Assam Company bid submission date postponed to June 27

Under pressure to grant more time for submission of financial bids from interested buyers, the resolution professional (RP) of Assam Company India Ltd, which is undergoing insolvency proceedings, has extended the bid submission date to June 27 this year. The RP's decision was accelerated by an order from the NCLAT granting more time to one of the bidders.

After James Warren Tea, an interested bidder, was disqualified by the RP, T Kannan, on financial eligibility to bid for Assam Company, it had moved the NCLAT, where the appellate court ordered that James Warren can submit a resolution plan under the IBC