IFFCO Withdraws NCLT Plea in Triumph Offshore Case

02 Jul 2024 CW Team

IFFCO, the Indian Farmer Fertiliser Cooperative, has decided to withdraw its petition from the National Company Law Tribunal (NCLT), which had previously restricted Triumph Offshore from issuing shares or securities to lenders for loan repayment. This decision followed IFFCO's sale of its entire 49 per cent stake in Triumph Offshore to Swan Energy (SEL) for Rs 4.40 billion.

Initially, IFFCO had approached the NCLT in March, seeking to prevent Triumph Offshore and SEL from issuing any shares or securities without IFFCO's consent, expressing concerns about potential dilution of its shareholding due to debt pre-payment. However, the NCLT recently permitted IFFCO to withdraw its application, stating, "Counsel for applicants seeks permission to withdraw the application. They have also filed an affidavit. In view of the same, permission is granted."

Triumph Offshore, established as a joint venture primarily for developing a Floating Storage and Regasification Unit (FSRU), is now predominantly owned by Swan Energy, holding a 51 per cent majority stake in the venture.

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