The Ahmedabad bench of the NCLT has approved the Rs 48.17 crore resolution plan by Mercury Terra Firma for corporate debtor Shree Rajeshwaranand Paper Mills, an Ahmedabad-based BSE-listed manufacturer of paper and paper products. The resolution plan was earlier approved by the Committee of Creditors (CoC) with 97.36% vote share. The liquidation value of the company was arrived at Rs 33.16 crore, while the fair value arrived at Rs 45.85 crore.
As per the resolution plan, Mercury Terra Firma promises to pay Rs 39.35 crore to secured financial creditors against their admitted claims of Rs 72 crore. The unsecured creditors get Rs 50 lakh against their admitted claims of Rs 4.68 crore. Operational creditors (including statutory…
