Arcelor Mittal Group-led Committee of Creditors (CoC) has rejected the resolution plan of Royal Partners Investment Fund, a sole bidder for KSS Petron and has approached the dedicated bankruptcy court for liquidation of the stressed asset.
On Monday, advocate Jitendra Kumar, representing the resolution professional (RP) of KSS Petron, said, the CoC had on February 7 decided to liquidate the firm. “We are seeking court’s approval for the same,” he added.
Mauritius-based Royal Partners (also known as RPMG Investments) has submitted a bid to buy the firm.
“We are challenging the rejection of our bid and also the constitution of CoC because one single lender owns over 99% in the firm and they are also related party in the matter,” argued Royal Investment Partners’ lawyer.
In an email, Mayur Ghule, managing director at RPMG Investments told ET that it has challenged the CoC ruling in the NCLT, without divulging other details.
