15 Feb is last date for submission of EoI for RCI Industries and Technologies
The resolution professional of RCI Industries and Technologies Ltd has invited Expression of Interest (EoI) from prospective bidders for the company undergoing corporate insolvency resolution process.
The EoI was invited through a letter dated 30 January 2023. The last date for submission for EoI from the prospective buyers is 15 February 2023. As per the schedule mentioned in the Form G (for invitation of EoI), the date of issue of provisional list of prospective resolution applicants is 25 February and the Iast date for submission of objections to provisional list 2 March 2023.
The EoI can be submitted at cirp.rci.industries.technologies@gmail.com.
The insolvency process was initiated against RCI Industries and Technologies Ltd after the Delhi bench of NCLT admitted the insolvency application filed by Standard Chartered Bank (Singapore) Ltd, which has a factoring agreement with one of the suppliers of RCI Industries and Technologies – Sizer Metals Pte Ltd.
The insolvency application was filed by Standard Chartered Bank (Singapore) Ltd after RCI Industries and Technologies defaulted on a payment of Rs 21 crore.
Sizer Metals Pte Ltd had supplied tin ingots and nickel full plate to RCI Industries and Technologies.
New Delhi-headquartered company is a manufacturer of Round and Flat Rolled Copper and Copper Alloys. It has its production plants in Baddi and Nalagarh, and warehousing facilities in Delhi, Maharashtra and Rajasthan. The company made a consolidated loss of Rs 71 crore on a revenue of Rs 59.68 crore in 2021-22.
The company owes Rs 268 crore to financial creditors. Union Bank, which has the largest claim with Rs 95.16 crore, has the largest voting share at 35.45% in the committee of creditors (CoC) followed by PNB having claims of Rs 43.58 crore and voting share of 16.23%, State Bank of India (Rs 34.65 crore claims) having 12.91% voting share. Other major lenders include Indian Bank with 10.44% voting share.
Also Read: CoC for RCI Industries constituted; Rs 268 crore claims submitted
