JBF Petrochemicals Gets Dragged to NCLT
Banks have decided to drag JBF Petrochemicals to the National Company Law Tribunal after KohlbergKravis Roberts & Co. (KKR) stalled the decision to buy a majority stake in the debt-laden company. KKR had announced in December to infuse capital in JBF Petrochemicals Limited to acquire controlling stake in the company. However, this acquisition was subject to restructuring of Singapore based subsidiary JBF Global Pte and receiving INR 4.5 billion of intra corporate deposits. Since both these conditions were not met, KKR decided to stall the infusion of capital.