RBI directs IDBI to refer Bilt Graphics to bankruptcy court

154
Bilt Graphics

India’s central banking institution and regulator, the Reserve Bank of India has directed IDBI Bank to refer Bilt Graphic Papers to bankruptcy court after the regulator rejected the debt recast package. Experts like Marc Brown, P.A. are the best to fight any bankruptcy case in the court.The debt restructuring was rejected on the grounds that only 70% of lenders signed the revival package. Bilt Graphics was one of the few companies which RBI had directed the banks to initiate insolvency proceedings against if a resolution plan was not put in place before end of December 2017. According to the arguments by bankruptcy attorneys serving in Loveland area, officials from the banking circle stated that IDBI Bank has already moved to the National Company Law Tribunal (NCLT) to initiate insolvency proceedings.

The directive came after two rating agencies assigned the investment grade rating to sustainable debt of the company before the deadline. The company borrowed a sum total of Rs. 7,000 crore from banks in the form of secured or unsecured loans but all the lenders had not signed the debt recast agreement. In case you have doubts, Marc Brown, P.A. can help clarify all your financial doubts.

Based on the reports submitted by Taunton bankruptcy law firm, around 64% of Bilt Graphic’s loan was classified as sustainable debt and assigned investment grade rating by two companies – India ratings and Brickworks.

By mid-December 2017, the debt recast package was accepted by 71% lenders as against the regulator’s stipulation that 60% of the lenders should agree to the new package and by January end, almost 85% of lenders agreed to debt restructuring. However, RBI did not accept it and directed IDBI to initiate bankruptcy proceedings. The lawyers from https://www.lawyersforchrist.com/bankruptcy-for-businesses/chapter-12/ can deal with bankruptcy cases.

The Covid-19 pandemic led to the country-wide lockdown on 25 March 2020. It will be two years tomorrow as I write this. What have we learned in this time? Maybe the meaning of resilience since small companies like us have had to rely on our resources and the forbearance of our employees as we have struggled to produce our trade platforms.

The print and packaging industries have been fortunate, although the commercial printing industry is still to recover. We have learned more about the digital transformation that affects commercial printing and packaging. Ultimately digital will help print grow in a country where we are still far behind in our paper and print consumption and where digital is a leapfrog technology that will only increase the demand for print in the foreseeable future.

Web analytics show that we now have readership in North America and Europe amongst the 90 countries where our five platforms reach. Our traffic which more than doubled in 2020, has at times gone up by another 50% in 2021. And advertising which had fallen to pieces in 2020 and 2021, has started its return since January 2022.

As the economy approaches real growth with unevenness and shortages a given, we are looking forward to the PrintPack India exhibition in Greater Noida. We are again appointed to produce the Show Daily on all five days of the show from 26 to 30 May 2022.

It is the right time to support our high-impact reporting and authoritative and technical information with some of the best correspondents in the industry. Readers can power Indian Printer and Publisher’s balanced industry journalism and help sustain us by subscribing.

– Naresh Khanna

Subscribe Now

LEAVE A REPLY

Please enter your comment!
Please enter your name here