NCLT creditors’ panel formed for Stone India

Kolkata: The

committee of creditors

(CoC) at

NCLT

has been formed for Duncan Goenka group engineering firm

Stone India

. The three banks that form

COC

include Indian Overseas Bank, State Bank of India and ICICI Bank. The total claim submitted and admitted was Rs 51.9 crore.

The highest claim was submitted by IOB at Rs 19.7 crore followed by Rs 16.7 crore by ICICI Bank and Rs 15.4 crore from SBI. IOB has the highest share of voting rights at 38.1%, ICICI Bank has 32% and SBI 29.7%. Sanjai Gupta associated with LSI Resolution voted as RP in CoC meeting with 100% voting.

Incidentally, Stone India is a multi-product engineering company and has been serving the Indian railroad industry for over decades. But it was not operational since 2017. It used to be a pioneer in brake systems and train lighting alternators and was one of the leaders in locomotive brake system and has a wide range of mechanical and engineering products for the rail road industry. The Company has established World record for the High Reach Pantograph as certified by the World Record Academy. The Company is fully committed to achieving international standards of performance in cost, quality and delivery


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