Liberty seeks time, CoC appeals for fresh Adhunik bid

The Committee of Creditors (CoC) for Adhunik Metaliks Tuesday appealed to re-initiate the CIRP as Sanjeev Gupta-led Liberty House had not paid the required upfront cash payment of Rs 410 crore to lenders by April 14, the deadline set by the NCLAT for the acquisition of bankrupt AML.

The submission was made at the Cuttack bench of the National Company Law Appellate Tribunal (NCLAT).

While Liberty House's counsel said the group needs more time for making the payment as regulatory approvals are still awaited for Adhunik Metaliks.

"Regulatory approvals from the stock exchanges are still pending for Adhunik Metaliks in order to receive money under CIRP from us. We are working on procuring this statutory and regulatory approvals, which are a vital part of the implementation plan," Liberty House sources said.

The CoC appealed to the NCLAT to re-initiate the Corporate Insolvency Resolution process as Liberty House has failed in its bid in earlier ocassions also.

After hearing the arguments, the bench adjourned the matter till May 14 for a detailed hearing.

The Kolkata bench of the NCLT had in July last year approved the resolution plan submitted by Liberty House, with lenders agreeing to take a haircut of around 92 per cent and settling for Rs 410 crore against their outstanding dues of Rs 5,370 crore.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)