Seshasayee Paper and Boards Ltd. (SPBL) has emerged as the successful bidder for the acquisition of Servalakshmi Paper Ltd. (corporate debtor in liquidation) in an e-auction held in September 2022.
The National Company Law Tribunal, Chennai Bench, approved the application filed by the liquidator confirming the sale of Servalakshmi Paper’s assets as a going concern, SPBL said in a regulatory filing.
The NCLT order in favour of Seshasayee Paper and Boards was given on May 12. It was uploaded on the NCLT’s website on May 15.
SPBL is in the business of manufacture and sale of printing and writing paper. It owns and operates an integrated pulp, paper and paper board mill in Erode and a paper mill in Tirunelveli.