AQUILAW acts on Resolution Plan of Birla Tyres

The National Company Law Tribunal, Kolkata Bench (NCLT) has approved the Resolution Plan submitted by Dalmia Bharat Refractories along with its strategic partner Himadri Speciality Chemicals in respect of Birla Tyres Limited.

Birla Tyres is a company engaged in the manufacturing of tyres for automobiles, motorcycles, commercial vehicles, farm vehicles and heavy earth-moving machinery.

Dalmia Bharat Refractories (a company incorporated pursuant to the merger of Dalmia Cement (Bharat) Ltd - Refractory Division, Dalmia Refractories Ltd. and Dalmia GSB India) along with its strategic partner Himadri Speciality Chemicals, a leading specialty chemical conglomerate (“Successful Resolution Applicant/SRA”), submitted a Resolution Plan for Birla Tyres before the NCLT which was approved by the Committee of Creditors (CoC) with a majority voting share of 82.48%.

Accordingly, the Resolution Professional filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) before the NCLT, seeking approval of the Resolution Plan.

The NCLT after detailed hearing of the applications for approval of the resolution plan and the two objections filed by Manav Investment & Trading Company and HDFC Bank, dismissed the applications filed by Manav and HDFC Bank and approved the application for approval of the resolution plan.

AQUILAW represented Dalmia Bharat Refractories Limited and Himadri Speciality Chemicals Limited.

The team consisted of Sanjay Basu (Partner), Piyush Agrawal (Associate Partner) and Shrivalli Kajaria (Senior Associate).

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