Birla Tires NCLT: Birla Tires turn to be sold, these famous companies in the race of buyers.

Birla Tires, a tire maker struggling with Debt Crisis, may be sold soon. This tire company of Kesoram Industries was sent to the National Company Law Tribunal (NCLT) last year for resolution after the debt crisis. Now many companies have shown interest in buying it.

These companies showed interest

According to a news from the English newspaper ET, Ceat, Naveen Jindal’s company Jindal Power, Bain and Piramal Backed India Resurgent Fund, Dalmia Bharat to buy Birla Tires. Dalmia Bharat Refractories and Purnendu Chatterjee promoted MCPI have shown interest. This information has been given in the news by quoting two people related to the case.

Went to NCLT last year

Birla Tires had defaulted on payment of dues of Rs 15 crore to chemical company SRF. SRF then filed a petition with the NCLT, which was accepted by the Company Law Tribunal in May 2022 under the Corporate Insolvency Resolution Process. The NCLT had appointed Pratim Bayal as resolution professional, who had asked interested parties to apply. Time has been given till the end of this month to show interest in buying Birla Tyres.

So far outstanding

Dues claims of Rs 1,128 crore have been accepted from financial creditors for Birla Tires so far. Private sector Axis Bank has claimed the maximum amount of Rs 555.6 crore on the company. Apart from this, Arcil and the largest government bank SBI are also among the big contenders. Birla Tires owes Rs 196 crore and Rs 120 crore to both of them respectively.