About 98% of lenders based on value voted in favor of the plan presented by AGI Greenpack, formerly known as HSIL LimitedWhile 88% of the lenders have South Africa-based . voted for Madhvani GroupThe plan, which was also in the fray to offer cash and equity to lenders, said one of the persons.
Nirma ChemicalsA third bidder failed to garner more than 66% of the vote, the minimum required to get a resolution plan approved by lenders under the Insolvency and Bankruptcy Code, the person cited above said.
Rajendra а lot owned AGI Greenpack offered Rs 1851 crore as advance and Rs 356 crore as deferred payment to lenders; and payment of Rs 6 crore to employees and business creditors to acquire a Kolkata-based company.
Madhvani Group offered Rs 1800 crore as advance payment, 5% equity to lenders and Rs 50 crore to business creditors.
EY-backed resolution professional Girish Juneja had accepted claims of Rs 3338 crore from financial creditors. AGI Greenpack’s approved proposal of Rs 2207 crore to financial creditors equates to recovery of 66%.
In July, the three applicants submitted resolution plans to the RP after the auction on 15 September to identify the highest bidder.
Stock exchange-listed AGI Greenpack emerged as the top bidder in an auction, as reported by ET on September 16. Nirma Chemicals left the bidding process after participating in the second round.
AGI Greenpack has tied up with a fund managed by whom for Rs 1200 crore? edelweiss To partially finance the acquisition of HNG, said one of the persons cited above.
The lenders will recover over Rs 2,150 crore, which is much higher than the reserve price of Rs 1692 crore set for auction and Rs 1,380 crore offered by HNG promoter Mukul Somani under Section 12A of the IBC.
This provision gives the tribunal the power to withdraw an application from insolvency proceedings if 90% of the lenders agree to the resolution plan.
RP and Edelweiss did not respond to ET’s request for comment.
In July, when three bidders submitted resolution plans, detergent soap and cosmetics maker Nirma Chemicals emerged as the highest bidder with an offer of Rs 1,650 crore, as reported by ET on July 29 went. 1800 crore was offered by AGI Greenpack while Madhvani Group made the offer. 1500 crore in combination of upfront and deferred payment.