The National Company Law Tribunal , Hyderabad has approved the resolution plan of Kamini Metalliks for debt-strapped VBC Industries.
VBC Industries, which was earlier declared insolvent, will now have a new owner in Kamini Metalliks which offered 98 crore with its bid.
Judicial member K Anantha Padmanabha Swamy and Member Technical Binod Kumar Sinha of the NCLT Hyderabad, on a petition moved by the corporate debtor, approved the resolution plan filed by Kamini Metalliks.
Lenders had moved NCLT for a resolution against the VBC Industries, which had raised about 268 crore from various bank facilities but could not keep up its commitments to repay the dues.
TSN Raja, the resolution professional, in the case, assured that various dues to wo…
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