The resolution professional for Ferro Alloys Corporation (Facor) is likely to submit the plan to the National Company Law Tribunal (NCLT) for approval on April 2. This is the same day when the 270-day period, stipulated under the Insolvency and Bankruptcy Code (IBC), will expire. However, its committee of creditors (CoC) has still not been able to select a H1 bidder. If the resolution plan cannot be submitted by April 2, the company may face liquidation.
Facor was taken to the NCLT in July last year for not paying a debt of Rs 8 billion. The deadline for submission of bids has been revised four times.
The first bid was opened in November 2017, the second on March 1, the