25 January 2019: Lenders to bankrupt Adhunik Metaliks (AML) on Thursday filed appeals before the Kolkata bench of the National Company Law Tribunal (NCLT) for providing additional time for completion of the insolvency resolution process, as they have received application from Maharashtra Seamless stating that it is ‘ready’ to acquire the debt-ridden company.
The NCLT reserved its order on the CoC’s application for granting an extension of time in the corporate insolvency resolution process (CIRP) in this case.
While UK-based Liberty House, the successful resolution applicant, failed to make the upfront cash payment within the stipulated time, Maharashtra Seamless, the second-highest bidder (H2), has submitted an application to the Committee of Creditors (CoC) informing that it has the fund ready to take over the debt-ridden steel manufacturer, CoC’s counsel Joy Saha said in his submission before the Bench of Justice Jinan KR.
“As the value of the assets of AML is going down, at least the CoC should be allowed to talk to the other bidders while the litigation is pending. And for that, the committee needs the RP (resolution professional). The RP is also required for taking care of assets of the company,” Saha said while praying for granting an extension of time in the CIRP and also re-appointment of the RP.
“Maharashtra Seamless has told us that `500 crore is ready with it for the acquisition,” Saha said. In its application, the CoC has sought additional time of 12 weeks from Thursday for completing the insolvency resolution process.
Financial Express reported
Categories: General News