Adhunik Metaliks, the Calcutta-based beleaguered steel maker, may face liquidation after Liberty House of the UK failed to make an upfront payment to the creditors within the stipulated time.
The National Company Law Tribunal (NCLT) suggested that the committee of creditors (CoC) may consider moving an application seeking the liquidation of Adhunik. Liberty has sought more time to make the payment.
Sanjeev Guptas Liberty had to make an upfront cash payment of Rs 410 crore to the secured financial creditors, who collectively have a Rs 5,371.23-crore claim on Adhunik, by September 12. However, the UK-based company had filed an application on October 10 seeking extension of the deadline to make the payment.
Shardul Amarchand Mangaldas & Co, …
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