New Delhi, July 26: The National Company Law Appellate Tribunal (NCLAT), New Delhi, has rejected a plea by Vishal Vijay Kalantri, a former director and shareholder of Dighi Port Ltd., challenging the approval granted to the resolution plan submitted by Adani Ports Special Economic Zone Ltd. (APSEZ) after rejecting the promoter’s settlement offer.
Citing the Supreme Court verdict on Essar Steel, the appellate body noted that it was manifestly clear that judicial review of the resolution plan approved by lenders based on commercial wisdom could not be assailed, unless it was demonstrated as being contrary to the provisions of the law, The Hindu reported.
The Mumbai Bench of the NCLT had approved APSEZ’s bid for Dighi Port, which is developing a greenfield port in Maharastra and owed lenders over ₹3,000 crore.
While Jawaharlal Nehru Port Trust (JNPT) was initially chosen over APSEZ by the committee of creditors (CoC), JNPT subsequently withdrew from the fray.
In a revised bid, the Adani group company offered ₹650 crore upfront, payment of insolvency process costs and dues payable to the ‘Maharashtra Maritime Board’ on a priority basis.
The promoter offered ₹680 crore to lenders, besides ₹50 crore against process costs, which the CoC rejected. The “case is yet another instance of the promoters not letting the goose escape from their dragnet, though it no more lays golden eggs,” the appellate tribunal observed in its ruling.