Business Update2 May 2026, 06:21 pm
Raama Paper: Poddar Global Resolution Plan Approved by CoC
AI Summary
The Committee of Creditors (CoC) of Raama Paper Mills Limited has approved the resolution plan submitted by M/s Poddar Global Private Limited with 99.38% of the voting share in favor. The approval was accorded through e-voting conducted from April 25, 2026, to May 1, 2026. The resolution plan will now be filed before the National Company Law Tribunal (NCLT), Prayagraj Bench, for its approval under Section 31 of the Insolvency and Bankruptcy Code, 2016. Upon NCLT approval, the plan will become binding on all stakeholders.
Key Highlights
- Raama Paper's CoC approves Poddar Global's resolution plan.
- Approval secured with 99.38% of voting share.
- Resolution plan to be filed with NCLT Prayagraj for approval.
- Plan becomes binding on stakeholders upon NCLT approval.