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Vardhman Ind
BSE: 513534NSE: ISIN: INE458E01014

14th-Dec-2019 22:42Source: BSE

Vardhman Industries - Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

The said Resolution Plan, as approved by the NCLT and the NCLAT, is binding on the Company, employees, members, creditors, guarantors and other stakeholders involved, as per the provisions of the IBC. In terms of the Resolution Plan. JSW Steel Limited shall implement the Resolution Plan. JSW shall, infuse its commitment of INR 63.5 crores in the Company through equity shares and/or debt (Capital Infusion) within a period of 30 days from date of issuance of the NCLAT Clarification Order or such other earlier date as intimated by the Company to the Monitoring Committee and announcement on the stock exchanges (Effective Date). The financial creditors of the Company shall receive a total consideration of INR 62.5 crores and the operational creditors of the Company shall receive an aggregate consideration of Rs. 1 crore for the settlement of the existing debt of the Company. During the interim period the Company will continue to be managed and controlled by the Resolution Professional

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