UK-based Liberty House sends plan on ABG Shipyard to NCLT

Firm likely to acquire in a few weeks; will take on part of debt dues

UK-based Liberty House has proposed a new business model to the National Company Law Tribunal (NCLT) as part of its acquisition plan of ABG Shipyard. The plan includes a ship breaking facility, along with the existing shipbuilding and repair space.

“Since the core of Liberty's business model is steel, the main plan is to generate steel scrap from ship breaking and further melt this to make heavy melting steel (HMS) that will be sold entirely in the domestic (India) market,” Sanjeev Gupta, executive chairman of Liberty House Group, told Business Standard. 

Liberty House is engaged in the NCLT process for this acquisition