Lenders ask NCLAT for fresh round of bidding for debt-ridden Amtek Auto as UK-based Liberty House backs out
CoC led by Corporation Bank informed the NCLAT that the second highest bidder Deccan Value Investors LP is also considering to submit a revised offer
Earlier, on 29 January, NCLT Ahmedabad had rejected the debt settlement proposal put forth by the shareholders of Essar Steel saying the offer violates Section 12A of the Insolvency and Bankruptcy Code.
SBI plans to offload Essar Steel's bad loans worth over Rs 15,000 cr to recover dues, invites EoI from financial institutions
SBI said the resolution plan for the recovery of non-performing asset (NPA) has been approved and filed in NCLT Ahmedabad, according to which the minimum recovery to the bank is Rs 11,313.42 crore.
The NCLAT is already hearing a petition filed by Renaissance Steel, challenging the Vedanta's bid for Electrosteel.
Binani Cement lenders vote in favour of UltraTech's Rs 7,960 cr offer; override CoC decision favouring Dalmia Bharat
UltraTech now becomes the H1 bidder, replacing Rajputana Properties - the bidding company for the Dalmia Bharat-led consortium
The NCLAT made the remarks while hearing an application filed by UltraTech in the Binani Cement insolvency matter.
Binani Cement insolvency: NCLT asks CoC to consider UltraTech's revised offer; Dalmia 'surprised' by order
The NCLT bench also asked the CoC to reconsider resolution plan of Rajputana Properties Pvt Ltd (RRPL), if the Dalmia Bharat Group firm, was willing to raise its offer more than UltraTech's bid.
UltraTech questions resolution process, terms process of evaluating bids for Binani Cement 'fraudulent'
UltraTech apprehends that it was not declared as the H1 bidder in view of the penalty imposed by the Competition Commission of India.
The CoC did not approve the offer from its promoters Binani Industries, which is pitching for Rs 7,266 crore offer from the Aditya Birla Group firm UltraTech Cement, due to legal implications, sources said.
NCLT asked the CoC whether it could consider application filed by Binani Industries, the parent company of Binani Cement, for a settlement outside tribunal
Insolvency and Bankruptcy Code: An efficient mechanism for tackling NPAs but resolution professionals face challenges
Intention of bringing in new insolvency law was essentially to clean up the banking mess and thereby providing a boost to the economy