The National Company Law Tribunals Guwahati Bench has extended the last date for the corporate insolvency process for Assam Company (India) Ltd. to July 23, 2018.
This is the first major tea company to face insolvency proceedings. Significantly, industry players have expressed apprehension that other tea companies may also face similar proceedings.
ACIL has tea and oil and gas business with 16 gardens in Assam, with an output of 11.1 million kg recorded in 2016, which dropped to 9.7 million kg in 2017. A similar drop was also evident in ACILs revenue for the nine-month period ending December 2017 when revenues stood at 153 crore against 190 crore a year ago. Losses widened to 42.7 crore against 16.5 crore a year ago. The liquidation pr…
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