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Bhagwati Power and Steel top bidder for Adhunik Alloy & Power Ltd-The 19th China (Guangzhou ) Int’l Casting product Exhibition
5/21/2018 铸件展-casting expo-Die-casting expo-foundry expo |
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Economic Times reported that Bhagwati Power and Steel, owned by a consortium of Ghanshyam Mishra and Atha Group, is ahead of others in the race to take over ailing Adhunik Alloys and Power, the sponge iron maker from Adhunik Group, which went to the National Company Law Tribunal (NCLT) in August last year. A source in the banking circle said the committee of creditors (CoC) in its meeting held last week has approved the plan of Bhagwati Power & Steel unanimously with a 100% voting. Asw per report, Bhagwati Power & Steel has offered a bid of a little over of INR 325 crore and has been declared the top bidder (H1). Liquidation value of the assets was estimated around INR 175 crore only. NCLT Kolkata was expected to hear the matter on May 18, where the plan may be presented for the final approval.
The company has an annual capacity of 2.10 lakh tonne sponge iron along with 1.5 lakh tonne of billet and 30 MW captive power plant
The consortium of Ghanshyam Mishra Group and Atha Group has iron ore mines in Odisha with an annual capacity of 3.6 million tonne. It has an iron ore mine around 60 kms from the AAPL plant.
AAPL has attracted more than 13 expression of interests (EoIs) when the resolution professional (RP) called for the same in November 2017. But only 4 companies, a Srei Associate, Bhagwati Power, Orissa Metaliks (Rashmi Group) and Edelweiss, had submitted their bids for AAPL. A banker close to the development said that while the bids of Orissa Metaliks and Edelweiss were much lower, the Srei associate was disqualified under Section 29A of the IBC, 2016. Srei group has moved the National Company Law Appellate Tribunal (NCLAT) against its disqualification by the lenders’ group.
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