Chennai: The National Company Law Tribunal (NCLT), Chennai bench has rejected the debt resolution proposal of Siva Industries, which was cleared by the Committee of Creditors (CoC) led by IDBI Bank. The NCLT has also ordered liquidation of Siva Industries.
Siva Industries went under CIRP with admitted claims of Rs 4,863.87 crore from financial creditors, Rs 461.02 crore from operational creditors and Rs 40.55 crore from other creditors. There were two initial bidders who withdrew and the third Royal Partners proposal was rejected by the CoC.
Soon after, the promoters of Siva Industries came up with a settlement plan for Rs 328.2 crore and sought the withdrawal from CIRP, with a condition that should there be a default, then the creditors c…
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