Vadraj Cement transferred to NCLT for debt resolution
Cement

Vadraj Cement transferred to NCLT for debt resolution

Vadraj Cement, previously entangled in a prolonged liquidation process lasting over five years within the jurisdiction of the Bombay High Court, has now been transitioned to the National Company Law Tribunal (NCLT) for debt resolution. This move offers a glimmer of hope to creditors seeking to recover over half of their outstanding dues.

In a recent ruling, the NCLT granted approval for the inclusion of Vadraj Cement, formerly known as ABG Cement, in the corporate insolvency process. Lenders have indicated that entities such as Adani Group, UltraTech Cement, and JSW Cement may express interest in bidding to acquire the financially burdened company.

The Bombay High Court had initially ordered the winding up of Vadraj Cement on August 23, 2018, in response to a case involving Beumer Technology versus Vadraj Cement. However, the high court later revoked the winding-up order on August 18, 2023, following a plea by JC Flowers Asset Reconstruction Company (ARC). As part of the proceedings, EY-backed Pulkit Gupta was appointed as the interim resolution professional by the NCLT. The tribunal instructed Chandan Kumar, the official liquidator, to transfer possession and control of all Vadraj Cement assets to the IRP, with a directive to cooperate fully.

Vadraj Cement, a subsidiary of ABG Shipyard, has been entwined in a complex scenario, as its parent company, ABG Shipyard, also underwent a corporate insolvency process. Despite attempts, ABG Shipyard failed to attract bidders, leading to the eventual liquidation and sale of its assets to Welspun Group and Arcelor Mittal.

ABG Shipyard faces allegations of bank fraud, with investigative agencies claiming that Rishi Agarwal, the promoter, diverted bank loans to overseas tax havens. Under the Prevention of Money Laundering Act, the Enforcement Directorate has attached assets worth Rs 952 crore belonging to Vadraj Cement.

It is noteworthy that the NCLT order disclosed objections from the official liquidator (OL) against admitting the company for debt resolution under the Insolvency and Bankruptcy Code process.

Vadraj Cement, previously entangled in a prolonged liquidation process lasting over five years within the jurisdiction of the Bombay High Court, has now been transitioned to the National Company Law Tribunal (NCLT) for debt resolution. This move offers a glimmer of hope to creditors seeking to recover over half of their outstanding dues. In a recent ruling, the NCLT granted approval for the inclusion of Vadraj Cement, formerly known as ABG Cement, in the corporate insolvency process. Lenders have indicated that entities such as Adani Group, UltraTech Cement, and JSW Cement may express interest in bidding to acquire the financially burdened company. The Bombay High Court had initially ordered the winding up of Vadraj Cement on August 23, 2018, in response to a case involving Beumer Technology versus Vadraj Cement. However, the high court later revoked the winding-up order on August 18, 2023, following a plea by JC Flowers Asset Reconstruction Company (ARC). As part of the proceedings, EY-backed Pulkit Gupta was appointed as the interim resolution professional by the NCLT. The tribunal instructed Chandan Kumar, the official liquidator, to transfer possession and control of all Vadraj Cement assets to the IRP, with a directive to cooperate fully. Vadraj Cement, a subsidiary of ABG Shipyard, has been entwined in a complex scenario, as its parent company, ABG Shipyard, also underwent a corporate insolvency process. Despite attempts, ABG Shipyard failed to attract bidders, leading to the eventual liquidation and sale of its assets to Welspun Group and Arcelor Mittal. ABG Shipyard faces allegations of bank fraud, with investigative agencies claiming that Rishi Agarwal, the promoter, diverted bank loans to overseas tax havens. Under the Prevention of Money Laundering Act, the Enforcement Directorate has attached assets worth Rs 952 crore belonging to Vadraj Cement. It is noteworthy that the NCLT order disclosed objections from the official liquidator (OL) against admitting the company for debt resolution under the Insolvency and Bankruptcy Code process.

Next Story
Infrastructure Urban

Titan Intech Strengthens UltraLED Push With Global LED Veteran

Titan Intech has announced the induction of global LED industry veteran Su Piow Ko to its Board of Directors, marking a strategic step in strengthening its UltraLED Displays roadmap and building globally competitive LED display solutions from India.The appointment aligns with Titan Intech’s ambition to position India as a hub for advanced, high-quality LED display manufacturing. With an increased focus on UltraLED Displays, the company aims to enhance technical governance, raise manufacturing standards and expand its presence across global markets.Su Piow Ko brings over three decades of inte..

Next Story
Infrastructure Urban

Dun & Bradstreet Flags New Growth Engines in India 2026 Outlook

Dun & Bradstreet has released its India 2026: D&B’s Perspective report, projecting a stable macroeconomic environment underpinned by fresh opportunities for productivity-led and inclusive growth. The report outlines how India’s next growth phase will be driven by digitised logistics, trusted data ecosystems, clean energy and rising city vitality.According to the outlook, India’s GDP growth is expected to reach around 6.6 per cent by FY2027, supported by resilient consumer demand and sustained public investment. Manufacturing is seen entering a new phase, moving beyond scale towar..

Next Story
Building Material

Sources Unlimited Introduces Vitamine Pendant Lamp by Melogranoblu

Sources Unlimited has launched the Vitamine Pendant Lamp by Melogranoblu in India, expanding its portfolio of curated international luxury lighting solutions. Designed and crafted in Italy, the Vitamine pendant reflects contemporary glass artistry, combining hand-blown craftsmanship with refined aesthetics and atmospheric illumination.The Vitamine Pendant Lamp is sculpted in hand-blown glass and is available in frosted, silver and black metallised finishes. Each finish offers a distinct visual identity while maintaining a cohesive and sophisticated design language. The lamp’s softly contoure..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Open In App