Ballarpur Industries Limited (BILT), once a flagship entity of the Avantha Group and a leading name in India’s paper industry, has successfully emerged from a protracted corporate insolvency process, marking a new chapter under the ownership of Finquest Financial Solutions Private Limited (FFSPL).
Background: A legacy of debt and insolvency
The company’s financial troubles came to a head when the National Company Law Tribunal (NCLT) in Mumbai admitted BILT into the Corporate Insolvency Resolution Process (CIRP) on January 17, 2020. The petition was filed by FFSPL, which later became the successful resolution applicant.
This admission suspended the powers of BILT’s erstwhile board of directors, with control of…