Approved Resolution Plan of MBL Infra upheld by Hon'ble Supreme Court

The Resolution Plan of MBL Infrastructures Ltd. was approved under IBC, 2016 by Hon'ble NCLT, Kolkata by order dated 18.04.2018. Appeals filed by some of the Banks against the order dated 18.04.2018 were dismissed by Hon'ble NCLAT by order dated 16.08.2019 finding them without any merit. The civil appeal filed against the Hon'ble NCLAT order dated 16.08.2019 has been dismissed by Hon'ble Supreme Court today. The approved Resolution Plan of MBL Infrastructures Ltd. has been upheld and has now attained finality.

"We shall now start bidding for the new projects and shall endeavour to win 4-5 large ticket size projects. With the completion / handing over of several public interest projects since the approval of the Resolution Plan on 18.04.2018, the qualification/bidding capacity of the Company has enhanced. With the approval of fund raising upto Rs 300 crores, affairs of the Company being professionally managed and impetus of the government on infrastructure sector, the Company with the support of all stakeholders is poised for growth trajectory." said Mr. A K Lakhotia, Chairman & Managing Director, while addressing the Company officials.

Shares of MBL Infrastructures Limited was last trading in BSE at Rs. 37.80 as compared to the previous close of Rs. 37.30. The total number of shares traded during the day was 40398 in over 515 trades.

The stock hit an intraday high of Rs. 38.40 and intraday low of 37.25. The net turnover during the day was Rs. 1524033.00.

Source : Equity Bulls

Keywords

MBLInfrastructures INE912H01013 SupremeCourt CivilAppeal Dismissed ResolutionPlan