Amtek Group
Amtek Group www.infralive.com 30 Infra LIVE March 15, 2020 plan of LHG in both the companies and ordered for Liquidation of both AML & ZSL as going concerns. S u m m i t B i n a n i w a s appointed as Liquidator for both the companies (CP (IB) No.373/I (B/20l7). 20. LHG appealed in NCLAT against the liquidation order dated 09.07.2019 passed by NCLT, Cuttack bench. 21. NCLAT, vide its order dated 1 7 . 07 . 2019 , s t ay ed t he Liquidat ion process on 17.07.2019 and put the next d a t e o f h e a r i n g f o r 28.08.2019. 22. NCLAT, vide its order dated 28.08.2019, vacated the stay onLiquidationprocess. 23. LHG filed an affidavit in NCLAT to allow it to comply with the resolution plans for both AML & ZSL and to set a s i d e t h e o r d e r s f o r Liquidation of both the aforesaid corporate debtors. 24. NCLAT, vide its order dated 22.01.2020, gave one more oppo r t un i t y t o L i be r t y House to comply with their plans and directed them to deposit Rs 360 crores (Rs 410 crore less Rs 50 crore already deposited) as per approved plan of AML and Rs 10 crores (Rs 15 crores less R s 5 c r o r e s a l r e a d y deposited) as per approved plan of ZSL by 14.02.2020 in the account of SBI, the lead banker / financial creditor. Next date of hearing in N C L A T w a s f i x e d f o r 1 7 . 0 2 . 2 0 2 0 ( C omp a n y Appeal (AT) (Insolvency) No. 724 of 2019). 25. NCLAT, vide its order dated 17.02.2020, confirmed that LHG has depos i ted the amount as referred to in e a r l i e r o r d e r d a t e d 21.01.2020. The order of liquidation was thereby s t ayed and t he NCLAT directed that Liquidator will f unc t i on as Reso l ut i on Professional. 410 crore would be paid u p f r o n t t o F i n a n c i a l Creditors of AML and Rs 15 crore to Financial Creditors of ZSL, totalling to Rs 425 crores and Rs 40 Crores t owa r d s IRP c o s t and priority workmen dues. LHG also stated to infuse Rs 150 crores to revive and improve operation of the company. 14. O n 0 5 . 0 7 . 2 0 1 8 , t h e resolution plan of LHG was passed by members of CoC with 99.94 per cent voting share. 15. The NCLT, Kolkata bench v i d e i t s o r d e r d a t e d 10.07.2018 for ZSL and vide its order dated 17.07.2018 f or AML approved the resolution plans of LHG ( C . P . ( I B ) N o . 373/KB/2017). 16. LHG failed to comply with the resolution plans within the specific time. The last date of payment to Financial Creditors was 12.09.2018 ( 5 7 d a y s f r o m N C L T approval date) asmentioned in their plans. However, even after the lapse of 90 days period on 16.10.2018 and LHG failed to make payment s t o F i nanc i a l Creditors. Further, LHG f i l l ed app l i ca t i on wi th NCLT, Kolkata bench for further extension of time. Later on LHG f i l ed an application in NCLAT for extension of time. 17. NCLAT, vide its order dated 15.03.2019, granted LHG another 30 days to make upfront payment in terms of t h e R e s o l u t i o n P l a n (Company Appeal (AT) (Insolvency) No. 519 of 2018). 18. The matter was thereafter transferred from NCLT, Kolkata bench to NCLT, Cuttack bench. 19. NCLT, Cuttack bench, vide its order dated 09.07.2019, cancelled the resolution India LLP was appointed as the professional Advisor to theRP. 3. A d v e r t i s e m e n t f o r Expression of Interest (EoI) was published on 21.09.2017 and last date for submission of EoI was 04.10.2017. 4. The total admitted claim of the Financial Creditors was Rs 5,371 crores (Rs 2,620 crores claim of AML and Rs 2,750 crores Guarantee for O r i s s a M a n g a n e s e & Minerals Ltd). ZSL had only given guarantee for loans of AML & Orissa Manganese & Minerals Ltd and it had no debt of its own. 5. The Liquidation Value of AML was ascertained to be Rs 435 crores and that of ZSL was ascertained to be Rs 14.5 crore. 6. Only one plan, by Edelweiss ARC, was received. 7. On 15.02.2018, the plan of Edelweiss ARC was rejected and the CoC decided to initiate fresh bid. 8. On 1 3 . 04 . 20 1 8 , i t wa s revealed that two plans were received – One of LHG and the other was ofMaharashtra Seamless Ltd. 9. Evaluation of both the plans was made and LHG was declaredH1. 10. On 25.04.2018, uncertainty about eligibility of LHG was found as per Section 29A of I B C , 2 0 1 6 . T h e C o C requested RP to make an application before NCLT for extension of 20 days of the CIRPProcess. 11. V i d e i t s o r d e r d a t e d 15.06.2018 passed by the NCLT, Kolkata Bench, 20 days extension of CIRP Processwas granted. 12. On 19.06.2018, both LHG and Maharashtra Seamless Ltd were invited to present their ResolutionPlan. 13. On 04.07.2018, negotiation was done with LHG (H1 Bidder). The plan of LHG stated that a payment of Rs
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