Tata Steel subsidiary’s resolution plan for Rohit Ferro-Tech filed with NCLT

“… the Decision Skilled has filed the Decision Plan (as authorised by the CoC on June 5), with the Nationwide Firm Legislation Tribunal, Kolkata Bench on June 7, 2021 for its subsequent approval thereupon,” a inventory change submitting stated.

Ferro alloys and chrome steel producer Rohit Ferro-Tech’s (RFTL) decision skilled on Monday filed the decision plan of Tata Steel subsidiary Tata Metal Mining, which was authorised by the lenders, with the Nationwide Firm Legislation Tribunal (NCLT) for its approval.

The committee of collectors (CoC) authorised the Tata Metal Mining decision plan final Saturday with the requisite majority.

In February 2020, the NCLT’s Kolkata bench admitted the State Bank of India’s petition to provoke the Company Insolvency Decision Course of towards RFTL beneath Part 7 of the Insolvency and Chapter Code.

“… the Decision Skilled has filed the Decision Plan (as authorised by the CoC on June 5), with the Nationwide Firm Legislation Tribunal, Kolkata Bench on June 7, 2021 for its subsequent approval thereupon,” a inventory change submitting stated.

The corporate made a lack of Rs 679.36 crore for FY20, whereas income from operations stood at Rs 738.35 crore. Its manufacturing models/ divisions are at Bishnupur and Haldia in West Bengal and Jajpur in Odisha.

The lenders to the bancrupt firm embrace State Financial institution of India, Punjab National Bank, Bank of Baroda, Uco Bank, Canara Bank and Exim Financial institution, in response to its newest annual report.

Tata Metal Mining is a subsidiary of Tata Metal headquartered in Bhubaneswar. The corporate works to develop business mining alternatives along with ferro alloys enterprise.