Lawstreet Journal

NCLAT upholds Adani Port’s takeover of Dighi Port [READ ORDER]

Lawstreet Journal 30 Jul 2020 5:08pm

Image courtesy: Lawstreet Journal Judiciary NCLAT upholds Adani Port’s takeover of Dighi Port [READ ORDER]

The National Company Law Appellate Tribunal (NCLAT) has backed Adani Ports & Special Economic Zones’ (subsidiary of Adani Group) strategies to take over the Dighi Port which is currently burdened by heavy debts.

An NCLAT bench consisting of three judges dismissed the petition filed by Vishal Vijay Kalantri, a promoter, who sought to go against the notice passed by the Mumbai bench of National Company Law Tribunal (NCLT), that allowed Adani Ports & Special Economic Zones’ (APSEZ) Rs 650-crore resolution plan on March 5, 2020

The appellate tribunal denied Kalantri's arguments stating that NCLT failed to take into consideration the oppositions raised by it following APSEZ’s resolution plan and denied the settlement proposal provided by his organization Balaji Infra Projects Ltd (BIPL). 

"All objections raised qua the action of the 'Resolution Professional' during Corporate Insolvency Resolution Process (CIRP), approval of 'Resolution Plan' of 'APSEZ' by the Committee of Creditors and its subsequent approval by the Adjudicating Authority being unfounded are hereby repelled.”

"There is no merit in this appeal and the same is dismissed," observed the NCLAT bench led by Acting Chairperson Justice B L Bhat. The tribunal further noted that all "possible endeavors are made by the promoters to frustrate the CIRP and thwart all attempts at resolution of the corporate insolvency and revival of Dighi Port, thereby jeopardizing the legitimate interests of all stakeholders and defeating the object of the legislation.” 

"At the very outset, we may observe that the instant case is yet another instance of the promoters not letting the goose… Continue Reading...

Tagged: Adani   NCLAT  
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