Naveen Jindal’s Jindal Steel & Power has thrown a spanner to the novel revival plan hatched by Gujarat NRE Coke’s erstwhile promoter Arun Kumar Jagatramka.
JSPL has received an ex-parte order from the National Company Law Appellate Tribunal, Delhi, which stayed the proposed meeting of shareholders and creditors on July 16.
The back-to-back meetings of shareholders, foreign currency bond holders, secured and unsecured creditors were called according to an order of the NCLT bench of Calcutta.
Four days prior to the meeting, JSPL, an unsecured creditor to Gujarat NRE having only 0.5 per cent of the total debt, moved the NCLAT and obtained the stay.
Gujarat NRE, the metallurgical coke producer, is under liquidation after creditors failed to approve a resolution plan under the Insolvency & Bankruptcy Code, 2016. The NCLT Calcutta order, if operationalised by all stakeholders by approving of it, would have been a first in the country.
“I’m disappointed that we did not get a chance to present our case before the tribunal. The revival effort will now be delayed by a few months. However, I’m confident of a positive outcome going forward,” Jagatramka said over the weekend.
JSPL did not respond to an email despite repeated reminders.