GVR Infra resolution plan gets nod

The Special Bench of National Company Law Tribunal (NCLT), Chennai has approved a ₹368.50-crore resolution plan submitted by UV Asset Reconstruction Company Limited and WL Structures Private Limited for Chennai-based GVR Infra Projects Limited.

The committee of lenders had approved the plan with 67.97% voting in favour. Key lenders include State Bank of India, Punjab National Bank, Bank of Baroda (erstwhile Vijaya Bank) and IDBI Bank among others.

In 2018, NCLT had admitted the insolvency proceedings against the company in a case filed by Reliance Capital Limited.

As per the resolution plan, the lenders would get ₹352 crore out of the admitted claims of ₹2,271.08 crore and operational creditors ₹3 crore out of the admitted claims of ₹175.13 crore. A sum of ₹3 crore would go towards workmen and employee dues. A sum of ₹10.50 crore will go towards insolvency resolution cost.

NCLT noted that the resolution plan provides for an amount of ₹368.50 crore payable to all the stakeholders and it is higher than the liquidation value of ₹155 crore.

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Printable version | Aug 5, 2020 5:19:38 PM |

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