The resolution professional for Moser Baer Solar has invited bids for assets of the renewable energy company that owes Rs 2,244 crore to eight lenders as on March 8.
Among the lenders are Punjab National Bank (Rs 401.65 crore), State Bank of India (Rs 276.87 crore), Central Bank of India (Rs 117.08 crore), Union Bank of India (Rs 77.69 crore), Indian Overseas Bank (Rs 223.02 crore), Exim Bank (Rs 228.20 crore), Bank of Baroda (Rs 69.24 crore) and Oriental Bank of Commerce (Rs 849.94 crore).
"Invitation for submitting resolution plan has been invited today with the last day for submission being after a month (May 26)," resolution professional Arvind Garg told DNA Money.
As per the bid document, the companies with a net worth of Rs 80 crore and a turnover of Rs 200 crore are eligible for bidding.
Central Bank of India had filed a petition with the New Delhi bench of National Company Law Tribunal under the Insolvency and Bankruptcy Code to recover the borrowing it had extended to Moser Baer Solar. Thereafter, in November last year, the tribunal had come out with an order for insolvency proceedings.
Since then, the financial stress has increased for the company on account of a rise in imports from China. Earlier in the financial year 2013, Moser Baer Solar had sought restructuring of Rs 956 crore of debt but the recast failed in October 2016.
Moser Baer Solar and Moser Baer Photo Voltaic are subsidiaries of Moser Baer India Ltd, which is among the largest manufacturers of optical storage devices like CDs and DVDs.
The company has an installed solar power generation capacity of 250 megawatt.
"We are anticipating good response as the asset quality is good," said Garg.
The company has been supplying photovoltaic products to over 82 countries.
BIG ECLIPSE
- Companies with a net worth of Rs 80 crore and a turnover of Rs 200 crore can bid
- The last date for submission of bids as per the bid document is May 26
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