NCLT approves Tata Steel Mining's resolution plan for Rohit Ferro-Tech

AgenciesUpdated: Thursday, April 07, 2022, 09:40 PM IST
article-image
Tata Steel did not divulge any further details related to its resolution plan in the filing. / Representative image | Photo credit: Twitter

Tata Steel on Thursday said the Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by its wholly-owned subsidiary Tata Steel Mining Limited, for the acquisition of debt-laden Rohit Ferro-Tech Limited.

On June 6, 2021, Tata Steel had informed that the Committee of Creditors (CoC) in terms of the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016, declared Tata Steel Mining Limited as the successful resolution applicant for the acquisition of Rohit Ferro-Tech Ltd, subject to necessary regulatory approvals including approval from the NCLT Kolkata bench.

The NCLT on April 7, 2022, ''orally pronounced its Order approving the Resolution Plan submitted by TSML for acquisition of Rohit Ferro-Tech Limited,'' Tata Steel said in a regulatory filing.

However, Tata Steel did not divulge any further details related to its resolution plan in the filing.

In a bid to augment its ferro alloys processing capacities, Tata Steel is also in the process to acquire Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal.

(With inputs from PTI)

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Mumbai updates: BJP leaders arrive at residence of Devendra Fadnavis ahead of cabinet expansion

Mumbai updates: BJP leaders arrive at residence of Devendra Fadnavis ahead of cabinet expansion

Gujarat official wants students to express gratitude for benefiting from govt schemes

Gujarat official wants students to express gratitude for benefiting from govt schemes

PM Modi showers accolades on outgoing VP Venkaiah Naidu: 'Inspiring, encouraging, rewarding'

PM Modi showers accolades on outgoing VP Venkaiah Naidu: 'Inspiring, encouraging, rewarding'

10 days left in office for CJI Ramana, THESE five important cases await decision

10 days left in office for CJI Ramana,  THESE five important cases await decision

Shinde camp MLA Abdul Sattar under attack after names of his daughters, son appear in list of...

Shinde camp MLA Abdul Sattar under attack after names of his daughters, son appear in list of...