Pawan Hans sale: Centre to look at NCLT order on key stakeholder

The federal government will study a latest order by the Kolkata bench of the Nationwide Firm Legislation Tribunal (NCLT) towards one of many stakeholders within the group that gained the bid for state-owned Pawan Hans earlier than issuing the ultimate letter of award, mentioned folks with information of the matter. The federal government had been hoping to finish the strategic disinvestment of the helicopter firm by June.

“Letter of award has not been issued. We’ll do a authorized examination of the NCLT order earlier than continuing additional,” mentioned an official conscious of the event.

The NCLT had questioned the monetary well being of the Cayman Islands-based Almas International Alternative Fund SPC (AGOF), majority stakeholder in Star9 Mobility Pvt Ltd, the successful bidder for Pawan Hans. The April 22 NCLT order was in reference to Almas International’s profitable bid of ₹568 crore for EMC Ltd in insolvency proceedings. EMC was admitted into the Company Insolvency Decision Course of on November 12, 2018, for defaulting on ₹6,500 crore loans. Almas’ decision plan was accepted on October 2019 however the firm didn’t pay any quantity besides the financial institution assure, resulting in delay within the decision proceedings.

Writ Petition Filed

The federal government had late final month accepted a 51% stake sale in helicopter providers supplier Pawan Hans together with a switch of administration management to Star9 Mobility.

This consortium of Huge Constitution Pvt Ltd, Maharaja Aviation Pvt Ltd and Almas International had supplied Rs 211.14 crore towards the reserve value of Rs 199.92 crore fastened by the federal government. Almas International holds 49% of the particular objective car (SPV), whereas Huge Constitution has 26% and Maharaja Aviation owns 25%.


Individually, one of many unions representing a 3rd of Pawan Hans workers has filed a writ petition within the Delhi Excessive Courtroom in search of cancellation of the discover inviting expression of curiosity (EoI) issued in 2020. All three entities within the consortium had submitted their annual monetary statements with the expression of curiosity and request for proposal (RFP).

That is the second of three latest privatisation workouts that has run into bother. Central Electronics Ltd’s privatisation, which befell quickly after that of Air India, was placed on maintain as the federal government is analyzing allegations made by workers.
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