NCLT approves resolution plan for acquiring Ferro-Tech

13 Apr 2022 CW Team

Tata Steel announced that the Kolkata bench of the National Company Law Tribunal (NCLT) approved the resolution plan by Tata Steel Mining Limited, its wholly-owned subsidiary, to acquire the debt-laden Rohit Ferro-Tech Limited.

On June 6, 2021, Tata Steel reported that the Committee of Creditors (CoC) announced Tata Steel Mining Ltd as the successful resolution applicant for acquiring Rohit Ferro-Tech Ltd under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016.

Tata Steel announced in a regulatory filing that the NCLT orally pronounced its Order approving the Resolution Plan submitted by TSML for the purchase of Rohit Ferro-Tech Limited on April 7, 2022.

Meanwhile, Tata Steel did not provide any more information on its resolution strategy in the filing.

It is also in between the acquisition process of Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal to expand its ferroalloys production capacity.

Tata Steel is an Indian multinational steel-making firm and one of the leading steel manufacturers in India.

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