"...the committee of creditors at the meeting held today (Thursday) approved the resolution plan submitted by the Liberty House Group Pte with a majority of 99.94 per cent," the company said in a regulatory filing.
The lenders committee, in fact, approved the plan on the last day of the extended timeline for the corporate insolvency resolution process (CIRP) for the steel maker.
There were only two resolution applicants for the debt-laden steel manufacturing company-Liberty House and Maharashtra Seamless of the D.P. Jindal Group.
The Sanjeev Gupta-led metals and industrial company was identified as the highest bidder (H1) by the creditors, while the plan of Maharashtra Seamless was rejected due to offering less value than the liquidation value of the company.
Meanwhile, the Britain-based company's resolution plan for Zion Steel, another Adhunik Group company, was also approved by the creditors.
Following the approval of the resolution plans for both the companies, the resolution professional will put up the plans to the Kolkata bench of the National Company Law Tribunal (NCLT) for its approval and passing necessary orders in this matter.
Lenders to the insolvent company are State Bank of India, Punjab National Bank, UCO Bank, Allahabad Bank, Punjab & Sind Bank, Bank of Baroda, Corporation Bank, ICICI Bank, IFCI, and SREI Infrastructure Finance, among others.
In this case, as many as 18 financial creditors submitted claims worth over Rs 5,380 crore, while claims over Rs. 5,370 crore were admitted.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
