Panyam Cement's revival plan receives NCLT nod

28 Jun 2021 CW Team

The Amaravati bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted to run the Panyam Cement factory in Kurnool, Andhra Pradesh, and has allowed the now-defunct unit to reopen. By paying Rs 100 cr to clear loan dues created by the old management, the new management, RV Consulting Services Company, and Sagar Power Limited would jointly take over the cement company. The new management will also inject Rs 150 crore in new capital to run the company.

The plan was approved by the creditors' committee, and the NCLT followed suit.

NCLT acting president BP Mohan said the cement factory was critical for 5,000 families who rely on it directly and indirectly and directed state and federal officials to ensure that the company received the necessary approvals and that its mining leases and licences were renewed.

The National Company Law Tribunal is an Indian judicial body that hears cases involving Indian corporations. Under the Insolvency and Bankruptcy Code, 2016, the National Company Law Tribunal is the adjudicating authority for the insolvency resolution process of companies and limited liability partnerships.

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