Rare Asset Reconstruction Pvt Ltd.s resolution plan got approval of 14.31 percent of the financial creditors against the minimum requirement of 75 percent.
The employees of the company, who feared liquidation and loss of livelihood, sought to repay the secured lenders and address issues of all other stakeholders, the order said. Chief Commercial Officer Pawan Kumar noted that the company had 1,178 employees and workers and it had started making profits.
The resolution plan, however, was submitted on Dec. 30, just two days before the 270-day deadline, and couldnt be considered by the committee of creditors.
Not having approved any resolution plan, the law triggers liquidation. Granting no extension, NCLT too ordered liquidation of the …
Read the full article at: https://www.bloombergquint.com/law-and-policy/2018/01/12/nclt-orders-liquidation-of-gujarat-nre-coke-via-slump-sale
