Case Law Details
ICICI Bank Limited Vs Stone India Limited (NCLT Kolkata)
Jupiter Wagons Ltd (JWL), a manufacturer of wagons, high-speed brake systems, and railway and engineering equipment, announces the approval of its resolution plan by the Kolkata National Company Law Tribunal (NCLT) to acquire a controlling stake in Stone India.
Acquisition Approval and Background
The Kolkata National Company Law Tribunal (NCLT) has granted approval to Jupiter Wagons Ltd (JWL) for its resolution plan to acquire a controlling stake in Stone India. JWL had previously acquired Stone India last year through a corporate insolvency resolution process. The acquisition amount was approximately Rs 25 crore, facilitated by the NCLT.
Stone India’s Role and Financial Distress
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