Jupiter Wagons Ltd. in a submitting with the inventory exchanges mentioned the National Company Law Tribunal (NCLT) Bench, Kolkata, has authorised the decision plan submitted by it for buying controlling stake of Stone India Ltd. underneath the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016 (IBC).
“As per the terms of the approved Resolution Plan, upon implementation, Stone India Ltd shall become subsidiary of Jupiter Wagons Ltd.,” the corporate mentioned within the submitting.
It mentioned the price of acquisition of 100% stake in Stone India can be ₹20.61 crore and the acquisition course of can be accomplished in 12 months. Both the businesses are within the railway sector.
