Rajratan Global Wire's resolution plan for acquisition of Aradhya Steel under CIRP not accepted

The Corporate Insolvency Resolution Process was initiated against Aradhya Steel last year and accordingly the company had submitted Resolution plan.

Jul 28, 2020 10:07 IST India Infoline News Service

Rajratan Global Wire Limited updated the exchanges Monday on Resolution pIan submitted for acquisition of M/s Aradhya Steel Pvt. Ltd. The company has been informed by the Resolution professional that the committee of creditors has not accepted resolution plan.

“Pursuant to the order dated August 29, 2019 of Hon'ble National Company Law Tribunal, Bengaluru Bench, the corporate Insolvency Resolution Process was initiated against M/s Aradhya Steel Pvt. Ltd. and accordingly the Resolution –professional had invited for Resolution Plan from prospective buyers,” company said.

Rajratan Global wire Limited being eligible resolution applicant as buyer had submitted Resolution Plan to acquire M/s Aradhya Steel Pvt. Ltd. as a going concern in accordance with provisions of Insolvency and Bankruptcy code.

“The same was intimated to stock exchange through our earlier letter dated January 29, 2020. We have now been informed by the Resolution professional that the cominittee of creditors has not accepted Resolution Plan submitted by Rajratan Global Wire Limited,” company said.

Rajratan Global Wire Ltd is currently trading at Rs260.75, down by Rs1.65 or 0.63% from its previous closing of Rs262.40 on the BSE.

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