BR Shetty

NCLT approves BRS Ventures' Rs 12.14 bn plan for Assam Company takeover

The Guwahati bench of NCLT on Thursday approved the Rs 12.14 billion resolution plan of Abu Dhabi-based BRS Ventures for acquiring the stressed assets of Assam Company (India) Ltd, which was brought under the insolvency resolution process in October last year. Under this plan, which is nearly 3.5 times the liquidation value of Assam Company, the lenders will be taking a 20 per cent haircut over their total claims, including interest. However, the unsecured creditors will be receiving Rs 500 million and claims of operational creditors and the workers in the company have been addressed fully in the resolution plan.

Source: Business Standard