The National Company Law Tribunal (NCLT) has approved the resolution plan submitted by of Embassy Property Developments to acquire debt-ridden Chennai-based mining company Tiffins Barytes Asbestos for around Rs 89.4 crore. Under the resolution plan, Embassy Property Developments will offer an upfront payment of Rs 9.8 crore & Rs 63 crore for financial creditors. It would also pay Rs 14 crore additionally to the operational creditors of the company and will bring in a working capital of Rs 2.5 crore. — The Times of India

Khaitan & Co advised Embassy Property Developments Private Limited in the insolvency buy, led by a team of partner Rajiv Khaitan, partner Udayarkar Rangarajan and principal associate KA Alakiri.

2019-06-14

Deal value: USD 12.8 million approx

{incomplete}