Birla Cotsyn (India) Limited has announced the successful acquisition of the company as part of the implementation of a Composite Scheme of Compromise and Arrangement involving Nikhil Jain, Rohstoffe International Private Limited, and Wendt Finance Private Limited (collectively referred to as the "Acquirers"). The scheme, approved by the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench, on January 9, 2025, was carried out under Sections 230 and 66 of the Companies Act, 2013, along with relevant provisions of the Insolvency and Bankruptcy Code (IBC), 2016.
This marks a key milestone in the company's journey towards reinstatement and revival, as the final settlement has been made to the Liquidator, fulfilling the financial commitments outlined in the approved scheme. With this development, Birla Cotsyn is now well-positioned to proceed with regulatory and procedural steps to restore operations and re-establish compliance with applicable SEBI listing regulations.
The newly constituted management, as per the approved resolution plan, has expressed its sincere gratitude to all stakeholders for their support throughout the resolution process. The company reaffirmed its commitment to maintaining transparency and full regulatory compliance as it embarks on the next phase of growth and operations.
Founded in 1941, Birla Cotsyn (India) Ltd is an integrated textile manufacturer specializing in Cotton Ring Spun Yarn, Open End Yarn, and Synthetic Blended Yarn. Equipped with state-of-the-art machinery, the company has built a strong sales network both in India and overseas, offering a wide range of products including 100% grey cotton yarn, grey and dyed solid griddles, fancy yarns, as well as knitting and weaving yarns in various blends and counts.