The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Wednesday rescheduled the hearing on Liberty House Group’s bid for ABG Shipyard on account of non-appearance of the resolution professional (RP), Sundaresh Bhat. The bench will now hear the matter on June 25.
Eight different matters related to ABG Shipyard were listed on June 13 in NCLT Ahmedabad, but as the RP of the company was not present, the tribunal adjourned all the matters till June 25.
Meanwhile, a meeting of the committee of creditors is scheduled on June 14 in Mumbai, ABG Shipyard said in a BSE filing. The company has received a new resolution plan from a prospective bidder, pursuant to a fresh bid process initiated through publication of advertisement on April 18. The said resolution plan was opened at a CoC meeting on May 18, in accordance with orders of the NCLT, and the RP and its advisors are in the process of reviewing the proposed resolution plan, the company said in a recent regulatory filing.
ABG Shipyard was admitted for a corporate insolvency resolution process by the Ahmedabad bench of the NCLT on August 1, 2017. The resolution process was supposed to have been completed by April 28, 2018. The firm owes close to `19,000 crore to its creditors. FE had reported that the CoC rejected a bid from Liberty House as the bid value was lower than the liquidation value of the firm, citing sources.