Srei twins resolution plan: Authum appeals against NCLT order
Authum Investment & Infrastructure, the losing bidder in the takeover battle for the Srei twins, has appealed against the National Company Law Tribunal (NCLT) order approving the resolution plan of the National Asset Reconstruction Co (NARCL). Also, in a new twist, the Mumbai-based NBFC has increased its offer for the Kolkata-based companies by another Rs 450 crore, people familiar with the matter said.
On Wednesday, a two judge bench of the National Company Law Appellate Tribunal (NCLAT) issued notices to the committee of creditors (CoC), NARCL, Reserve Bank of India (RBI) and administrator Rajneesh Sharma on the appeal filed by Authum, giving the respondents two weeks to reply to the notice. Authum will get another two weeks after the respondents file their replies.
The court has listed the appeal for admission or disposal on October 4, an order by NCLAT chairman Ashok Bhushan and technical member Barun Mitra said. ET had reported about the possibility of Authum filing an appeal in its August 12 edition.
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