The Committee of Creditors (CoC) for Adhunik MetaliksNSE 4.65 % Tuesday appealed to re-initiate the CIRP as Sanjeev Gupta-led Liberty House had not paid the required upfront cash payment of Rs 410 crore to lenders by April 14, the deadline set by the NCLAT for the acquisition of bankrupt AML.
The submission was made at the Cuttack bench of the National Company Law Appellate Tribunal (NCLAT).
While Liberty House’s counsel said the group needs more time for making the payment as regulatory approvals are still awaited for Adhunik Metaliks.
“Regulatory approvals from the stock exchanges are still pending for Adhunik Metaliks in order to receive money under CIRP from us. We are working on procuring this statutory and regulatory approvals, which are a vital part of the implementation plan,” Liberty House sources said.
The CoC appealed to the NCLAT to re-initiate the Corporate Insolvency Resolution process as Liberty House has failed in its bid in earlier occasions also.
After hearing the arguments, the bench adjourned the matter till May 14 for a detailed hearing.
