NCLT okays revival of Sirpur Paper Mills
During the voting of the committee of creditors (CoC), the revival plan received 80.66 percent votes in its favour.
Hyderabad: The NCLT, on Thursday, approved the revival plan for Sirpur Paper Mills, enabling JK Paper Mills to take over and run the sick unit located at Kagaznagar in Kumram Bheem Asifabad district. The revival of the mill is expected to create employment opportunities for 1200 people directly and 4000 indirectly.
The NCLT Hyderabad Bench Member, Judicial, Bikki Raveendra Babu, has given the order approving the revival of Sirpur Paper Mills under section 9 of Insolvency and Bankruptcy Code (IBC).
During the voting of the committee of creditors (CoC), the revival plan received 80.66 percent votes in its favour. The CoC comprised of IDBI Bank, SBI, Andhra Bank, Syndicate Bank and Central Bank of India.
Speaking to this correspondent, Sirpur MLA Koneru Konappa, who fought for the revival of the sick Sirpur Kagaznagar paper mill, said “The state government will complete all the formalities within 15 days. I expect commercial production from September onwards.”