Bharat Forge on Wednesday announced that the company has been declared as the successful resolution applicant by the Committee of Creditors of Sanghvi Forging & Engineering.
Bharat Forge has accepted the Letter of Intent for SFEL under the Corporate Insolvency Resolution Process ('CIRP') of the Insolvency and Bankruptcy Code 2016 ('IBC') today.
The resolution plan is now subject to obtaining necessary regulatory approvals, including approval from the National Company Law Tribunal.
On Sensex, Bharat Forge stock ended at Rs636.40 per piece up 0.94%.
The stock has touched an intraday high and low of Rs653.30 per piece and Rs629.80 per piece respectively.