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Meghmani Organics resolution plan for Kilburn Chemicals gets approval from NCLT, Kolkata

This acquisition would give an opportunity to increase its product basket by a foray into manufacturing of new pigment Titanium Dioxide, company said.

December 20, 2021 9:42 IST | India Infoline News Service
Meghmani Organics
Gujarat-based Meghmani Organics Limited’s (MOL) resolution plan for Kilburn Chemicals Limited (KCL) has been approved by the National Company Law Tribunal, Kolkata.

“NCLT, Kolkata vide its order on December 16, 2021, has approved the Resolution Plan of KCL. MOL is the successful Resolution Applicant in the subject matter and the KCL shall be acquired by Meghmani Organics under section 31 (1) of the Insolvency and Bankruptcy Code, 2016 through NCLT as per terms and conditions mentioned in the Resolution plan approved by NCLT."

Kilburn Chemicals Limited (KCL) turnover for FY21 Rs102.23 lakhs. KCL is a manufacturer of pigment Titanium Dioxide (TiO2) at Dahej, Gujarat.

“MOL is the largest manufacturer of Phthalocyanine pigment in India and this acquisition would give opportunity to increase its product basket by foray into manufacturing of new pigment Titanium Dioxide (TiO2),” the company said in a filing on Saturday.

At around 9.46am, Meghmani Organics Ltd. was trading at Rs101.75 per piece down Rs4.05 or 3.83% from its previous closing of Rs105.80 per piece on the BSE.

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