ABG Shipyard Ltd, once India’s biggest private shipbuilder, is headed for liquidation after a lenders panel rejected the resolution plan submitted by London-based Liberty House for the debt-laden shipbuilder.
Sundaresh Bhat, the resolution professional for ABG Shipyard, has filed an application with the Ahmedabad bench of the National Company Law Tribunal (NCLT) seeking liquidation of the Gujarat-based shipbuilder under Section 33 (2) of the Insolvency and Bankruptcy Code (IBC), according to papers filed with the bankruptcy court.
The Committee of Creditors (CoC) led by ICICI Bank has approved a resolution backing the liquidation plan. The yard owes some Rs 18,245 crores to a clutch of banks led by ICICI Bank. The NCLT is expected to issue a final order on liquidation shortly. Read More