NCLT Okays Panyam Cement Revival Plan

National Company Law Tribunal (NCLT), Amaravati bench, has approved the resolution plan furnished to run Panyam Cement factory in Kurnool in Andhra Pradesh and allowed the unit, which is now defunct, to become operational again.
BY Realty Plus
Published - Monday, 28 Jun, 2021

National Company Law Tribunal (NCLT), Amaravati bench, has approved the resolution plan furnished to run Panyam Cement factory in Kurnool in Andhra Pradesh and allowed the unit, which is now defunct, to become operational again. The new management, RV Consulting Services Company, and Sagar Power Ltd, would jointly take over the cement company by paying Rs 100 crore towards clearing loan dues created by the old management. The new management would also infuse a fresh capital of Rs 150 crore to run the company. The committee of creditors approved the plan and, accordingly, the NCLT too affixed its stamp of approval on the deal.