The National Company Law Tribunal (NCLT) has approved KGS Sugar & Infra Corporation’s acquisition by edible oil and spirit maker Grainotch Industries Ltd.
Nashik-based KGS Sugar Infra Corporation has admitted liabilities of Rs 556 crore. The company was admitted under the corporate insolvency resolution process (CIRP) in October 2019 on an application filed by Canara Bank after it defaulted on its dues.
Grainotch Industries, the successful bidder, has proposed a comprehensive revival package of Rs 242 crore, including fresh working capital and refurbishment funds.
Before the tribunal approved the acquisition, KGS Sugar’s secured creditors had approved the plan almost unanimously, with 99.86% voting in favour of Grainotch Industries, the…