West Coast Paper Mills Ltd on Wednesday (September 20) said it has received preliminary verbal approval from the National Company Law Tribunal (NCLT), Chennai Bench, for its resolution plan submitted to acquire Uniply Décor Ltd.

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Currently, Uniply Décor Ltd is undergoing a Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016.

The resolution plan, submitted by West Coast Paper Mills Ltd and previously approved by the Committee of Creditors of Uniply Décor Ltd, marks a crucial step towards the company's expansion and diversification efforts.

Consulting firm Lagrange Point Advisors LLP, an investment banking firm headquartered in Mumbai, conveyed that the verbal approval had been granted by the Chennai Bench of the NCLT.

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While this initial verbal approval is a promising indication, the formal written order from the National Company Law Tribunal is still awaited. West Coast Paper Mills Ltd is expected to provide further updates upon receiving the official written confirmation.

West Coast Paper Mills is one of the largest producers of paper for printing, writing, and packaging in India. Established in 1955, the mill is located at Dandeli in Uttara Kannada district in Karnataka.

The high quality paper produced by the company serves the needs of innumerable industries in the printing, writing, publishing, stationary, notebooks, and packaging sectors in India.

Shares of West Coast Paper Mills Ltd ended at Rs 670, down by Rs 9.80, or 2.19 percent, on the BSE.

(Edited by : Shoma Bhattacharjee)