Corporate insolvency: NCLAT dismisses plea against Nuvoco’s Vadraj acquisition; tribunal backs NCLT approval of Rs 1,800 cr resolution plan
The NCLAT has upheld Nuvoco Vistas' acquisition of Vadraj Cement, dismissing an appeal challenging the resolution plan. The tribunal affirmed the NCLT's approval of Nuvoco's Rs 1,800 crore plan, noting the bid exceeded Vadraj Cement's fair value. The decision addressed concerns regarding employee gratuity dues, confirming payouts aligned with the approved resolution plan.
The NCLAT has upheld Nuvoco Vistas' acquisition of Vadraj Cement, dismissing an appeal challenging the resolution plan. The tribunal affirmed the NCLT's approval of Nuvoco's Rs 1,800 crore plan, noting the bid exceeded Vadraj Cement's fair value. The decision addressed concerns regarding employee gratuity dues, confirming payouts aligned with the approved resolution plan. What's Your Reaction?
