IRP calls for EOI from bidders for Dharani Sugars

Chennai: The Insolvency Resolution Professional (IRP) on Thursday invited expression of interest (EOI) from prospective bidders for Dharani Sugars and Chemicals Limited. The move has been initiated as per the) as per the Insolvency Resolution Process approved by the Committee of Creditors (CoC).

Applicants with a minimum consolidated net worth of Rs 75 crore can submit their EOIs by June 1, 2022. Shortlisted EOIs will be later called upon to submit detailed Resolution Plans by July 26, 2022.

Insolvency Resolution Process was admitted by IBC in July, 2021. After the company went on appeal, it took an additional eight months to initiate the process. “After it was cleared, we have started the process,” said S Rajendran, the Resolution Professional for Dharani Sugars.