Jindal Saw's bid to acquire Sathavahana Ispat okayed

Jindal Saw's application to acquire listed steelmaker Sathavahana Ispat through the insolvency resolution process has been approved by a bankruptcy court. Jindal Saw, promoted by Prithviraj Jindal, has proposed to pay 694 crore against the defaulting borrower's acknowledged debt of 1,852 crore. As a result, we hereby approve the revised Resolution Plan dated 16.12.2022 submitted by Jindal Saw, said the National Company Law Tribunal's (NCLT) Hyderabad chapter. Dr Venkata Ramakrishna Badarinath Nandula and Charan Singh presided over the bench. The resolution plan shall be binding on the Corporate Debtor, its employees, members, and creditors, including the Central Government, any State Government, or any local authority to whom a debt arising under any law for the time being in force is due, guarantors, and other stakeholders involved in the Resolution Plan, the tribunal stated in its March 31 order. The acquisition of Sathavahana Ispat by Jindal Saw has been approved. In addition to Jindal Saw, six other bidders submitted expressions of interest, including Vedanta, Welspun Corp, Sarda Mines, Ares SSG Capital (Singapore), Khandwala Finstock, and Trimex Industries. (EOI). Only Jindal Saw and Vedanta, however, had submitted final resolution plans to acquire the company via the insolvency process. Originally, lenders to Sathavahana Ispat received an anchor offer of 410 crore from JC Flowers ARC through a Swiss auction in May 2021. In collaboration with Megha Engineering, Pridhvi Asset Reconstruction & Securitisation (Paras), an ARC, made a counter-offer of 531 crore. The following day, JC Flowers ARC matched Paras' counter-offer. The anchor bidder has the right to match the counter-offer in a Swiss auction. Also Read Patna Metro Rail Construction receives INR 55210 million MLA requests the TN government to prohibit transportation of sand