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Lenders okay JK Paper’s plan to revive Sirpur Paper

Lenders okay JK Paper’s plan to revive Sirpur Paper

Ending six months of uncertainty, lenders have approved the resolution proposal of JK Paper one of India’s largest paper producers, to revive Sirpur Paper Mills, one of Telangana’s large manufacturing facilities from the Nizam era that the state government was attempting to revive through tailor-made incentives and subsidies.

JK Paper has submitted a resolution plan involving a total outlay of Rs 782 crore, which includes settlingdues of Rs 371 crore against claims of around Rs 674 crore. Further, the resolution applicant has also proposed investments of Rs 400 crore to expand the capacities of Sirpur Paper in two phases.

A person close to the development told that the Resolution Professional has placed the developments before the National Company Law Tribunal’s (NCLT)Hyderabad bench on Tuesday, along with the approval of Committee of Creditors (CoC) for the plan of JK Paper.

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Tuesday, August 28, 2018