Dharani Sugars' promoter gets another chance to win it back
National Asset Reconstruction Company (NARCL) emerged as the winning bidder for the debt of Dharani Sugars and Chemicals at an uncontested Swiss auction, paving the way for the promoter to submit a fresh settlement offer with the new lender, said people aware of the development.
The Supreme Court had stayed a liquidation order of the sugar maker given by the National COmpany Law Tribunal (NCLT).
The National Company Law Appellate Tribunal, too, had upheld the NCLT order.
Lenders did not receive any counteroffer for the ₹222.5 crore binding offer by NARCL, which triggered a Swiss challenge auction held on September 18.
Officials from Dharani Sugars declined to comment on the matter.
Dharani Sugars, which was admitted for insolvency in July 2021, had admitted claims of ₹707 crore. The resolution professional received two plans but 91.9% of lenders rejected both on May 18, 2023.
A minimum of 66% of lenders must approve a plan to be endorsed by the tribunal.
Separately, at the start of this calendar year, the promoter of Dharani Sugars submitted a ₹292-crore settlement to lenders under Section 12A of the Insolvency and Bankruptcy Code (IBC), the people cited above said. This section allows the NCLT to permit lenders to withdraw a company from corporate insolvency if 90% of lenders approve it.
Palani G Periasamy, the promoter of Dharani Sugars, deposited ₹92 crore with lenders under the no-lien account; however, lenders insisted that the remaining ₹200 crore should be deposited immediately, the people said.
