Creditors turn down RP's advice to revive 5 Nithin Group cos; opt for liquidation

The committee of creditors (CoC) has turned down the recommendation of the resolution professional (RP) to revive five Nithin Group firms through a resolution plan, and instead opted for liquidating them at lower-than-resolution value. The CoC approached the National Company Law Tirbunal's Amaravati bench, favouring liquidating the assets of TIrupati-based Nithin group of companies, which once enjoyed a sizable share in South India's edible oil and wheat flour markets under the Varshi brand.