Dentons Link Legal represented the resolution professional, Ravindra Loonkar, for ACIL to secure approval from the National Company Law Tribunal (NCLT) for the resolution plan proposed by Ramakrishna Forgings.
The plan, previously sanctioned by an 88.56% majority vote from the committee of creditors, facilitates the restructuring of ACIL, an automotive component manufacturing company, which has been undergoing the insolvency resolution process since 2018.
Dentons Link Legal partner Abhishek Sharma led the team, with the support of senior associate Raghav Mittal and associate Kritya Sinha.
Earlier, the Supreme Court had lifted the stay on the plan approval application, emphasising that the NCLT lacked jurisdiction for asset revaluation. The NCLT subsequently approved the resolution plan on 22 December 2023, following the court’s order.
