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.

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