Tag: acquire

The National Company Law Tribunal (NCLT), Chennai, has approved the Resolution Plan submitted by Karnataka’s West Coast Paper Mills to acquire the Chennai-based Uniply Decor--for a price that is less than the liquidation value. West Coast will pay the creditors ₹28 crore; the liquidation value of Uniply has been put at ₹38.03 crore. (Pertinent to note that various courts have held that the courts shall not question the “wisdom of creditors” under NCLT proceedings.) 6 companies had submitted their Resolutions Applications to take over Uniply The Corporate Insolvency Resolution Process...