Once India’s largest manufacturer of Aluminum foil packaging material “Ess Dee Aluminium” in bankruptcy court
Ess Dee Aluminium Ltd., which once acquired the three sick units of India Foils a decade ago, has capitulated to insolvency itself.
The National Company Law Tribunal’s (NCLT) Kolkata bench has ordered the initiation of a corporate insolvency resolution procedure against Ess Dee Aluminium Ltd, once used to be a major producer of aluminium foil used in the pharmaceutical industry.
The Indian financial giant, State Bank of India has applied the NCLT to start CIRP against Ess Dee Aluminium Ltd. for failing to discharge its debt obligation of INR. 469.84 crore.
The Calcutta bench which comprises of Madan B. Gosavi and Virendra Kumar Gupta has admitted the case and appointed an interim resolution professional (RP)to start up the process.
According to the Indian Insolvency and Bankruptcy Code, 2016, the RP would assess the claims from various creditors and then seek offers from potential bidders to revive the company.
During the period, the company will be managed by the RP as the board of directors will be suspended. There will also be a moratorium on the loans of the enterprise.
Ess Dee Aluminium was originally founded by Sudip Dutta, whose journey started from Durgapur, an industrial town in eastern India to Mumbai culminated in Ess Dee making a successful debut in the stock market.
The company financial structure fell in 2012 -2014 when a modernisation plan of INR. 550 crore went wrong.
source: ALCIRCLE.COM
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