Practically 98% of lenders by worth voted in favour of the plan offered by AGI Greenpac, earlier generally known as HSIL Ltd, whereas 88% of lenders voted for South Africa-based Madhvani Group’s plan, which was additionally within the fray providing money and fairness to lenders, one of many individuals mentioned.
Nirma Chemical substances, a 3rd bidder within the fray, didn’t obtain over 66% votes, the minimal required to get a decision plan authorised by lenders underneath the Insolvency and Chapter Code, the individual cited above mentioned.
Rajendra Somany owned AGI Greenpac provided Rs 1851 crore upfront and Rs 356 crore as deferred fee to lenders; and Rs 6 crore fee to staff and commerce collectors to accumulate a Kolkata-based firm.
Madhvani Group provided Rs 1800 crore as upfront fee, 5% fairness to lenders and Rs 50 crore to commerce collectors.
Girish Juneja, the decision skilled backed by EY, had admitted Rs 3338 crore claims from monetary collectors. AGI Greenpac’s Rs 2207 crore authorised provide to monetary collectors equates to a restoration of 66%.
In July, all three candidates submitted decision plans to the RP adopted by an public sale held on September 15 amongst them to establish the very best bidder.
Inventory change listed AGI Greenpac emerged as a better bidder at an public sale, as reported by ET on September 16. Nirma Chemical substances give up the bidding course of after collaborating within the second spherical.
AGI Greenpac has tied up Rs 1200 crore with a fund managed by Edelweiss to part-finance the acquisition of HNG, mentioned one of many individuals cited above.
Lenders would get well over Rs 2150 crore, which is far greater than the reserve worth of Rs 1692 crore set for the public sale and Rs 1380 crore staggered fee provide from the HNG promoter Mukul Somany underneath Part 12A of IBC.
This provision offers tribunals the facility to withdraw an utility from insolvency proceedings if 90% of lenders by worth comply with the decision plan.
RP and Edelweiss didn’t reply to ET’s request for feedback.
In July, when the three bidders submitted decision plans, Nirma Chemical substances, makers of detergent soaps and cosmetics, had emerged as the very best bidder providing Rs 1650 crore, as reported by ET on July 29. AGI Greenpac provided 1800 crore whereas Madhvani Group had provided Rs 1500 crore in a mixture of upfront and deferred fee.
