The bankruptcy court in Delhi has approved the acquisition of Alchemist Infra Realty by the Singapore-based Vantage Point Asset Management. The company’s resolution professional had received a claim of Rs 1,293 crore and the successful bidder is paying about Rs 470 crore to acquire the company through the insolvency resolution process. Before the approval of the NCLT, the lenders of the Delhi-based real estate firm approved the revival plan of Vantage Point Asset Management with 100% voting in its favour.
“The plan shall be binding on the corporate debtor (Alchemist Infra Realty), its employees, members, creditors (including the central and state government), guarantors and other stakeholders involved in the resolution plan,” said the division bench of judicial member Ashok Kumar Bharadwaj and technical member Subrata Kumar Dash.
The tribunal directed Vantage Point Asset Management to furnish the updated bank guarantee, which should remain valid till the implementation of the resolution plan.
The resolution professional had received claims of about Rs 1,293 crore and admitted claims of about Rs 947 crore.
Originally, the company’s financial creditor, Technology Parks, had approached the tribunal after Alchemist Infra Realty defaulted on its dues of about Rs 401 crore. In March 2022, the company was admitted under the corporate insolvency resolution process (CIRP) and the tribunal appointed Gaurav Mishra as the resolution professional of the company.
