JTL Industries Ltd emerges successful resolution applicant for RCI Industries & Technologies Ltd

JTL Industries Limited (erstwhile JTL Infra Limited) ("JTL") had submitted a resolution plan for RCI Industries & Technologies Limited ("RCI"), a company undergoing insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors of RCI had issued a Letter of Intent ("LOI") dated 17th August, 2024 to JTL and the same has been accepted by JTL. The closure of the transaction shall be subject to obtaining necessary approval from the National Company Law Tribunal, New Delhi.

RCI Industries & Technologies Limited RCI was incorporated in the year 1992 and is among the leading manufacturers of copper products in India. The Company is engaged in manufacturing and sale of flat and round products in copper, brass, aluminium, stainless steel sheets, strips, foils and coils, Tin alloy solder-bars and special alloys having a manufacturing facility at Baddi, Dist. Solan, Himachal Pradesh. RCI's comprehensive range of products is widely used for variegated electrical and industrial applications in different industries, such as automobile, engineering, defence, construction, electronics, among others. The Company has a global customer network with a strong presence in Middle East and African countries. It caters to a diverse customer portfolio of traders and manufacturers.

Source : Equity Bulls

Keywords

JTLIndustries CoC LOI InsolvencyResolution