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On Thursday, the resolution plan of the metallurgical and industrial group headed by Sanjeev Gupta for Zion Steel, another company of the Adhunik group, was also approved by the creditors . Adhunik Metaliks on Thursday approved the UK-based Liberty House resolution plan for the insolvent company, the last day of the extension of the Business Insolvency Resolution Process (CIRP) for the steelmaker
. Loaded Steel Manufacturing Company – Liberty House and Maharashtra Seamless Group DP Jindal. Liberty House has already been identified as the highest bidder (H1) by the creditors, while the Maharashtra Seamless plan was rejected as it offered less value than the liquidation value of the company, Adhunik Group's flagship. The creditors' committee at today's meeting approved the resolution plan submitted by the Liberty House Pte Group with a 99.94% majority, "Adhunik Metaliks (AML) said in a filing
On Thursday, the Gupta Sanjeev Zion Steel, another Adhunik Group company, also received creditor approval
The HoC met on Monday and Wednesday to consider the following. approve the resolution plan submitted by Liberty House.However, these meetings were inconclusive.Now, after the approval of the resolution plans of AML and Zion Steel, the resolution professional Sumit Binani will submit the plans to the Kolkata Court of the National Tribunal for Company Law (NCLT) for approval and adoption of the necessary orders in this case.] 19659003] Sources told FE that, according to the resolution plans, Liberty House would allow Injecting pl We used Rs 600 crore in both companies – AML and Zion Steel. In particular, for AML, the autonomous debt was in the order of Rs 2,500 crore
The lenders to AML are: State Bank of India, National Bank of Punjab, ICICI Bank, IFCI, Punjab & Sind Bank, UCO Bank , Allahabad Bank, Bank of Baroda, Bank Corporation and SREI Infrastructure Finance, among others. In the case of this company, up to 18 financial creditors have submitted claims of a value greater than 5,380 crores, while claims greater than 5,370 crores have been admitted.
"Adhunik Metaliks is a major supplier to the automotive industry. The acquisition of the company will help reinstate our vision of green steel and green aluminum at the same time. On a global scale, "said a spokesman for Liberty House, adding that the letter of intent would now be sent to the UK-based group, but declined to give details on the size of the group. final offer for the indebted company RP Binani was not available for comment
AML owns an integrated steel mill in Odersha & # 39; s Sundergarh. However, currently, the factory does not operate in Because of the lack of food.
Earlier, FE had reported that lenders were negotiating with Liberty House to explore the opportunity to increase its bid for the bankrupt company. insolvency resolution in progress For AML and Zion Steel, the Extended period of the process of resolution of business bankruptcies (CIRP) expired on July 5. Notably, the June 15 NCLT Kolkata Bank ordered the 20-day exclusion of the mandatory CIRP 270-day time limit for the two Adhunik Group companies
The AML, Zion Bankruptcy Proceedings Steel and another Adhunik group company, Orissa Manganese & Minerals, was admitted by the Kolkata Court of NCLT last August.
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