The bankruptcy court has approved listed infrastructure firm J Kumar Infraprojects’ bid to acquire Pranav Construction Systems Pvt Ltd. As part of the insolvency process, J Kumar Infraprojects has proposed to pay ₹45 crore for the acquisition of the real estate firm against its admitted liabilities of about ₹212 crore. Before the tribunal’s nod, the lenders to the company had approved the revival plan, with 100% voting in its favour.
Mumbai-based Pranav Construction Systems is a manufacturer of fabrication and precast iron structures. The successful bidder, J Kumar Infraprojects, has constructed some of the metro-rail projects in Mumbai, Delhi and Ahmedabad.
“The target company is engaged in the design, manufacturing, supply and installation of precision-oriented form works, scaffoldings, centring material and accessories for RCC concrete casting which are used in housing, metro and monorail projects,” a person familiar with the development said on condition of anonymity. “J Kumar Infraprojects sees this as a supply chain augmentation.” At the time of the approval of the resolution plan, the Mumbai bench of NCLT had observed that the approval shall be binding on the corporate debtor, its employees, members and creditors to whom a debt in respect of the payment of dues arising under any law for the time being in force is due, guarantors and other stakeholders involved in the resolution plan.
Source: Economic Times