NCLAT Asks Dighi Port To Submit Comparative Analysis Of Proposals By Adani SEZ, Promoters
The sun sets over gantry cranes at the Jawaharlal Nehru Port, in Navi Mumbai, Maharashtra, India. (Photographer: Dhiraj Singh/Bloomberg)

NCLAT Asks Dighi Port To Submit Comparative Analysis Of Proposals By Adani SEZ, Promoters

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The National Company Law Appellate Tribunal has asked the creditors and resolution professional of Dighi ports to file a comparative analysis of the resolution plan submitted by Adani Ports And Special Economic Zone Ltd. and the promoter’s offer to settle loans with the creditors.

The resolution plan by Adani Ports SEZ has already been approved by the Committee of Creditors, while the promoter's offer has been rejected, the NCLAT was informed on Sept. 19.

The NCLAT will consider, on the next date of hearing, which is Oct. 17, whether proposal by Vishal Vijay Kalantri and other promoters of Dighi Ports to settle with the creditor should be entertained at the stage of consideration of bids by one of the resolution applicant or not, the appellate tribunal said.

The Committee of Creditors had informed the NCLAT that it had approved the resolution plan submitted by APSEZ with 99.68 percent votes for Dighi Port.

It was also informed that the proposal by the promoters under section 12A to settle the dues and bring the company out of insolvency was not accepted.

During the proceedings of the NCLAT, counsel appearing for Kalantri had informed that the CoC of the company has done no comparison between the bids by the promoters and APSEZ about the viability, feasibility and financial matrix.

However, on this NCLAT said, "we are not inclined to deliberate on such issue today".

"We allow Counsel for the CoC and RP to file affidavit giving details of Plans approved by the CoC and the order as passed in the proposal under Section 12A," the NCLAT said.

"It will also be desirable, if comparative chart proposal under Section 12A given by Vishal Vijay Kalantri (Promoter) and APSEZ ((successful resolution applicant) is produced for perusal," the appellate tribunal added.

The affidavit is to be filed within 10 days, said the NCLAT in order dated Sept. 19.

"On the next date, we will also consider the question as to whether at the stage of consideration of the Plan by one or other Resolution Applicant, a proposal under Section 12A should be entertained or not," it said.

Dighi Port, which is being developed by Balaji Infra Projects in the Raigad district of Maharashtra, is going through insolvency resolution process and -- APSEZ and Jawaharlal Nehru Port Trust were among bidders.

During the last hearing, the NCLAT had directed the CoC to approve a resolution plan within three weeks and also to evaluate the proposal submitted by its promoters.

Earlier, the lenders had rejected the resolution plan filed by APSEZ and approved JNPT bid. However, later APSEZ moved the NCLAT by filing an appeal against it.

Dighi Port is facing insolvency proceedings after the Mumbai bench of the National Company Law Tribunal allowed recovery plea by DBM Geotechnics and Constructions Pvt Ltd, one of its operational creditor for non-payment of construction of multi-purpose berth on March 25, 2018.

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