Ferro Alloys extends date of submission of Resolution

Ferro Alloys Corporation Ltd (FACOR) today said creditors panel of the company has decided to extend the last date of submission of Resolution Plan to March 17.

"Committee of Creditors of the company, at its meeting held on 12th March, 2018, has decided to extend the last date of submission of Resolution Plan from Monday, the 12th March, 2018 (from 5 p.m.) to Saturday, the 17th March, 2018 (till 5 p.m.) to the eligible bidders pursuant to the terms of Expression of Interest and Resolution Plan document," the company said in a filing to BSE.

The Resolution Professional has been directed by the Committee of Creditors to take further necessary actions in the matter, the filing said.

The company had earlier said Committee of Creditors through Resolution Professional is in process of inviting the Resolution Plan from the existing bidders to improve their existing offers and also provide opportunity to other persons to submit their offer irrespective of the fact that they have applied earlier or not.

"Hence...CoC invitees Expression of Interest (EoI) and Resolution Plan from investors having adequate financial capability for FACOR under CIRP (Corporate Insolvency Resolution Process)," the company had said.

"The last date for submission of EoI and the Resolution Plan is Monday, 12th March, 2018," the company had earlier said.

Ferro Alloys Corporation Ltd is producer and exporter of ferro alloys chrome an essential ingredient of steel and stainless steel.

The company is currently undergoing a Corporate Insolvency Resolution Process that has been initiated as per the provisions of Insolvency and Bankruptcy Code(IBC) 2016, the company had earlier said.

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