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.