KOLKATA: Facor, one of Indias oldest producers of ferro alloys, is likely to be liquidated after the NCLT Kolkata bench was informed on Monday that its Committee of Creditors has rejected all bids.
Facor has been under insolvency resolution process and the 270-day period for insolvency resolution of the company got over on April 2, 2018.
Facor received bids from Swiss-based metals trading group IMR, IMFA Ltd, one of the countrys largest integrated ferro alloys producer, Rural Electrification Corporation (REC) and a couple of lesserknown players like Synergy Steel and Anik Industries. While Balasore Alloys had evinced interest in the company, it did not submit a bid. The original deadline for submitting bids was on February 7, which was…
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