Bankruptcy court approves Gail India’s resolution plan for JBF Petrochemicals
India’s bankruptcy court Monday approved Gail Ltd’s resolution plan of Rs 2101 crore for JBF Petrochemicals, in a rare instance of a government-owned entity acquiring a company under the Insolvency and Bankruptcy Code.
The sale of JBF Petrochemicals will equate to a 41% recovery for financial creditors. The resolution professional, Sundaresh Bhat, backed by BDO India, admitted Rs 5628 financial and operational creditors claims.
