Bankruptcy court approves resolution plan for Era Infra Engineering
Era Infra Engineering, are likely to recover part of their dues, as the bankruptcy court has approved the company’s acquisition by lesser-known SA Infrastructure Consultants Pvt Ltd.
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The company was part of the first list of 12 companies, issued by the Reserve Bank of India (RBI) for the mandatory corporate resolution process (CIRP).
The successful bidder has proposed to pay around Rs 525 crore, where the admitted liabilities of the company is about Rs 22, 200 crore. Before the tribunal’s nod, the company’s lender had approved the plan with 87.08% voting in favour.
“We hereby approve the resolution plan, which shall be binding on the corporate debtor and its employees, shareholders of the corporate debtor, creditors including the Central Government, any State Government or any local authority to whom statutory dues are owed, Successful Resolution Applicant and other stakeholders involved,” said the division bench of judicial member Mahendra Khandelwal and a technical member Dr. Sanjeev Ranjan in its order of June 11.
Apart from the successful bidder SA Infrastructure Consultants, other applicants three applicants Prudent ARC and RKG Fund I, Khyati Realtors & LIF Pvt Ltd and a consortium of Navneet Garg and Rishi Aggarwal had also submitted their resolution plans.
The approved resolution plan
