No Loose Ends: Birla Cotsyn’s Insolvency Ends with One Final Transfer

In a significant turn of events marking the end of a long insolvency process, Birla Cotsyn (India) Ltd has completed its final settlement with the appointed liquidator, winding up its liquidation proceedings. The company, which was under the National Company Law Tribunal (NCLT) and then the National Company Law Appellate Tribunal (NCLAT), has now settled payments in accordance with the approved resolution plan.

 

The resolution was finalized with Anil Goel, the liquidator who was in charge of the winding-up. This following a cascade of court proceedings and clearances, of which a historic order penned by the NCLAT on August 20, 2024, in approving the resolution plan that included prime stakeholders such as Nikhil Jain and Rohtsoffe International Pvt Ltd2.

 

The settlement being finalized therefore marks the end of the corporate insolvency resolution process (CIRP) initiated in 2018, and opens the door to the company's formal demission from liquidation.

 

Sources: Indian Kanoon, IBBI, Birla Cotsyn (India) Ltd