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Written by Mithun Dasgupta | Calcutta |
Last Updated: July 6, 2018 3:14:08
-Laden Steel Manufacturing Company – Liberty House and Maharashtra Seamless Group DP Jindal. (Reuters / File)
Adhunik Metaliks 'creditors' committee on Thursday approved the UK-based Liberty House resolution plan for the insolvent company on the last day of the extension of the resolution process. Insolvency of companies. steelmaker.
There were only two candidates for resolution for the debt-laden steel manufacturing company – Liberty House and Maharashtra Seamless from DP Jindal Group. 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 the meeting held today approved the resolution plan presented by the Liberty House Pte Group with a 99.94 percent majority, "said Adhunik Metaliks (AML).
Thursday Sanjeev Gupta Leads Metals and Industrials The group's resolution plan for Zion Steel, another Adhunik group company, also secured creditors' approval.
The CdC met Monday and Wednesday to consider approving
the resolution plan submitted by Liberty House.However, these meetings were inconclusive.Now, after the approval of the AML resolution plans and the Zion Steel, resolution practitioner 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.] 19659006] According to sources, according to the plans of resolves tion, Liberty House would inject more than Rs 600 crore into both companies – AML and Zion Steel. Notably, for AML, the autonomous debt was in the order of Rs 2,500 crore
The lenders at AML are: State Bank of India, National Bank of Punjab, ICICI Bank, IFCI , Punjab & Sind Bank, UCO Bank, Allahabad Bank, Bank of Baroda, Corporation Bank and SREI Infrastructure Finance, among others. – FE
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