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Bangalore:
Innovative Tech Pack Ltd has informed BSE that Hon'ble BIFR vide its order dated September 13, 2011 has informed that "the company M/s Innovative Tech Pack Ltd ceases to be sick industrial company, within the meaning of Section 3(1)(o) of the SICA as its net worth has turned positive as on April 30, 2011 and its revived is sustainable. It is, therefore, discharged from the purview of SICA/BIFR". Hon'ble BIFR has also observed that the company has settled the debts of all its 3 secured creditors and all statutory liabilities have been cleared as per the sanctioned scheme No Dues Certificates have been obtained from all the secured creditors. The company's net worth as per the audited balance sheet as on April 30, 2011 stands at Rs. 14.96 cr.
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