Haldia Petrochemicals ‘bags’ Coastal Oil & Gas Infrastructure for Rs 37.5 crore
The Amravati bench of the National Company Law Tribunal (NCLT) has approved the resolution plan of Haldia Petrochemicals Ltd for corporate debtor Coastal Oil & Gas Infrastructure Private Ltd in an order dated 16 February 2022.
According to the resolution plan, Haldia Petrochemicals will be offering Rs 37.5 crore against creditors’ claim of Rs 1,245 crore. The amount offered in resolution plan is just 3% of the claims submitted and approved, which means creditors are taking a 97% haircut.
When the NCLT questioned the resolution professional — Sai Ramesh Kanuparthi – about the large haircut that the creditors are taking, the RP informed the tribunal that the amount offered by Haldia Petrochemical is more than the liquidation value of Rs 36.5 crore.
Resolution plan of Haldia Petrochemicals was approved by the committee of creditors (CoC) 68.68% in January this year.
Of the Rs 1,245 crore claims submitted by creditors, Rs 1,198 crore was submitted by financial creditors (Rs 1,148 crore by secured creditors and Rs 50 crore by unsecured creditors).
The insolvency petition against Coastal Oil and Gas Infrastructure Private Ltd was filed by Bank of India and Central Bank of India for the former’s failure to pay Rs 297 core.
According to ZaubaCorp, Coastal Oil & Gas Infrastructure Private Limited is a Private incorporated on 24 May 2010. It is classified as non-govt company and is registered at Registrar of Companies, Vijayawada. Its authorized share capital is Rs. 1,400,000,000 and its paid-up capital is Rs. 772,921,980. The corporate debtor was involved in Production, collection and distribution of electricity.
Coastal Oil & Gas Infrastructure Private Limited’s Annual General Meeting (AGM) was last held on 25 September 2018 and as per records from Ministry of Corporate Affairs (MCA), its balance sheet was last filed on 31 March 2018.
Directors of Coastal Oil & Gas Infrastructure Private Limited are Sajja Naveen and Kancharapu Krishna Rao.
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