Jharkhand Bijli Vitran Nigam Ltd. Acquires Tayo Rolls Ltd. Under IBC

Jharkhand Bijli Vitran Nigam Ltd. Acquires Tayo Rolls Ltd. Under IBC​

Jharkhand Bijli Vitran Nigam Ltd. (JBVNL) has acquired Tayo Rolls Ltd. under the Insolvency and Bankruptcy Code (IBC) following an order dated December 17, 2024, passed by the National Company Law Tribunal (NCLT), Kolkata.

The acquisition occurred after a Resolution Plan submitted by JBVNL was approved. However, implementation of the Resolution Plan is currently stayed by the National Company Law Appellate Tribunal (NCLAT), New Delhi.

According to Harpreet Kaur Bhamra, Company Secretary and Compliance Officer of the erstwhile Tayo Rolls Limited, statutory compliance obligations have shifted to the Successful Resolution Applicant (SRA) and the Resolution Professional (RP). Despite repeated attempts, neither the SRA nor the RP have demonstrated diligent interest in adhering to statutory rules and regulations. Official email IDs and the company website are reportedly inoperative.

Due to this deadlock stemming from disputes between the SRA and the RP, compliance with statutory timelines has become impossible. Tayo Rolls Limited's registered office is located at Road No. 11, Qr. No. 3, C. H. Area (North East), Bistupur, Jamshedpur- 831001, Jharkhand, INDIA. The works office is located at Large Scale Industrial Estate, Gamharia, 832 108, Jharkhand, India. The company’s Corporate Identity Number is L27105JH1968PLC000818. The company is being managed by Resolution Professional, Mr. Anish Agarwal (IP Registration No.: IBBI/IPA 001/IP-P-01497/2018-2019/12256).

Source:​