EMC Case: Pawan Hans Bidder Initiates Process To Appeal Against NCLT Order

Almas Global Opportunity Fund SPC (AGOF), part of the consortium that won the bid for Pawan Hans, on Tuesday said it has initiated the process to appeal against an NCLT order with respect to the fund acquiring bankrupt EMC.

The statement from the Cayman Islands-based fund comes a day after the government decided to put on hold the sale of Pawan Hans as it was legally examining the NCLT order against AGOF.

Almas Global is the biggest shareholder in the consortium — Star9 Mobility —that was selected as the winning bidder for Pawan Hans. Other members in the consortium are Big Charter and Maharaja Aviation.

It has already initiated the process of moving to higher appellate authority, NCLAT, to enable them to make the payment of the stipulated amount and conclude the transaction by acquiring EMC as per the approved resolution plan, the spokesperson said. According to the spokesperson, just nine weeks before the NCLT order, the fund had requested the CoC (Committee of Creditors) of EMC Ltd for additional time to conclude the transaction, in spite of the adverse market conditions. “We find such abrupt order from NCLT is a bit premature as the transaction process is very much on,” the statement said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor