Recently the news has come on the internet that The ABG Shipyard Group firm Vadraj Cement will be sold under the Insolvency and Bankruptcy Code method, and possible customers include an Adani group entity, ArcelorMittal Group and Sajjan Jindal-owned JSW Cement, individuals with knowledge of the development informed. The ABG Shipyard Limited is a shipbuilding firm and it’s headquartered in Mumbai, Maharastra, India. This company was founded in 1985. Now many people are super curious to know about the whole information about the news. In this article, we will give complete information about the news, so let’s continue the article.
Following Vadraj Cement was sued by trade creditor Beumer Technology India in August 2018 to rescue unpaid debts, the Bombay High Court ordered the firm to be wound up. One person cited above stated, mentioned ET in its news report, “But frustrated with the slow progress in selling the assets, the court permit to move the debt solution process of the cement firm to IBC”. Based on the bank’s petition, the high court endorsed the transfer of the winding up proceedings to the National Company Law Tribunal (NCLT) in an order dated 4 September. Swipe up the next page for more information about the news.
According to the report, For the insolvency process of Vadaraj, the lenders have suggested Pulkit Gupta, backed by EY, as interim resolution expert. Reported stated ” JSW Cement and Arcelor Mittal denied to comment. The Adani group did not answer to mailed query pursuing its comment on the matter,”. The news report informed that the lenders expect that future customers will make an offer of between ₹2,000 crore and ₹2,500 crore. You are on the correct page for more information about the news, so please read the complete article.
The firm’s debt stands at ₹ 7,000 crore. The lenders that gave loans to the firm have been Union Bank of India, Punjab National Bank, UCO Bank, Yes Bank, Central Bank of India, and Indian Overseas Bank. The firm owns an integrated cement manufacturing facility in Kutch, Gujarat which consists of a a 10,000 TPD (tonnes per day) clinker unit and a 6 million tonne (mt) cement grinding unit. Along with a captive jetty in Kutch, it also has mining rights for limestone. Here we have shared all the information that we had if we get any information then we will update you soon. Stay tuned to us for more updates.