Nuvoco gets 952cr Vadraj assets after ED issues NOC
Enforcement Directorate
issued a No Objection Certificate (NOC).
The ABG group obtained a loan from Infrastructure Leasing & Financial Services Ltd (IL&FS), which IL&FS later declared non-performing. Consequently, in the IL&FS money laundering case in 2020, the ED provisionally attached the Surat plant of Vadraj Cement. Subsequently, Nuvoco Vistas Corporation, a subsidiary of the Nirma Group, purchased the cement firm through the NCLT resolution plan. Nuvoco then approached the court to request the restoration of the cement plant.
The ED stated that the ABG group had obtained Rs 952 crore in financial assistance from IL&FS, which was subsequently declared non-performing. The ED attached the immovable properties of Vadraj Cement, including its Surat Cement Plant, and the adjudicating authority confirmed the attachment in 2021. The ED filed a chargesheet with the court related to the issue.
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Vadraj Cement had also obtained loans from Punjab National Bank (Rs 2,122 crore), Union Bank (Rs 1,620 crore), Indian Overseas Bank (Rs 1,419 crore), Central Bank of India (Rs 1,391 crore), and JC Flower ARC (Rs 677 crore).
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A proceeding was initiated against the company under the Insolvency and Bankruptcy Code before the NCLT.
Nuvoco Vistas Corporation Ltd., a subsidiary of the Nirma Group, purchased the cement company through a resolution plan in which it agreed to pay Rs 1,706 crore to the financial creditors in lieu of acquiring Vadraj Cement Ltd, the ED said in a press release issued on Saturday. Nuvoco Vistas Corporation filed an application before the special court, which allowed the restoration of the assets after the ED's NOC.
It is alleged that the former top management of IL&FS Group gave dubious loans to many companies who defaulted the payment, causing losses to the group.
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