NCLT OKs Meghmani Organics' resolution plan for Kilburn Chemicals

NCLT OKs Meghmani Organics' resolution plan for Kilburn Chemicals

The Kolkata bench of National Company Law Tribunal has approved Meghmani Organics Ltd’s final resolution plan to take over Kilburn Chemicals Ltd under the Insolvency and Bankruptcy Code, 2016.

Under the terms of the resolution plan, the financial creditors will get 1.3 bln rupees from Meghmani Organics, while the operational creditors will receive 2.2 mln rupees.

Meghmani Organics is the largest manufacturer of phthalocyanine pigment in India and this acquisition would give it an opportunity to increase its product basket by foraying into manufacturing of new pigment titanium dioxide, the company said in a regulatory filing.

Source : Eureka

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