Mumbai Tribunal approves Streamline Industries' acquisition

18 Aug 2023 CW Team

The Mumbai National Company Law Tribunal has approved the consortium of Invent Assets Securitisation & Reconstruction Company Pvt Ltd and GMT Pipes & Tubes Pvt Ltd to acquire Steamline Industries Ltd, a steel pipe manufacturer based in Mumbai. The consortium's bid of Rs 247.4 million has been accepted, even though admitted claims for the company stood at over Rs 1.66 billion. Before the tribunal's endorsement, the company's lenders unanimously voted in favour of the revival plan.

In its order dated August 11, a division bench consisting of judicial member Kuldip Kumar Kareer and technical member Shyam Babu Gautam expressed confidence that the resolution plan adheres to legal provisions, including Section 29A of the Code.

Before the tribunal's decision, Streamline Industries' resolution professional, represented by counsel Rohit Gupta, informed the court that the successful bidder intends to rejuvenate operations and retain the company's workforce.

Back in 2018, Steamline Industries of Mumbai entered the Corporate Insolvency Resolution Process (CIRP) following an application filed by its financial creditor Oriental Bank of Commerce.

The company specializes in manufacturing ASTM A-312 welded pipes, with a monthly capacity of 500-800 tons of seamless pipes. Its clientele spans industries such as oil & gas, petrochemicals, refineries, shipping, marine services, breweries, and distilleries.

Infrastructure Urban

13 Oct 2025

Madurai Corporation Proposes Rs 1,400 Million Plan to Save Vaigai River

In a renewed effort to tackle pollution, the Madurai Corporation has submitted Rs 1,400 million proposal to the state government to upgrade the city’s drainage network and prevent untreated sewage from entering the Vaigai River. The proposal follows growing public concern over the river’s deteriorating condition despite previous mitigation efforts. The Vaigai flows for nearly 12 km within Madurai city limits, with sections obstructed by invasive plants, garbage, and untreated sewage. While multiple inlets contribute to contamination, the Panthalkudi canal in Goripalayam has been identifi..

PM Modi Inaugurates Mumbai Metro 3 Final Phase, 33.5 km Aqua Line

Prime Minister Narendra Modi inaugurated the final phase of Mumbai’s first fully underground Metro 3, making the 33.5 km Aqua Line operational. The line connects Aarey in North Mumbai to Colaba in South Mumbai, aiming to ease congestion on suburban trains and roads. The final stretch, spanning 11.2 km from Acharya Atre Chowk in Worli to Cuffe Parade, provides connectivity to six major business centres, including Nariman Point, Cuffe Parade, Fort, Lower Parel, BKC, and SEEPZ/MIDC. According to Mumbai Metro Rail Corporation (MMRC), the stretch also links areas such as Kalbadevi, Girgaum, Worl..

M.E. Energy Wins Rs 490 Million Ferro Alloys EPC Order

M.E. Energy Pvt Ltd, a wholly owned subsidiary of Kilburn Engineering Ltd and a leading Indian engineering company specialising in energy recovery and cost reduction solutions, has secured its second consecutive major order valued at Rs 490 million in the ferro alloys sector. The order is for an Engineering Procurement and Construction (EPC) contract to develop a 12 MW Waste Heat Recovery Based Power Plant (WHRPP). This repeat order underscores the growing trust of the ferro alloys industry in M.E. Energy’s expertise in delivering reliable, efficient, and sustainable energy solutions tailor..