City firm bids ₹1,655 cr for IVRCL

Infrastructure developer IVRCL, as part of its liquidation process, has received a bid for ₹1,654.77 crore from GABS Megacorp.

The bid, from the unlisted GABS Megacorp whose registered address as per official records is in West Marredpally, Secunderabad, was submitted under the e-auction process for sale of IVRCL as a going concern.

The bid follows the National Company Law Tribunal, Hyderabad Bench (NCLT), in July 2019 passing order for liquidation of IVRCL as a going concern and appointing a resolution professional (RP) for the company.

The NCLT order in turn followed the rejection of resolution plans by the Committee of Creditors, to revive the debt-laden IVRCL. In the notes accompanying the results for the quarter ended December, IVRCL said it had obligations towards fund-based borrowings, including interest, of over ₹10,360.87 crore.

The sale, based on the bid received, however, would be subject to the decision of the National Company Law Appellate Tribunal, Delhi, in the matter of a company appeal against the NCLT order, said Sutanu Sinha, who is liquidator of IVRCL in a statement.

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Printable version | Sep 26, 2022 3:06:15 am | https://www.thehindu.com/news/cities/Hyderabad/city-firm-bids-1655-cr-for-ivrcl/article31003093.ece