Home Insolvency & Bankruptcy NCLT approves Kirloskar Ferrous Inds resolution for Oliver Engng

NCLT approves Kirloskar Ferrous Inds resolution for Oliver Engng

NCLT approves Kirloskar Ferrous Inds resolution for Oliver Engng

Kirloskar Ferrous Industries Restricted (KFIL), one of many main castings and pig iron producers in India, has gained the bid for Oliver Engineering Non-public Ltd after the New Delhi bench of the Nationwide Firm Legislation Tribunal (NCLT) permitted the Rs 110.55 crore decision plan submitted by it.

The order of NCLT for approval of the decision plan was handed on 12 September 2023. The decision plan by Kirloskar Ferrous Industries was permitted by the CoC in its seventeenth assembly dated 2 May2023 with 100% voting share.

Commenting on this improvement, R V Gumaste, Managing Director, KFIL, stated: “Oliver Engineering is a proper match to our present product portfolio inside the casting sector. We’re assured on implementing the decision plan submitted inside the time-frame.  This acquisition allows us to diversify geographically and meet the rising calls for of our present clients from Northern India. Because the plant was not in operation, we imagine it would take round 4 to five months to make it operational. We anticipate that this capability growth will create beneficial synergies for our casting enterprise.”

Oliver is engaged within the enterprise of ferrous casting and machining with its manufacturing facility positioned in Village Sandharsi, Tehsil Rajpura, State Punjab. The current capability of Oliver is 28,000 MT each year. 

The decision Plan

The dimensions of the decision plan submitted by Kirloskar Ferrous Industries is Rs 110.55 crore. As per the decision plan, secured monetary collectors would obtain Rs 106.40 crore out of their whole admitted claims of Rs 763 crore. The remainder of the Rs 4.15 crore has been offered for the claims of operational collectors, who had submitted claims of Rs 44 crore.

The insolvency proceedings towards Oliver Engineering had been initiated by Punjab Nationwide Financial institution after the previous defaulted on a cost of Rs 2.65 crore.

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