Nitco has received an approval for proposal of restructuring of its debt from Empowered group of corporate debt restructuring (CDR) cell on December 26, 2012. Pursuant to the terms and condition of the letter of approval (LOA), the CDR package needs to be implemented and the Master Restructuring Agreement is required to be executed between the company and lenders within 120 days from date of the LOA.
The cut-off date of the CDR package shall be April 1, 2012.
Nitco is engaged in the manufacture of flooring tiles in India. Previously known as Nitco Tiles, the company is one of the largest manufacturers of flooring tiles in India.
