The Mumbai bench of the National Company Law Tribunal (NCLT) has approved ₹256.4 crore resolution plan of Innova Captab for Sharon Bio Medicine in its order on May 17.
Innova Captab resolution plan was approved by 79.28% voting share of the members of the committee of creditors (CoC), according to the NCLT order. Innova Captab and Tirupati Medicare have submitted their resolution plans to the CoC in September 2022. Tirupati's resolution plan was 25% lower than Innova Captab.
Following the voting, in November 2022, the CoC accepted the resolution submitted by the Innova Captab.
Innova Captab will be paying the amount upfront, and has submitted the performance bank guarantee of ₹35 crore in accordance with the terms of the 'successful resolution plan'. The total admitted claims by creditors were ₹920.5 crore. Around ₹700 crore claim was from secured lenders. Sources told ET that the secured lenders will be getting 50% of the principal. "The company has continued its operations profitably during CIRP (corporate insolvency resolution process) and during Covid, and generated 75 crore of cash, with 15% Ebitda," a person who didin't want to be named said.
Innova Captab resolution plan was approved by 79.28% voting share of the members of the committee of creditors (CoC), according to the NCLT order. Innova Captab and Tirupati Medicare have submitted their resolution plans to the CoC in September 2022. Tirupati's resolution plan was 25% lower than Innova Captab.
Following the voting, in November 2022, the CoC accepted the resolution submitted by the Innova Captab.
Innova Captab will be paying the amount upfront, and has submitted the performance bank guarantee of ₹35 crore in accordance with the terms of the 'successful resolution plan'. The total admitted claims by creditors were ₹920.5 crore. Around ₹700 crore claim was from secured lenders. Sources told ET that the secured lenders will be getting 50% of the principal. "The company has continued its operations profitably during CIRP (corporate insolvency resolution process) and during Covid, and generated 75 crore of cash, with 15% Ebitda," a person who didin't want to be named said.
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