Murli Industries operations came to a stand-still during FY 15-16
Alter a long-drawn case, the National Company Law Tribunal [NCLT] Mumbai has given approval to Dalmia Cement [Bharat] regarding the resolution plan for the revival of Murli Industries.
Dalmia Cement (Bharat) Ltd is one of the prominent players in the cement manufacturing industry and is a wholly-owned subsidiary of the Dalmia Bharat Ltd who is listed on the stock exchange having a market cap of Rs 18,738 crore [approx.)
Murli Industries Ltd. has an integrated cement manufacturing plant with an installed capacity of 3MT in Chandrapur district, Maharashtra along with the captive thermal power plant of 50mw. In addition, Murli Industries also has paper and solvent extraction units in Maharashtra. The operations of the Murli Industries (Corporate Debtor) came to stand still during FY2015-16.
IBC Process against Murli Industries Ltd
Section 7 application filed by one of the financial creditor Edelweiss Asset Reconstruction Company Limited [EARC) was admitted by NCL T and Corporate Insolvency Resolution Process (CIRP) was started against Murli Industries. Resolution plan as submitted by Dalmia Cement is approved by the Committee of Creditors (CoC) with 100% voting shares and creditors are getting Rs 402 crore for their claim of Rs 3,171.26 crore. NCL T approved the plan with a couple of modifications in the resolution plan. The various issues and observations made by NCL T in the resolution plan are covered in this article.
Various hurdles in Resolution plan approval
A couple of applications filed with Adjudication authority [NCL T) for rejecting the resolution plan. Major concerns of the applicant were noted below along with comment From NCLT on the same.
Suggestion to Government by NCL T member
Diese Geschichte stammt aus der August 2019-Ausgabe von M & A Critique.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der August 2019-Ausgabe von M & A Critique.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Batliboi Ltd. merging its associate company
Batliboi Limited has a history of collaborations with various foreign technical partners and has subsidiaries like Hydraulic & General Engineers Ltd. and Batliboi International Ltd. In March 2024, the board of Directors of Batliboi Limited accorded their approval for the merger of promoter owned private company with itself.
TVS Motors issuances of convertible preference shares as bonus instead of dividend
Recently, well known auto manufacturer announced the issuance of preference shares as a bonus to all equity shareholders.
Aditya Birla Fashion & Retails Scheme to undo its consolidation
Corporate restructuring saga continues for Aditya Birla Group.
Advent International to combine its listed & private entity business
Recently, Advent International announced the merger of its privately held pharma company into recently acquired listed pharma company.
Eris Lifesciences on Acquisition Spree to expand its branded formulations portfolio
Recently, Eris Lifesciences Limited announced acquisition of 'branded Formulation Business' of Biocon Biologics Limited pertaining to the India territory through slump sale. In addition, ELL also announced a foreign acquisition.
Vuenow Merges All Entities Will It Create Value?
Recently, Vuenow Infratech Limited, a BSE listed company, announced the merger of two private companies itself.
Dalmia Group continues its journey of segregation of businesses by way of demerger
Recently Dalmia Group announced yet another restructuring of one of its group companies Dalmia Bharat Refractories Limited.
Rane Group to consolidate its listed operational entities
After keeping different operational listed entities for years, Rane Group, one of the key players in Auto Ancillary space has decided to consolidate its listed operational companies under Rane (Madras) Limited.
Zuari Group's attempts to create the biggest private producer of Fertilisers
“Transfer of Identified shares from ZACL to ZMPPL is a precondition for approval of the merger transaction”
Shankara Building Products separates its trading & marketplace business for independent growth
Recently, Shankara Building Products Limited announced the demerger of its trading/building material marketplace business from its manufacturing business.
