Andhra Cements has informed that as per the requirements of section 30 of the Insolvency and Bankruptcy Code, 2016 and the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) framed thereunder, the 2 (two) resolution plans received by the Resolution Professional were put to vote for consideration and approval of the CoC. As per the provisions of Regulation 39 of the CIRP Regulations, the resolution plan which secures the highest majority of vote shall be considered as approved by the CoC. Accordingly, the plan submitted by Sagar Cements (SCL) has been approved by the CoC and a Letter of Intent has been shared with SCL for their acceptance dated January 13, 2023.
The above information is a part of company’s filings submitted to BSE.
