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Informist, Thursday, Nov. 14, 2024

NEW DELHI – The Delhi bench of the National Company Law Tribunal has approved Orissa Metaliks Pvt. Ltd.'s resolution plan for debt-ridden Metenere Ltd. The tribunal said the resolution plan was binding on Metenere and other stakeholders so that revival of the company shall come into force with immediate effect. The tribunal said that the moratorium imposed under Section 14 of the Insolvency and Bankruptcy Code, 2016 against Metenere shall cease to have effect.

The resolution plan size was INR 2.95 billion. Further, Orissa Metaliks has proposed infusing an additional INR 3 billion towards operational requirements, working capital requirements or capital expenditure requirements of Metenere within six months of payment date.

In 2020, the tribunal had admitted a petition by State Bank of India to start insolvency proceedings against Metenere, a company involved in manufacture of basic iron and steel. Majority of fixed assets of Metenere are located in Damtal in Himachal Pradesh, Gandhidham in Gujarat, and Dadri in Uttar Pradesh. Metenere admitted to claims of INR 36.72 billion. Thereafter, the entire outstanding debt of Metenere was assigned to government-backed National Asset Reconstruction Co. Ltd.  End

Reported by Surya Tripathi

Edited by Ashish Shirke

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