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
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
