MUMBAI: The Mumbai bench of the National Company Law Tribunal (NCLT) has approved entrepreneur Manoj Kumar Upadhyay and his affiliate ACME Cleantech Solutions’ application to acquire formerly Anil Ambani-promoted Reliance Big (RBPL) through an insolvency resolution process.
Incorporated on December 8, 2006, RBPL is the owner of a wind energy generator at Tenkasi in Tamil Nadu, and a land parcel each in Thiruvallur Tirunelveli districts in the state. RBPL supplies power to the Tamil Nadu Electricity Board.
RBPL is affiliated to Reliance Infrastructure and is also engaged in commodity trading.
The successful revival plan is for an aggregate amount of Rs 3.51 crore, which will be paid to secured financial creditors of RBPL. Also, an upfront cash payment of Rs 4 crore will be infused into the company by the successful bidder, as per the resolution plan.
RBPL has admitted liabilities of about Rs 1,000 crore.
RBPL’s secured creditor Axis Trustee Service has a 48.42% voting share in the Committee of Creditors with admitted claims of ?483 crore. Unsecured creditors include J.C Flowers ARC with a 51.58% voting share and admitted claims of Rs 515 crore.
