NCLT approves gail 2079 cr rs resolution plan for JBF petrochemicals share price 7 rs detail here – Business News India

read on the appPublic Sector GAIL (India) Limited has got a big success. This company will acquire JBF Petrochemicals, which is going through the bankruptcy process. The National

Company Law Tribunal (NCLT) has approved GAIL's proposal for JBF Petrochemicals. GAIL's resolution plan is Rs 2079 crore. How much was owed to the banks: Coming to JBF

Petrochemicals, the company owes Rs 7,918 crore to lenders led by IDBI Bank. Its other lenders include Union Bank of India, Bank of Baroda and Indian Overseas Bank. These lenders

claimed Rs 4,584 crore, but the NCLT accepted a total claim of Rs 4,662 crore. Let us tell you that on February 2022, the lenders of JBF Petrochemicals, led by IDBI Bank, decided

to initiate insolvency proceedings for the company. JBF Petrochemicals was established in September 2008. Listed parent company: Let us tell you that JBF Petrochemicals, a

subsidiary of polyester manufacturer JBF Industries, is listed in the stock market. Trading of JBF Industries on BSE Index is closed with effect from March 10, 2023. The share

price was Rs 7.52 on the last day of trading. Whereas, on February 24, 2023, the share price went up to Rs 4.90, which is a 52-week low. However, with this deal, GAIL now becomes

the second PSU after Indian Oil Corporation to take over a bankrupt private sector company through IBC recently.