NCLT approves Ankit International's IBC plan for Unitech Machines
This story was originally published at 20:33 IST on 18 September 2024
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NEW DELHI – The Delhi bench of the National Company Law Tribunal has approved Ankit International's resolution plan for debt-ridden Unitech Machines Ltd. The resolution plan by Ankit International, a proprietorship concern of Pranav Jain, has proposed a financial outlay of 673.5 mln rupees.
The tribunal said that there was no impediment in giving approval to the resolution plan. "Accordingly, we hereby approve the resolution plan, which shall be binding on the corporate debtor and its employees, shareholders of corporate debtor, creditors including the Central Government, any State Government or any local authority to whom statutory dues are owed, guarantors, successful resolution applicant and other stakeholders involved," said the tribunal.
In 2019, the tribunal had admitted a petition by Corporation Bank to start insolvency proceedings against Unitech Machines. The Corporation Bank and Andhra Bank have now been amalgamated into Union Bank of India. The total financial debt of the company was 2.42 bln rupees. Unitech Machines' financial creditors also include Bank of India, State Bank of India, Karnataka Bank, Yes Bank and Standard Chartered Bank.
Unitech Machines is a company engaged in the business of manufacturing parts and accessories for motor vehicles and their engines. Ankit International was in the business of steel trading, scrap trading, and dismantling of old and obsolete plants and machinery.
Today, shares of Union Bank of India ended 0.9% lower at 122.99 rupees on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Deepshikha Bhardwaj
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