NCLT has given approval to JK Papers Rs.371 crore bid for Sirpur Paper Mills, under the insolvency resolution process.

In a BSE filing JK Paper stated, “Hyderabad Bench of NCLT has on July 19, 2018, approved the Resolution Plan submitted by JK Paper for acquisition of the Sirpur Paper Mills Ltd (SMPL) under the Corporate lnsolvency Resolution Process.”

The company further added that, the resolution plan, approved by the NCLT, is binding on JK Paper, SPML, its employees, members, creditors, guarantors and all other stakeholders involved, as per the provisions of the lnsolvency and Bankruptcy Code. Moreover, this consists of cash payment of Rs.166 crore and issue of securities of Rs.205 crore by SPML.

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