Gujarat NRE Coke insolvency: 2,000 jobs at risk after CoC rejects sole bid

Gujarat NRE Coke owes banks around Rs 55 bn inclusive of interest

The Bench here of the National Company Law Tribunal (NCLT) has fixed the coming Monday for the case of Gujarat NRE Coke, referred to it under the Insolvency and Bankruptcy Code (IBC). Around 2,000 jobs are at stake.

The committee of its creditors got a single bid for the company, from Ahmedabad-based Rare Asset Reconstruction. They rejected the bid, though it was higher than the liquidation value of Rs 3.62 billion. The 270-day deadline for resolution under the Code ended this Monday.

Gujarat NRE Coke has two metallurgical coke plants, at Khambhalia and Bhachau in Gujarat; a third one is at Dharwad