TOI: NCLT approves Embassy Property takeover of Tiffins Barytes

26 June 2019: The National Company Law Tribunal (NCLT) has approved the resolution plan submitted by of Embassy Property Developments to acquire debt-ridden Chennai-based mining company Tiffins Barytes Asbestos for around Rs 89.4 crore.

Under the resolution plan, Embassy Property Developments will offer an upfront payment of Rs 9.8 crore & Rs 63 crore for financial creditors. It would also pay Rs 14 crore additionally to the operational creditors of the company and will bring in a working capital of Rs 2.5 crore.

Tiffins Barytes has a total debt of Rs 326.3 crore. The resolution plan was approved by the Committee of Creditors (CoCs) with 96.5% voting share.

The Times of India reported (source 1)

The Times of India reported (source 2)



Categories: General News, India Bankruptcy

Tags: , , , ,

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: