Trend Electronics files for liquidation
Trend Electronics said on Monday it had filed for liquidation under the Insolvency and Bankruptcy Code, as per company statement. A liquidator has been appointed by the Mumbai Bench of National Company Law Tribunal, following the order dated February 10 this year.
The company also said the liquidator had issued the expression of Interest (EOI) document dated April 7, along with e-auction process information document later in April, post the e-auction for acquisition of Trend Electronics Limited, held on May 11.
After the auction, the liquidator has issued the letter of intent to the successful bidder.
According to the signed deal, the successful bidder is obligated to make full payment towards sale consideration by June 11.
Upon receipt of full sale consideration, the liquidator shall issue sale certificate to the successful bidders and distribute the sale proceeds to all the stakeholders of Trend Electronics.
Trend Electronics Limited, manufacturer of set top boxes for Videocon d2h, is in the business of electronics manufacturing. It has a manufacturing set-up that includes chip mounting machines, automatic through-hole insertion machines and free flow conveyors. The Hindu BusinessLine
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