Mumbai: Vadraj Cement, which was stuck in liquidation for more than five years under the Bombay High Court, has been shifted to the National Company Law Tribunal (NCLT) for debt resolution, giving lenders a glimmer of hope to recover more than half of their dues.
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Last Friday, NCLT pronounced an order to admit Vadraj Cement, formerly known as ABG Cement, for corporate insolvency process. Adani Group, UltraTech Cement and JSW Cement may bid to acquire the debt-laden company, lenders said.
The Bombay High Court ordered winding up of the company on August 23, 2018, in a matter pertaining to Beumer Technology versus Vadraj Cement. The high court recalled the winding up o…
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