KOLKATA: Nicco Corporation, a specialised cable maker and a defaulter of nearly Rs 300 crore of bank loans, is all set to face liquidation as lenders led by State Bank of India voted against the resolution plan prepared by the company, according to three people familiar with the development.
Nicco was one of the first movers to insolvency courts after India established a reformed and strong Bankruptcy Act with promises to resolve corporate or individual debt in a time bound fashion. The deadline for Niccos debt resolution expires on October 13.
Its a disappointment, said a Nicco official in the condition of anonymity. About 400 workers are set to lose jobs.
One of the persons cited above said that resolution practitioner for Nicco, …
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