The 16-member committee of creditors (CoC) led by Bank of India, which collectively have 99.68 per cent voting shares, has approved APSEZ's revised offer of an upfront cash payout of Rs 650 crore, the National Company Law Tribunal (NCLT) said in an order dated March 5.
Dighi Port, promoted by industrialist Vijay Kalantri owes Rs 3,098 crore to the lenders. He had made an offer of Rs 720 crore, but was rejected by the lenders.
Bids by JNPT, APSEZ and Veritas Consortium were considered by the CoC initially but finally went with APSEZ, as the flagship company of the Adani Group, came up with the highest bid, the order said.
APSEZ is the largest port operator in the private sector with 11 facilities across the west and east coasts, and operates the country's largest container terminal at Kandla in Gujarat.
In October 2019, the National Company Law Appellate Tribunal (NCLAT) had asked the NCLT Mumbai to decide on APSEZ's bid for Dighi Port.
The NCLT had reserved its order over an application moved by the resolution professional of Dighi Port for approval of the Rs 650 crore bid by APSEZ.
The resolution process was delayed as promoter Kalandtri made a counter-offer with a higher upfront payment of Rs 720 crore. It can be noted the amended bankruptcy codes debars defaulters from bidding for an asset initially promoted by them.
The lenders had voted in favour of APSEZ and rejected the promoters' offer to settle the dues under Section 12A of the bankruptcy code.
In November 2018, government-owned Jawaharlal Nehru Port Trust (JNPT), Adani Ports and a consortium of Veritas India and UV Asset Reconstruction Company had submitted bids to acquire Dighi Port.But in July 2019, JNPT withdrew its bid after the NCLT suggested modifications in its offer.
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