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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Bankruptcy court okays Vadraj Cement’s acquisition by Nuvoco Vistas Corp
cement maker Nuvoco Vistas Corp Ltd.
Gujarat-based Vadraj Cement, formerly owned by ABG Shipyard, has admitted liabilities of Rs 9,633 crore, while the successful bidder’s plan proposes to pay about Rs 1,800 crore to acquire the company through the bankruptcy process.
“No orders levying any tax, demand or penalty from the corporate debtor (Vadraj Cement) in relation to the period up to approval of the resolution plan shall be passed by any authority and such demand, if created, shall not enforceable as having extinguished in terms of approved resolution plan,” said the division bench of Justice VG Bisht and technical member Prabhat Kumar in its order of April 1.
However, the tribunal clarified that the approval of the plan shall not be construed as a waiver of any statutory obligations of the corporate debtor and may be dealt by the relevant authorities in accordance with law in so far as such obligation pertains to a period after the approval of the resolution plan.
Before the approval by the tribunal, the company’s secured creditors approved the resolution plan by voting unanimously in favour of Nuvoco Vistas. The Nirma group company Nuvoco Vista is acquiring Vadraj Cement through its wholly owned subsidiary Vanya Corporation Pvt Ltd.
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Currently, Vadraj Cement has grinding units with a capacity of 6 million tonnes in Surat and will add to Nuvoco Vistas’ existing production capacity of 25 million tonnes. The company also has a clinker capacity of 3.5 million tonnes in Kutch in Gujarat along with
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