The resolution professional (RP) for Ushdev International has invited expressions of interest (EoI) from prospective resolution applicants for submission of resolution plans.
“Subodh Kumar Agrawal, acting in his capacity as the RP for the company, hereby invites expression of interest (EOI) from prospective resolution applicants for submission of a resolution plan in respect of the company in accordance with Sections 25(2)(h) of the IBC,” the public notice said.
Lenders to the company have claimed outstanding loans of `3,154.7 crore as on July 16. Of this, State Bank of India’s (SBI) claim stood at Rs 944 crore (29.93% of the total claim), IDBI Bank has claimed `439 crore (13.9%) and ICICI Bank has claimed Rs 295 crore (9.34%). That apart, nine operational creditors have claimed `887 crore from the company.
The company is currently undergoing a corporate insolvency resolution process (CIRP) under the provisions of the Insolvency and Bankruptcy Code. The Mumbai bench of the National Company Law Tribunal (NCLT) had, on May 14, admitted the company under IBC.
The company is primarily engaged in metals trading with presence in ferrous – flat and long products, non-ferrous – copper, aluminum, zinc, brass, nickel, etc., and raw materials – coal/coke, iron ore, pellets, sponge iron and scrap.
The notice added that to be eligible a private, public limited company, limited liability partnership, body corporate incorporated in India or outside India must have a minimum tangible net worth (TNW) of `300 crore and above as on March 31, 2018.
Ushdev International, part of the Reserve Bank of India’s second list of large defaulters, was referred to the NCLT by SBI. The company reported a net loss of Rs 229 crore in 2016-17 on the back of Rs 2,503 crore in revenues. In the December quarter of FY18, its net loss stood at `156 crore over revenues of Rs 2 crore.