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

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