Business Standard

Welspun bid for ABG Shipyard among highest for assets under liquidation

Gujarat govt welcomes the winning offer which could boost ship building activity under the new 2019 port policy

Welspun corporate office building is pictured in Mumbai

Welspun corporate office building is pictured in Mumbai

Vinay Umarji Ahmedabad
Even as the concerned parties seek clarity on the Enforcement Directorate (ED) attaching assets of the distressed borrower ABG Shipyard, Welspun Corp Limited's winning bid of Rs 659 crore has raised hopes of the liquidation process under the Insolvency and Bankruptcy Code (IBC).

According to sources in the National Company Law Tribunal (NCLT) Ahmedabad bench and legal fraternity, Welspun Corp Ltd's winning bid is one of the highest among assets under liquidation.

"While clarity is being sought with regards ED attaching ABG Shipyard assets, the winning bid augurs well for creditors even under the liquidation process since it is one

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First Published: Sep 23 2022 | 2:12 PM IST

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