 12 financial creditors, secured lenders such as SBI, IOB and BOB succeeded in getting about 80 per cent of their total dues,” Kannan Tiruvengadam, the resolution professional said in the release.

The Kolkata-based Srei Infrastructure Finance had moved court for Assam Company’s failure to clear dues.

Published on September 20, 2018

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