“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.