Group photo of agency representatives

NEW DELHI: National Company Court Creditors (NCLT) Dalmia Bharat The group will acquire Birla Tires after approving a resolution plan that proposes to repay a portion of the Rs 110 1 crore bank loan of insolvent BK Birla Group Ltd. I am very familiar with this program. Dalmia Bharat Refractories proposes resolution of over 75% Birla Tires creditors’ approval is much higher than the Bankruptcy Code approval of the reorganization plan by more than two-thirds. A company under pressure.

Axis Bank leads the following organizations: creditors. Voting on the resolution ended last week.

As first reported by ET daily on August 19, Dalmia Bharat has submitted a revised plan for Birla Tyres.

This resolution proposes to pay off Birla Tires’ debt of around Rs 3 billion. According to sources quoted earlier, the lenders have been informed that the acquirer will make efforts to revive the tire company, which produces tires in the commercial and two-wheeler segments.

Dalmia Bharat had initially offered creditors a commitment of less than one-tenth of the company’s debt, which was rejected.

Dalmia Bharat declined to comment when contacted. Pratim Bayal, Birla Tires solutions specialist, did not respond to queries from The Economic Times.

According to sources, the next step is to submit the solution to NCLT for approval.

Dalmia Bharat Refractories Himadri, has appointed Kolkata-based Specialty Chemicals as the strategic partner for the transaction.

Birla Tires was spun off from Kesoram Start Industries in 2019.

We have received more than two dozen, expressions of interest from applicants intending to provide debt solutions to Birla Tires. The list includes Ceatt.; Indian Renaissance Fund; Bomidhara Enterprises Jindal Steel Power;

BK Birla Group of Companies has been in the tire manufacturing business for 25 years, according to the company’s website. Earlier, it signed a partnership with Italian tire maker Pirelli.