Pristine Malwa proposed a resolution plan of ₹521 crore, which includes payment to lenders, employees and cash in the company. The offer is equivalent to 30% recovery for verified creditors.
While Agrigo Trading and Emby Minding were in the fray, 77.5% of lenders voted for Pristine’s plan. Last week, a two-member bench of the Chennai NCLT comprising Sameer Kakkar and Ramalingam Sudhakar approved the plan. The winning bidder paid ₹470 crore to the secured lenders, including ₹94 crore as upfront payment and the rest to be paid over two years. He has allocated Rs 6.75 crore for the employees. The offer also includes Rs 41 crore cash of the company.
As per the order, the winning bidder offered to infuse Rs 518 crore into the sickle. All liabilities are stated in the order sickle logistics As a shareholder of its subsidiaries, joint ventures and associates, investee companies and entities where it is a shareholder including PSA sickle Terminals Ltd. and Sickle Mining Ltd. are defunct. Sickle Logistics has six wholly owned subsidiaries and eight associate companies in the mining and logistics business.
after the death of the promoter VG Siddhartha In July 2019, the company faced a liquidity crunch due to its inability to execute the projects it had won. As a result, some of the projects won by Sickles were put on hold. SLL said in November 2019, “Bankers continued to withhold collection by operating debt service obligations, including some obligations falling in the future.”
Tanglin Retail Realty Development Pvt Ltd, a part of the Coffee Day Group, acquired a 55% equity stake in SLL in 2011 from the Chennai-based MA Chidambaram Group.
Sickle is in the business of multi-modal logistics, port handling, trucking and warehousing, ship agency, customhouse agency, offshore supply-logistics and retail logistics for mining, bulk and containerized cargo port terminals.
The liquidation value of the corporate debtor was Rs 352 crore, and the fair value was Rs 504.4 crore. Sickle Logistics Limited had received 26 expressions of interest, however only four entities submitted firm resolution plans. Of these four plans, only three were complied with. Financial creditors have accepted claims of Rs 1561 crore.
Pristine Malwa, a group company of Pristine Logistics and infrastructure projects, operates rail logistics business. The parent company is backed by Global Infrastructure Partners India, which has inland container depots and private freight terminal operations across India.