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NCLT admits Vadraj Cement for insolvency process

Economic Times  

Vadraj Cement (previously ABG Cement), which was stuck in liquidation for more than five years under the Bombay High Court, has been shifted to the National Company Law Tribunal (NCLT) for debt resolution.The NCLT order allows lenders to potentially recover more than half of their dues. Adani Group, UltraTech Cement, and JSW Cement may bid to acquire the debt-laden company.Vadraj Cement was a subsidiary of ABG Shipyard. Rishi Agarwal promoted AGB Shipyard itself underwent a corporate insolvency process, failed to attract bidders and its assets were eventually sold to Welspun Group and Arcelor Mittal under liquidation.