New Delhi: Defence public sector company CSL (Cochin Shipyard Limited) has said on Friday that it has got a nod from NCLT (National Company Law Tribunal), Chennai, to acquire TSL (Tebma Shipyards Limited, a company engaged in the design and construction of offshore vessels, under the CIRP (Corporate Insolvency Resolution Process).
CSL was selected by the committee of creditors of TSL in December 2019.
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"It is hereby informed that the National Company Law Tribunal, Chennai (NCLT) has on March 04, 2020, pronounced the order approving the Resolution Plan submitted by Cochin Shipyard Limited (CSL) with respect to Tebma Shipyards Limited (TSL) under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code, 2016," CSL said in a regulatory filing.
CSL was the only eligible applicant who had submitted the plan within the extended timeframe, the NCLT bench said in its order.
Tebma Shipyard builds offshore vessels for geotechnical research, along with platform supply vessels, multipurpose support vessels, anchor handling tugs, harbour tugs, utility vessels, and hopper dredgers. Headquarted in Chennai, the firm has constructed and delivered over 150 vessels in about two decades for domestic and international clients.
Cochin Shipyard Limited was incorporated in the year 1972 as a fully state-owned company. In the last three decades, the company has emerged as a forerunner in the Indian shipbuilding and ship-repair industry. This yard can build and repair the largest vessels in India. It can build ships upto 1,10,000 DWT and repair ships upto 1,25,000 DWT. The yard has delivered two of India's largest double hull Aframax tankers, each of 95,000 DWT. CSL has secured shipbuilding orders from internationally renowned companies from Europe and Middle East and is nominated to build the country's first indigenous Air Defence Ship.