The consortium of Invent Assets Securitisation & Reconstruction Company Pvt Ltd and GMT Pipes & Tubes Pvt Ltd’s bid to acquire Mumbai-based steel pipe manufacturer Steamline Industries Ltd is approved by the Mumbai National Company Law Tribunal.
The consortium offered Rs 24.74 crore against admitted claims of over Rs 166 crore for the company. Before the tribunal’s approval, the lenders of the company also approved the plan with 100% voting in favour of this revival plan.
“We are of the considered view that the instant resolution plan meets the requirements,” said a division bench of judicial member Kuldip Kumar Kareer and a technical member Shyam Babu Gautam in its order of August 11. “The resolution plan is not in contravention of any of the provisions of Section 29A of the Code and is in accordance with the law.”
Before the tribunal’s order, Steamline Industries’ resolution professional through counsel Rohit Gupta informed the court that the successful resolution applicant proposes to revive the operations and also proposes to retain the services of all the employees of the company.
Ayush Rajani and Khushbu Shah of law firm AKR Advisors LLP were advising the RP in the case.
Originally in 2018, Mumbai-based Steamline Industries was admitted under the Corporate Insolvency Resolution Process (CIRP) in an application filed by its financial creditor Oriental Bank of Commerce.
The company has a manufacturing capacity of ASTM A-312 welded pipes with a monthly capacity of 500-800 tons of seamless pipes and it supplies to industries including oil & gas, Petro-Chemical & Refineries, Shipping & Marine Services and Breweries & Distilleries among others.
Source: Economic Times