NCLT approves OCL Iron & Steel's resolution plan for Helios Photo Voltaic
This story was originally published at 19:28 IST on 27 January 2025
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NEW DELHI – The Delhi bench of the National Company Law Tribunal has approved OCL Iron & Steel Ltd.'s INR 1.13-billion resolution plan for debt-ridden Helios Photo Voltaic Ltd.
The tribunal noted that the resolution plan of OCL Iron & Steel was approved by the committee of creditors with 73.38% of votes cast in favour. As per the resolution of the committee of creditors, the plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor, the tribunal said.
The tribunal had admitted the petition by National Asset Reconstruction Co. Ltd. to start insolvency proceedings against Helios Photo Voltaic in January 2024. Helios Photo Voltaic owes INR 33.60 billion to financial creditors and INR 1.57 billion to operational creditors.
Helios Photo Voltaic is involved in the manufacture of solar energy equipment including optical media storage products, photovoltaic cells, thin film modules, panels and other products of electrical equipment. OCL Iron & Steel was incorporated in 2001 and acquired by the SM group in 2023. The company has an integrated TMT rebar manufacturing plant. End
Reported by Surya Tripathi
Edited by Saji George Titus
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