EMC case: Pawan Hans bidder initiates process to appeal against NCLT order

Almas Global Opportunity Fund SPC (AGOF), part of the consortium that won the bid for Pawan Hans, on Tuesday said it has initiated the process to appeal against an NCLT order with respect to the fund acquiring bankrupt EMC.

The statement from the Cayman Islands-based fund comes a day after the government decided to put on hold the sale of Pawan Hans as it was legally examining the NCLT order against AGOF.

Almas Global is the biggest shareholder in the consortium — Star9 Mobility —that was selected as the winning bidder for Pawan Hans. Other members in the consortium are Big Charter and Maharaja Aviation.

It has already initiated the process of moving to higher appellate authority, NCLAT, to enable them to make the payment of the stipulated amount and conclude the transaction by acquiring EMC as per the approved resolution plan, the spokesperson said. According to the spokesperson, just nine weeks before the NCLT order, the fund had requested the CoC (Committee of Creditors) of EMC Ltd for additional time to conclude the transaction, in spite of the adverse market conditions. “We find such abrupt order from NCLT is a bit premature as the transaction process is very much on,” the statement said.