BIFR package for 4 cos

The Maharashtra-based Matushree Textiles’s rehabilitation plan envisages sale of its Silvassa unit and one time settlement of dues of banks and financial institutions.

The cost of the scheme of reviving MTL includes capital expenditure (Rs 26.50 lakh), pressing creditors (Rs 51.68 lakh), working capital (Rs 95.01 lakh) and repayment of lots to Unit Trust of India (Rs 1.22 crore). The scheme is proposed to be financed by way of equity (Rs 1.25 crore) and unsecured loans (Rs 1.25 crore)from promoters and sale proceeds of Silvassa units (Rs 2.10) crore.

The revival plan for ITRC, engaged in manufacturing turpentine and other derivatives from resin and also industrial alcohol from molasses, envisages processing of leesa into rosin/turpentine, one time settlement of lease finance dues of Industrial Finance Corporation of India (IFCI) and sale of industrial alcohol plant and other surplus assets.

According to BIFR order, Rs 10.85 crore cost of scheme of ITRC include one time settlement (OTS) to IFCI worth Rs 4.60 crore, dues of forest department to the tune of Rs 4.0 crore and margin money for additional working capital worth Rs 64 lakh.

The revival plan of Loharu Steel, having a rolling mill near Bangalore for manufacturing tor-steel rods and plain mild steel, envisages restructuring of liabilities by way of lots of dues of Punjab National Bank and regularising the dues of Canara Bank and capital expenditure on power generating set. The cost of the scheme has been estimated at Rs 5.32crore which comprises dues of PNB worth Rs 1.90 crore, capital expenditure of Rs 1.1 crore, interest on crystallised dues to the tune of Rs 54 lakh and margin money for working capital worth Rs 96 lakh.

The scheme is proposed to be financed by way of equity (Rs 2.06 crore), unsecured loans (Rs 1.8 crore), sale of surplus assets (Rs 65 lakh) and by internal accruals (Rs 82 lakh).

The revival plan of Bhiwaniwala Jute, engaged in manufacture of jute twine at their plant at Nachhipur (Orissa), envisages capital expenditure for removal of imbalance and payment to the pressing creditors. The cost of the scheme is estimated at Rs 54 lakh comprising capital expenditure (Rs 43 lakh), payment to pressing creditors (Rs 8 lakh) and margin money for additional working capital (Rs 3 lakh).