Finquest Gets NCLT Approval To Acquire Ballarpur Industries

Finquest Financial Solutions Private Ltd. received the National Company Law Tribunal’s (NCLT) approval to acquire paper manufacturer Ballarpur Industries Ltd. under its insolvency resolution process.

The Mumbai bench of the NCLT today passed a verbal order, approving Finquest’s submitted resolution plan for Ballarpur, India’s largest manufacturer of writing and printing paper said in a stock exchange announcement. The written order is awaited, it added.

Ballarpur didn’t disclose financial and other details. The company’s affairs, business and assets are being managed by Resolution Professional Anuj Jain.

Last year, the National Company Law Appellate Tribunal (NCLAT) via its order on 19 April set aside the NCLT’s 25 January liquidation order against the company.

The NCLAT had also said the resolution professional was at liberty to file an application before the adjudicating authority for approval of the resolution plan and take all other consequential steps as required in the matter.

Ballarpur has six manufacturing units in India, giving it geographic coverage over most of the domestic market, according to its website. It accounts for over 53% of the coated wood-free paper market, an 80% of the bond paper market and nearly 35% of the hi-bright Maplitho market, besides being India’s largest exporter of coated and uncoated paper, it said.

The company markets its stationery through a network of 350 retail distributors spread over 270 locations. Its brand portfolio includes BILT Royal Executive Bond, BILT Copy Power, BILT Image Copier and BILT Matrix.

Ballarpur’s subsidiaries include Ballarpur International Graphic Paper Holdings B.V., BILT Graphic Paper Products Ltd. and Sabah Forest Industries, Malaysia’s largest pulp and paper company.

(Send feedback to editor@cornerofficejournal.com)