INDIA: Government Sets Deadline For NTC’s Recovery Plan
The Indian Government's Board for Industrial and Financial Reconstruction (BIFR) has given holding company, National Textile Corporation (NTC) until the end on February to come up with its rehabilitation plan. The NTC, which comprises subsidiaries NTC (Gujarat) Ltd, NTC (Madhya Pradesh) Ltd, NTC (West Bengal, Assam, Bihar and Orissa) Ltd and NTC (Uttar Pradesh) Ltd, will then have until March 31 to finalise the proposal. "If no such proposal is received, the operating agency must inform the Board immediately after February 28," the BIFR said.
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