India Finance News

CoC names Cochin Shipyard successful bidder in Tebma resolution process

Public Sector firm Cochin Shipyard Ltd (CSL) has said that it has emerged as the successful resolution applicant for Tebma Shipyards Ltd (TSL), a company engaged in the design and construction of offshore vessels.

CSL said in a regulatory filing that it has been selected by the Committee of Creditors of TSL under the Corporate Insolvency Resolution Process (CIRP) and that the transaction is subject to compliance with the regulatory requirements set forth in the final terms approved by the National Company Law Tribunal.

Tebma Shipyard builds offshore vessels for geotechnical research, along with platform supply vessels, multipurpose support vessels, anchor handling tugs, harbour tugs, utility vessels, and hopper dredgers. Headquarted in Chennai, the firm has constructed and delivered over 150 vessels in about two decades for domestic and international clients.

Source: Business Standard

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