Moser Baer India goes for liquidation

The National Company Law Tribunal (NCLT) has ordered the liquidation of Moser Baer India Limited under Section 33(2) of the Insolvency and Bankruptcy Code. NCLT's direction came as the company's Committee of Creditors unanimously agreed for the liquidation of the company.

Moser Baer's financial creditor Alchemist Asset Reconstruction Company Limited had initiated the insolvency proceeding against the company. In March 2016, Alchemist Asset acquired the debt that Moser Baer owed to State Bank of Hyderabad, which is now part of State Bank of India. As the company failed to receive any debt resolution plan post the initiation of insolvency code, the court allowed the liquidation and appointed Resolution Professional, Anil Kohli as the Liquidator for the company.

The liquidation value of Moser Baer's assets is estimated close to Rs. 337.45 crore, as per the court order. The total debts that the company owes to its financial creditors is approximately Rs. 4,350 crore.

Moser Baer India manufactures digital data storage devices such as CD and DVD. The company's subsidiaries include Moser Baer Solar and Moser Baer Photo Voltaic. At 9:19 hours, the stock of Moser Baer was trading at Rs. 1.67 per share, down by 4.57 per cent, on Tuesday.