The National Company Law Tribunal (NCLT), New Delhi, has approved the Rs 41.26-crore resolution plan submitted by The Statesman Limited for the debt-ridden United News of India, or UNI. The plan, which received 100% voting approval from the Committee of Creditors (CoC), aims to revive the second-largest news agency in the country.
Background
The Corporate Insolvency Resolution Process (CIRP) for UNI was initiated on May 19, 2023, following a petition filed by the United News of India Workers’ Union under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The company, which had been facing financial distress due to the termination of subscriptions by major newspapers and the withdrawal of subsidies, was…
