The National Company Law Tribunal (NCLT), New Delhi Bench, has approved the resolution plan submitted by JTL Industries Limited for the insolvent RCI Industries and Technologies Limited, bringing a conclusion to a corporate insolvency resolution process (CIRP) that lasted nearly three years. The plan, valued at ₹46.50 crore, was approved by the Committee of Creditors (CoC) with an overwhelming 98.05% majority vote. The tribunal’s order paves the way for JTL Industries to acquire a 95% stake in the corporate debtor, effectively reviving the metal manufacturing company.
A protracted process
The CIRP for RCI Industries was initiated on November 25, 2022, on an application filed by Standard Chartered Bank (Singapore)….