The consortium of Shri Dutt India and Shri Dutt Biofuels has received approval from the bankruptcy court for the acquisition of the Indian Sugar Manufacturing Company, reported Economic Times.
As per media report, the company’s total admitted liabilities were about Rs 523 crore and the successful bidder is paying Rs 175 crore to acquire the company. Before the tribunal’s approval, the resolution plan was approved by the company’s lenders with 100% of voting share in favour of the consortium.
The division bench of Justice VG Bisht and technical member Prabhat Kumar issued the order on February 6, stating, “The resolution plan annexed to the application is hereby approved.” The order emphasizes the binding nature of the resolution plan on the corporate debtor, its employees, members, and creditors, including government entities.
