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Resolution professional may try to stop liquidation of Adhunik Metaliks

The RP may plead before the NCLT that up to 25 days got wasted on account of the eligibility criteria for the H1 (highest) bidder in order to protect the company from going into liquidation

Press Trust of India  |  Kolkata 

Insolvency Code ordinance, IBC

Adhunik Metaliks, which is staring at liquidation, may get a breather as the Resolution Professional (RP) is set to urge before the on May 1 to scrap up to 25 days from the mandated 270-day resolution deadline.

The 270-day deadline under the corporate resolution process (CIRP) ends today. The case will come up at the Kolkata bench of on May 1 where its fate will be decided.

The may plead before the that up to 25 days got wasted on account of the eligibility criteria for the H1 (highest) bidder in order to protect the company from going into

Adhunik Metaliks, the flagship of the Adhunik Group, is staring at as no resolution plan for the insolvent company has been approved by its lenders owing to eligibility issues of the UK-based under Sec 29A of the and Bankruptcy Code (IBC).

"The RP, Sumit Binani, will be seeking omitting up to 25 days from the mandated 270 days before the NCLT for unwanted days lost in seeking clarifications from the after ineligibility issue cropped up," a source in the know told PTI.

If NCLT admits RP's plea then the Committee of Creditors (CoC) will get time to either approve Liberty House's bid if the clarifications are satisfactory or move ahead with the second bidder's proposal.

There are only two resolution applicants -- the UK-based and of DP Jindal Group in

The lenders had sought information from the Liberty House on its reported outstanding loans to and asked why it did not mention it in its bidding documents.

Sources said the will require about two weeks to get a resolution firmed up, either from Liberty House or Maharastra Seamless.

The 270-day resolution deadline in also holds for and

A resolution will be placed for by the at NCLT on May 1.

The petition had been filed by State Bank of India (SBI) against the four of for a combined loan default estimated at Rs 5,000 crore.

The bank had also claimed dues from Zion Steel, as it was a co-obligator to the loans disbursed to OMML and under the provisions of the master restructuring agreement and the common loan agreement signed in March 2014.

There had been no resolution plan for

First Published: Sun, April 29 2018. 23:41 IST
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