GUWAHATI, Sept 20 - Dubai-based company M/s BRS Ventures Investment Limited will acquire the Assam Company India Limited including all its 14 tea gardens in the State and take care of more than 30,000 workers and employees.
This will be the Dubai based company�s first venture in the State. But the company has tea and coffee plantations in South India.
In connection with the ongoing Corporate Insolvency Resolution Process of Assam Company India Ltd, the National Company Law Tribunal (NCLT) Guwahati has accepted the Resolution Plan submitted by the successful Resolution Applicant, M/s BRS Ventures Investment Ltd, run by Dr BR Shetty.
The National Company Law Tribunal, Guwahati on an application filed under Section 7 of the Insolvency and Bankruptcy Code 2016 for initiation of Corporate Insolvency Process by a Financial Creditor of Assam Company India Ltd was pleased to declare moratorium in terms of section 14 of the IBC, 2016 vide order dated 26-09-2017. The final Resolution plan of the successful applicant was approved by the Committee of Creditors by a vote of 100% on 10-08-2018. The Resolution process was conducted by CA Kannan Tiruvengadam of LSI Resolution (P) Ltd who was appointed on 12.01.2018 by the Adjudicating Authority.
The Resolution Plan was filed before the NCLT, Guwahati for approval by the Resolution Professional. The NCLT presided by Justice PK Saikia, Member (J) after hearing Kaushik Goswami, Jayantika Ganguly and Arinjoy Sandilya, Advocates appearing on behalf of the Resolution Professional came to the conclusion that all the mandatory requirements of the IBC 2016 had been dealt with.
The Resolution Process of Assam Company India Ltd. under the Resolution Professional and their team have resulted in securing the future of 30,000 tea workers and their families including several employees who otherwise were facing a bleak future under the erstwhile management. One of the key objectives of the investment is the continued welfare of such employees and workers. The Resolution Plan takes care of almost all stakeholders wherein the secured financial creditors succeeded in getting almost 80 per cent of their total dues.