Marking an entry into India, Sanjeev Gupta-led Gupta Family Group (GFG) Alliance, which owns Liberty House, has acquired bankrupt Adhunik Metaliks and Zion Steel for Rs 425 crore, which was under the Insolvency and Bankruptcy Code. It was an all-cash deal. In fact, Liberty House had failed to complete Adhunik’s acquisition in its first attempt. It was given a second chance by the National Company Law Appellate Tribunal to take over the bankrupt steel mill.
In 2017 application for IBC filed by lender-bank SBI against AML and ZSL. On 04th September 2017 Mr. Sumit Binanai was appointed as IRP and same approved by Committee of Creditors. CIRP submitted the plan to Liberty group and COC NCLT gave their approval on 17th July 2018. However, Liberty house failed to implement the resolution plan and Adjudicating Authority on 08th July 2019 ordered for liquidation process. During the liquidation process the resolution plan earlier accepted by the COC was again approved and Liberty House has been given another chance to execute the same within a year.
Entry of Liberty in India:
Liberty Group enters into India through acquisition of Bankrupt companies AML and ZSL to expand its wings in one of the fastest growing and most vibrant steel markets in the world.
Deal Value and Future Plan
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