Amtek Group

Amtek Group www.infralive.com 29 Infra LIVE March 15, 2020 was approved by COC on 25.08.2018 with 87.57 per cent vote share and as per p r o c e s s no t e , DVI wa s required to furnish perfor- mance bank guarantee of Rs 100 crores. f. However, DVI filed an appeal for withdrawal of the resolu- tion plan. NCLT Mumbai, v i d e i t s o r d e r d a t e d 27.09.2019, allowed fresh bidding for the resolution of M F L ( C P 1 5 5 5 (IB)/MB/2017). c. The total admitted claim of Financial Creditors was Rs 3,841 cr (see table-3 at pg 27). d. Three prospective Resolution Plans were received from three potential resolution applicants namely Liberty House Group (LHG), Deccan Value Investors (DVI) and Bharat Forge Ltd. The same were placed before CoC meeting on 08.05.2018. The bid made by DVI was found to be the highest. e. The resolution plan of DVI a. Metalyst Forgings Ltd (MFL) was taken to NCLT by its lender vide Order No. C.P. No. 1555/I&BP/2017 dated 15.12.2017 passed by NCLT, Mumbai Bench and public announcement to that effect was made on 22.12.2017 in a leading newspaper. b. D i n k a r T Venkatsubramaniam was appointed as the Interim Resolution Professional (IRP) who, later on, was confirmed as aRPby CoC. 2. The f i r s t Commi t t ee o f Creditors (CoC) meeting was held on 04.09.2017 wherein Sumit Binani was appointed the Resolution Professional (RP); and Grant Thornton passed by NCLT, Kolkata B e n c h , b o t h d a t e d 03 . 08 . 2017 . The Pub l i c announcement to this effect was made on 07.08.2017 in leading newspaper. 1. Adhunik Metaliks Ltd (AML) and Zion Steel Ltd (ZSL) were taken to NCLT by its financial creditors vide order no. C.P. No. (IB) 373/KB/2017 and C.P. No. (IB) 372/KB/2017, j. V i d e i t s o r d e r d a t e d 17.12.2018, NCLT, Delhi granted 90 days extension of CIRP process to be com- pleted. k. LHG filed an appeal before NCLAT against the order dated 05.12.2018 passed by NCLT and the NCLAT, vide its order dated 08.03.2019, extended the time for CIRP till 06.06.2019 (Company Appeal (AT) (Insolvency) No. 08 of 2019). l. On 1 9 . 03 . 20 1 9 a f r e s h invitation for submission of Resolution Plan was pub- lished. In response, Invest- ment Opportunities IV Pte Lid (IOPL or SSG Capital Management) submitted a resolutionplan. m. On 04.06.2019, the Resolu- t i on P l an o f IOPL wa s approved by CoC with voting share of 66.29 per cent. n. NCLT, Delhi, vide its order dated 02.12.2019, approved the Resolution Plan of IOPL (C.P. No. IB – 531 (PB) / 2017). (LHG) was found to be the highest. f. CoC approved the plan of LHG on 29.08.2018 with 99.98 per cent vote share and as per the process note; LHG was required to furnish a performance bank guarantee of Rs 60 crores. g. NCLT, Delhi, vide its order dated 04.09.2018, approved the resolutionplan of LHG. h. However, LHG failed to submit the performance bank guarantee and hence CoC & RP filed application to withdraw the Resolution Plan of LHG and was granted the same by NCLT, Delhi v i de i t s o r de r da t e on 05.12.2018 and keeping in view the conduct of LHG, NCLT imposed a cost of Rs 100 , 000 t o be pa i d t o corporate debtor (IB-531 (PB) / 2017). i. As per direction of NCLT, fresh EoI was invited on 11.12.2018 and only one Resolution Plan of Raymond Lt was received. a. ARGL Ltd was taken to NCLT by its lender vide order No. C.P. No. (IB) 5 3 1 / P B / 2 0 1 7 d a t e d 16.03.2018 passed by NCLT Principal Bench, New Delhi and the public announce- ment to this effect was made on 21.03.2018 in a leading newspaper. b. D i n k a r T Venkatsubramaniam was appointed as the Interim Resolution Professional (IRP) who later was con- firmed as aRPby CoC. c. The total admitted claim of Financial Creditors was Rs 1,186 crore (see table-4 at pg 27). d. Advertisement for Expres- sion of Interest was given on 19.04.2018 and last date for submi ss i on of EoI was 27.04.2018. e. Five prospective Resolution Plans were received and the same were placed before the CoC i n i t s me e t i ng on 09.07.2018. The bid made by Liberty House Group Box-5: Adhunik Metaliks Ltd and Zion Steel Ltd Box-4: ARGL Ltd Box-3: Metalyst Forgings Ltd