Simplex Projects’ promoter secures NCLT’s nod for acquiring company through bankruptcy
The bankruptcy court in Kolkata has approved the Simplex Projects revival plan submitted by its promoter Sudarsshhan Das Mundhra.
Before the National Company Law Tribunal (NCLT) nod, the company’s lenders approved the plan with 99.51% voting in favour of Mundhra’s resolution plan. The plan involves a proposal to pay Rs 235.28 crore against the total admitted liabilities of Rs 2,108.49 crore.
The Kolkata-based infrastructure developer is a medium enterprise under the Micro, Small, and Medium Enterprises Development Act, 2006. Under Section 240A of the Insolvency & Bankruptcy Code (IBC), the promoters of a company registered under the MSME Act can participate in the bidding process to acquire the company through the bankruptcy process.
An enterprise up to an annual turnover of Rs 250 crore can qualify as a medium enterprise
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