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NARCL has offered ₹670 crore to lenders, which mainly includes government-owned banks, while Omkara ARC has offered ₹550 crore as upfront cash, people aware of the developments told ET.
The NARCL offer is a combination of 15% cash and the balance 85% in the form of security receipts that will be paid on recovery of the loan or at the end of five years, whichever is earliest. The lead bank IDBI Bank is likely to hold a Swiss challenge auction with NARCL’s offer as an anchor offer, people cited above said.
In case the lenders receive a counter offer, NARCL will have the first right to match it.
NARCL and Omkara ARC did not respond to ET’s request for comment till press time on Wednesday.
“The company has ₹300 crore cash balance; it is operating as a going concern, and there is demand for assets in renewable energy space…these are some of the biggest attractions,” a banker said, explaining the ARCs’ interest in the company.Wind World (India) was admitted for corporate insolvency in 2018, but a series of litigation and limited progress in debt resolution during the lockdown due to Covid-19 delayed the resolution process. A consortium led by Suraksha ARC, Suraksha Realty and Lakshdeep Investments, which had emerged as the winning bidder, withdrew their offer, a move that was challenged by the lenders even as the National Company Law Tribunal approved the withdrawal of the offer.Shailen Shah, RP of the company, has admitted ₹6,147-crore claims, out of which ₹4,530 crore are from secured lenders. State Bank of India has filed the highest claim of ₹1,209 crore, followed by IDBI Bank at ₹1,119 crore. According to media reports, a dispute between joint venture partners, Germany’s Enercon GmbH and Yogesh and Ajay Mehra brothers of Wind World (India), resulted in a financial crisis in the company.
While Mehra brothers alleged that Enercon was attempting to take over the company, Enercon claimed that the Mehras had siphoned off money from the company.
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