The National Company Law Tribunal (NCLT) has approved the resolution plan submitted jointly by Himadri Speciality Chemical and Dalmia Bharat Refractories to acquire B K Birla group firm Birla Tyres under the corporate insolvency resolution process (CIRP).

“We would like to inform you that NCLT, Kolkata Bench today approved the resolution plan,” Birla Tyres said in a stock exchange filing. The resolution plan was earlier approved by the creditors to the tyre manufacturer. 

Birla Tyres was first founded in 1991 as a subsidiary of Kesoram Industries. The company was later declared as a separate entity after it was separated from its parent firm in 2019.