Lenders to troubled Ballarpur Industries to meet on January 18

The company's net worth is negative as on the reporting date, and it continues to incur heavy losses

Lenders to troubled Ballarpur Industries Ltd (BILT) will meet on January 18 ahead of the application for the company’s liquidation, which will be heard by the Mumbai bench of National Company Law Tribunal bench on January 25, 2022. The financial creditors’ admitted claims are just over ~3,100 crore.

“A meeting of the Committee of Creditors of the company has been convened on Tuesday, (18th January, 2022),” BILT informed the BSE.

On January 6, the company informed the BSE that the NCLT will now hear its liquidation application on January 25, as the one scheduled for January 3 could not take place.

Bankers said