Kolkata-based Palogix Infra gets new promoter with 100% creditor consent

Palogix Infrastructure is a logistics solution company, and had an outstanding debt of about Rs 1.50 billion

Kolkata-based Palogix Infrastructure has become one of the first companies admitted in NCLT to receive 100 per cent creditor's consent for implementation of a resolution plan.  

The resolution plan, submitted by submitted by Sanjay Kumar Mishra, backed a Delhi-based non-banking finance company. JFC Finance was approved by the Kolkata bench of NCLT on 12th February. The plan involved about 29 per cent haircut on interest outstanding, while the full principal amount is to be repaid, Mamta Binani, resolution professional for the company, told Business Standard.  

“Resolution plan of Sanjay Kumar Mishra was approved by the CoC with 100 per cent