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A year ago, the shipbuilder owed Rs 18,245 crore to the lenders
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Updated : May 07, 2019, 05:20 AM IST
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The liquidation process of ABG Shipyard has begun under Insolvency and Bankruptcy Code.
The National Company Law Tribunal, Ahmedabad Bench has ordered the commencement of liquidation of ABG Shipyard Ltd on April 25, according to a notice advertisement.
Sundaresh Bhat has been appointed as the liquidator of the debt-ridden company.
"…pursuant to the 21st meeting of the committee of creditors (CoC) of ABG Shipyard held on February 20, 2019, approval of the members of the CoC was accorded to liquidate the corporate debtor and the resolution professional i.e. Sundaresh Bhat was authorised to file an application before the Hon'ble National Company Law Tribunal (Ahmedabad Bench) seeking liquidation of the corporate debtor," the company told the stock exchange.
A year ago, the shipbuilder owed Rs 18,245 crore to the lenders. In April 2018, London-based Liberty House led by Indian born businessman Sanjeev Gupta had emerged as the sole bidder in the third round of bidding offering Rs 5,200 crore.
This offer was on a deferred payment basis stretching over five to 10 years, including an upfront payment of Rs 400 crore and issue of debentures.
This offer was rejected by the creditors, who had set the liquidation value of the shipyard at Rs 2,200 crore.
ICICI Bank is the lead creditor of the consortium of lenders that initiated the insolvency proceedings against ABG Shipyard. ICICI Bank has the single largest claim among the 22-bank consortium.
The Ahmedabad-based shipbuilding company was referred to a bankruptcy resolution by Reserve Bank of India.
Other than having a shipyard, this company is also into shipping and cement sectors. ABG Shipyard is one of the three approved private shipyards in India to build ships for the Indian Navy and Coast Guard.
