Reuters.Eagle Group has successfully won the bid to acquire the debt-laden Sumeet Industries, with a majority of lenders, including Bank of Baroda and IDBI Bank approving the acquisition plan. The deal, valued at 231 crore, was sealed with a 74.90% affirmative vote from the creditors. The purchase agreement stipulates an upfront payment of 203 crore in addition to 28 crore in equity. This offer surpassed competing bids by including an extra 25 crore to cover the Corporate Insolvency Resolution Process (CIRP) expenses.
The approval came after the conclusion of a month-long voting process which began on October 25, paving the way for Satyendra Khorania to approach the Ahmedabad National Company Law Tribunal (NCLT) for formal endorsemen…
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