We have informed the Stock Exchanges vide the above referred letters that the Hon’ble NCLT, Chennai Bench vide its Order dated May 12, 2023 has approved the application filed by the Liquidator for confirmation of sale of assets of M/s.Servalakshmi Paper Limited (Corporate Debtor in liquidation) as a Going Concern, in favour of M/s.Seshasayee Paper and Boards Limited (Company I SPB).
The official liquidator of the Corporate Debtor had Issued Sale certificate and completed the physical handing over of the possession of land and factory premises of M/s.Servalakshmi Paper Limited (Corporate Debtor in liquidation) (hereinafter designated as Unit-Ill of SPB) on 24.05.2023 in favour of M/s.Seshasayee Paper and Boards Limited, for the above mentioned assets.
Few appeals challenging Hon’ble NCLT’s order have been filed in Hon’ble NCLAT; which are pending. In the meantime, company has taken steps to restore electricity, water supply and-for plant refurbishment.
In this background, the Board of Directors, in their meeting held today, has approved speedy revival, refurbishment and expeditious recommencement of the operations of Unit-Ill, at the earliest and has accordingly approved a Capital expenditure of Rs.100.0 crores as PhaseI, towards this purpose.
