CoC of Adhunik Metaliks okays UK-based Liberty House Group resolution plan

Adhunik Metaliks, with 1,000 jobs and a customer base that includes Ashok Leyland, Amtek and oil & gas and farm equipment makers, now awaits NCLT nod

The committee of creditors (CoC) of Adhunik Metaliks (AML) has approved UK-based Liberty House Group resolution plan for the insolvent company, sources close to the development told Business Standard on Thursday.

“The CoC has approved Liberty House resolution plan by an overwhelming majority of nearly 99 percent,” sources at Liberty House informed. 
 

Sanjeev Gupta-led Liberty House was the highest among two bidders which had resolution application also from Maharashtra Seamless of DP Jindal Group.
 

Debt-laden Adhunik Metaliks, flagship company of the group, has an integrated steel plant of 0.45 million tonne at Sundergarh, Odisha. The company has a strong backward integration