Anticipating a difficult resolution for the Assam Company India Ltd, which is facing insolvency proceedings in the Guwahati bench of NCLT, the companys resolution professional, T Kannan has asked for an extension till July 23 from the tribunal to complete the process.
The problem is on account of the debt structure of the company. Sources suggest that the maximum debt has been taken by the company for the oil business whose assets currently have negligible liquidation value. On the other hand, its only assets are the 14 tea gardens which can fetch a liquidation value of Rs 2.8-3.5 billion but then the debt is minimal for the tea business.
This will put the bidders under dil…
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