A file photo of a steel plant. The liquidation value of Innoventive Industries is expected to be in the range of Rs130-140 crore. Photo: Abhijit Bhatlekar/Mint
Mumbai: Innoventive Industries Ltd, a Pune-based steel products maker that is undergoing bankruptcy proceedings, faces liquidation after a committee of creditors (CoC) rejected two resolution plans, including one from the companys promoters, two people directly aware of the development said. The decision to liquidate the companys assets was taken in a meeting of the creditors on 12 October, one of the two people cited above said on condition of anonymity.
The CoC will, however, meet once more to approve the plan to give the final stamp of approval the first person said.
The liquidati…
Read the full article at: http://www.livemint.com/Companies/TZwwLSmpUWfntnUW73k7TJ/Innoventive-Industries-faces-liquidation-as-lenders-reject-r.html