Hyderabad: The VBC Industries which was declared insolvent earlier will now be taken over by Kamini Metalliks company for a price of Rs 98 crore.
A bench of national company law tribunal (NCLT) comprising K Anantha Padmanabha Swamy, member (judicial), and Dr Binod Kumar Sinha, member (technical) approved the resolution plan filed by Kamini Metalliks through resolution professional TSN Raja.
VBC which took Rs 268 crore from various lenders could not clear its dues. Resolution professional Raja, however, said that he will ensure that all the wage arrears of the workers from April 2018 onwards gets paid. Kamini will pay Rs 57 crore to the lenders of VBC.
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