The National Company Law Tribunal (NCLT), Mumbai Bench-I, has approved the Rs 47.08 crore resolution plan for HBS Auto & ANC SEZ Pvt. Ltd, a Mumbai-based real estate development company specializing in Special Economic Zones (SEZ) and infrastructure projects. The resolution plan, submitted by a consortium of Mahansaria Tyres Pvt. Ltd. (MTPL) and Lotus Ornaments Pvt. Ltd. (LOPL), was approved by the Committee of Creditors (CoC) with a 100% voting share, marking a crucial step towards the financial revival of the debt-ridden company.
Background: Financial Distress and CIRP Initiation
HBS Auto & ANC SEZ Pvt. Ltd., incorporated on 8th October 2007, had been facing severe financial distress, leading to the initiation of…
