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PMT Machines Ltd. (Company) was undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency & Bankruptcy Code, 2016 (IBC) vide order of Hon’ble NCLT, Mumbai Bench dated 22.10.2018.
We are pleased to inform that aforesaid CIRP process has yielded a viable Resolution Plan, which has been approved by the Hon’ble NCLT, Mumbai Bench vide its order dated 03.06.2022. The Resolution Applicant thereafter paid the entire consideration, and the same is being distributed amongst the beneficiary banks. In effect, NCLT process is completed successfully.