KOLKATA: Any move to liquidate Facor, one of Indias oldest producers of ferro alloys undergoing insolvency resolution, can be implemented only after the National Company Law Appellate Tribunal (NCLAT) rules on Facors appeal against an NCLT Kolkata order for initiation of bankruptcy resolution process.
Facors committee of creditors (CoC) rejected all resolution plans and conveyed this to the NCLT on April 2. Following this, NCLT Kolkata passed an order fixing the next date of hearing as April 11 and, in the interim, directed the resolution professional to continue management and affairs at Facor.
In a notification on April 3, Facor informed the stock exchanges that the CoC has, after evaluation of resolution plans received from resolut…
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