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NCLAT stays corporate insolvency resolution process of Dighi Port

Monday, 29 Jul 2019
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The National Company Law Appellate Tribunal (NCLAT) has put a stay on the corporate insolvency resolution process of Dighi Port till 21 August 2019 and directed Balaji Infra Projects, the port promoter, to discuss and mutually settle the lenders’ dues.

Balaji Infra Projects and Adani Ports and Special Economic Zone (APSEZ) had filed appeals separately. NCLAT also observed that APSEZ and JNPT can talk directly to the port promoter if they were keen on investing in Dighi Port.

Dighi Port entered into bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC) in 2018, after NCLT ordered start of corporate insolvency resolution process on a petition brought by an operational creditor, DBM Geotechnics and Constructions.

Dighi Port, majority-owned by Balaji Infra Projects, owed Rs 30 crore to DBM Geotechnics for constructing multi-purpose berths 1 and 2 at Dighi and berth no 3 at Agardanda.

APSEZ had quoted Rs one crore more than JNPT in its resolution plan. However, it was rejected by the Committee of Creditors (CoC) led by the Bank of India, which approved the bid submitted by JNPT on 1 February 2019, forcing APSEZ to file an appeal with NCLAT.

NCLT approved the resolution plan submitted by JNPT on 8 May 2019 with certain conditions and asked JNPT to file an affidavit conveying its acceptance or rejection of the modifications.

NCLAT observations came after the legal counsel to the Resolution Professional (RP) for Dighi Port submitted that the claim of DBM Geotechnics has not been admitted because it had not completed the work entrusted to it by Dighi Port.

Along with the interest and penal interest, the lenders’ dues are estimated at Rs 3,074.51 crore.

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