The Allahabad bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by G.S.W. Enterprises Private Limited for Hind Agro Industries Limited.
The plan provides for payment of ₹95 crore towards settlement of stakeholder claims. It also envisages ₹200 crore towards working capital and capital expenditure over a five-year period.
The bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma passed the order. The tribunal observed that once creditors approve a resolution plan with the required majority after assessing its feasibility, viability and value maximisation, its role is limited to examining whether the plan complies with the requirements of the Insolvency and Bankruptcy…