Himadri Speciality Chemical Ltd on Thursday said the National Company Law Tribunal has "verbally" approved the joint resolution plan submitted by the company and Dalmia Bharat Refractories Ltd to acquire Birla Tyres under the insolvency process.
In a regulatory filing, Himadri Speciality Chemical informed that the NCLT, Kolkata Bench has "now approved verbally the resolution plan submitted jointly by the company (strategic partner) and Dalmia Bharat Refractories Ltd (resolution applicant) for acquisition of Birla Tyres Limited under the corporate insolvency resolution process (CIRP) in terms of the Insolvency and Bankruptcy Code, 2016 (IBC)."
A written order from the NCLT is awaited, it added.
The NCLT had ordered the initiation of insolvency proceedings against Birla Tyres Ltd in a case filed by chemicals firm SRF Ltd, an operational creditor of the B K Birla group firm.
Birla Tyres was demerged from the group's flagship firm Kesoram Industries in 2018.