Home Insolvency & Bankruptcy Bizman Ajay Bikram Sigh acquires Eastern Silk Industries

Bizman Ajay Bikram Sigh acquires Eastern Silk Industries

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Bizman Ajay Bikram Sigh acquires Eastern Silk Industries

The NCLT has authorised the Rs 61 crore decision for Kolkata-based textile producer Japanese Silk Industries Ltd. The profitable decision applicant — Ajay Bikram Singh — owns Austria-based textile firm Baumann Dekor.

The Decision plan submitted by Singh was earlier authorised by the Committee of Collectors (CoC) by 88.30% vote share.

As per the decision plan, secured collectors obtain a complete of Rs 58.2 crore in opposition to their admitted claims of Rs 894 crore. The decision plan made no provisions for unsecured collectors, who had admitted claims of Rs 40.7 crore. The plan additionally made provisions for cost of Rs 1.2 crore every for workmen, staff dues in addition to authorities dues. Different operational collectors obtain Rs 12 lakh in opposition to their admitted claims of Rs 62 lakh.

Japanese Silk Industries was dragged to insolvency court docket by Export-import Financial institution of India in June 2022 for failing to clear dues of Rs 69 crore. The corporate owed Rs 982 crore to totally different collectors together with Rs 933 crore to monetary collectors.

It owes a most Rs 266 crore Edelweiss Asset Reconstruction Firm Ltd adopted by Rs 264 crore to Asrec (India) Ltd (an asset reconstruction firm), and Rs 218 crore to Omkara Belongings Reconstruction Pvt Ltd.

Japanese Silk Industries in engaged in spinning weaving, furnishing and manufacturing of textiles. It’s promoted by Sudeep Shah and household, who collectively maintain about 51% within the firm.

In 2021-22, the corporate generated a complete income of Rs 73.14 crore 90 crore within the earlier yr. It made a lack of Rs 6.86 crore in the course of the yr in opposition to a lack of Rs 10 crore within the earlier yr.

In response to the corporate’s Annual Report in 2021-22, the efficiency of the corporate throughout 2021-22 confirmed lower within the gross sales as a result of non-supportive markets and diversified modifications within the buyer preferences. As the worldwide textile market is interconnected, this outbreak has a worldwide influence attributable to journey restrictions and uncooked supplies shortages.

The profitable bidder — Ajay Bikram Singh of Baumann Dekor GmbH, additionally owns of Warps & Wefts, a Dubai-based gross sales company. Baumann Dekor itself has gone into insolvency twice since 2011.

Additionally See: NCLT approves Rs 176-crore decision plan for Indian Sugar Manufacturing Firm Ltd

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