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Khaitan acts on $12.8m Embassy NCLT buy of Chennai miners Tiffins Barytes Asbestos

The National Company Law Tribunal (NCLT) has approved the resolution plan submitted by of Embassy Property Developments to acquire debt-ridden Chennai-based mining company Tiffins Barytes Asbestos for around Rs 89.4 crore. Under the resolution plan, Embassy Property Developments will offer an upfront payment of Rs 9.8 crore & Rs 63 crore for financial creditors. It would also pay Rs 14 crore additionally to the operational creditors of the company and will bring in a working capital of Rs 2.5 crore.
The Times of India

Khaitan & Co advised Embassy Property Developments Private Limited in the insolvency buy, led by a team of partner Rajiv Khaitan, partner Udayarkar Rangarajan and principal associate KA Alakiri.


Deal value: USD 12.8 million approx

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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