NCLT clears shoemaker's resolution plan, move to benefit 2,000 workers

According to the plan, AceStar Properties will develop 10.15 acres of land where its factory is located into a residential and commercial property, following the regulations, and generate an estimated

The National Company Law Tribunal (NCLT) has accepted a resolution plan for shoe manufacturer AceStar. The move, claimed to be the first such in Tamil Nadu. will benefit more than 2,000 workers of the company, along with the creditors, with no haircut in terms of their outstanding debt.

According to the NCLT order, the resolution plan submitted by AceStar Properties Pvt Ltd provides that all the creditors of the corporate debtor, including the banks, operational creditors, workmen and employees of the company under CIRP, Forward Shoes (India) Pvt Ltd, and statutory authorities, shall be paid in full and there is