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Business Standard
13-05-2025
- Business
- Business Standard
NCLT rejects Adani Ports' late bid for insolvent Tuticorin Coal Terminal
The Mumbai bench of the National Company Law Tribunal (NCLT) has dismissed a request from Adani Ports and Special Economic Zone (APSEZ) to submit a delayed resolution plan for Tuticorin Coal Terminal, a company undergoing insolvency proceedings. According to a report by The Economic Times, the tribunal has instead directed that the resolution process proceed either with the evaluation of the existing plan submitted by Seapol Port or by inviting more bidders. Tuticorin Coal Terminal was admitted into the CIRP in February 2020 after defaulting on dues of nearly ₹90 crore owed to the Bank of India. As of now, its total admitted liabilities exceed ₹479 crore. Four-year delay in submitting revival plan The division bench, comprising judicial member KR Saji Kumar and technical member Anil Raj Chellan, took note of the significant time lapse since the Expression of Interest (EoI) was first issued in early 2020, more than four years ago. The tribunal observed that lenders have already spent considerable time exploring potential revival options for the troubled port operator. Given recent improvements in the company's financial performance during the corporate insolvency resolution process (CIRP), the tribunal pointed out that the asset could now attract a broader pool of investors, potentially offering better outcomes for creditors. Seapol Port only bidder under evaluation At present, Seapol Port remains the sole bidder under evaluation. The company's resolution plan is being considered by the committee of creditors (CoC) after Seahawk Lines failed to submit a final proposal, despite being given the opportunity. Adani Ports asks NCLT to allow competitive bidding Adani Ports argued that it had been included in both the provisional and final list of eligible bidders and that its entry into the process would promote value maximisation for the asset. The company emphasised that with only one proposal currently under consideration, allowing its bid would encourage competitive bidding in line with the objectives of the Insolvency and Bankruptcy Code. The resolution professional (RP), represented by Shloka Dikshit of Chandhiok & Mahajan, confirmed to the tribunal that the CoC was willing to assess Adani's resolution plan if the tribunal permitted its late entry. However, the bench ultimately ruled against granting such relief. The NCLT's decision underlines the importance of timely participation in insolvency proceedings, particularly as asset conditions improve. With Tuticorin Coal Terminal now showing signs of a turnaround, the process may attract renewed interest from additional bidders in the coming weeks. Tuticorin Coal Terminal redevelopment and liquidation Tuticorin Coal Terminal, a public-private partnership (PPP) project at VO Chidambaranar Port (VOC Port) in Tamil Nadu, was commissioned in June 2017 to handle coal for nearby power plants. Operations stopped in 2018 due to plant closures and an unsustainable 52.17 per cent revenue-sharing deal. Promoted by ALBA Asia and Louis Dreyfus Armateurs, Tuticorin Coal Terminal entered insolvency in 2019 with ₹355.79 crore in debt. After failed revival attempts, it became India's first port PPP project to head for liquidation. In July 2024, the port authority partnered with JSW to redevelop the site under a 30-year design, build, finance, operate, and transfer (DBFOT) model. Adani Ports had expressed interest in acquiring the insolvent project but faced setbacks and did not submit a resolution plan.
Time of India
13-05-2025
- Business
- Time of India
NCLT junks Adani Ports plea for delayed Tuticorin coal plan
The Mumbai bench of the National Company Law Tribunal has dismissed an application filed by Adani Ports and Special Economic Zone to submit a delayed resolution plan for the closely held Tuticorin Coal Terminal . Instead, it said it will want more bidders/continue to evaluate the current resolution plan offered by Seapol. The division bench of judicial member KR Saji Kumar and a technical member, Anil Raj Chellan, observed that more than four years have passed since the publication of EoI (Expression of Interest), and lenders have been considering many options for the revival of the company and resolving its insolvency. As the debt-laden borrower, as acknowledged by the Adani group company, has shown signs of a turnaround, a broader set of investors may be interested in bidding for the asset, said the bench. At present, the lenders are evaluating a proposal by Seapol Port , the lone bidder left for the asset. "During the arguments, the counsel for the applicant ( Adani Ports ) brought to our notice that the operations of the corporate debtor (Tuticorin Coal Terminal) have improved drastically during the CIRP period, and the corporate debtor has started generating profits now," observed the tribunal in its recent order. "Hence, we cannot ignore the changes in the economic conditions that would generate further interest by more participants than one." Tuticorin Coal Terminal was admitted under the Corporate Insolvency Resolution Process (CIRP) in February 2020 after the company defaulted on dues of about ₹90 crore to Bank of India . Currently, the company has admitted liabilities of over ₹479 crore. An email query to Adani Ports & SEZ remained unanswered till the time of filing the story. Apart from Adani Ports & SEZ, other bidders such as Seahawk Lines, Seapol Port and Jindal Power had also shown interest in acquiring Tuticorin Coal Terminal through the insolvency resolution process. In the case, appearing for Adani Ports & SEZ, Animesh Bisht, of Cyril Amarchand Mangaldas, argued that the company was part of the provisional and final list of bidders. "Allowing the applicant (Adani Ports & SEZ) to submit a resolution plan for the corporate debtor would aid in value maximisation of the asset," argued Adani Ports & SEZ. "Since no resolution plan has been received from Seahawk despite being allowed by this tribunal, the CoC is presently only considering one resolution plan, which has been submitted by Seapol," argued Adani. Therefore, the grant of reliefs to the applicant will ensure fair competition and would be in furtherance of the objective of the Code i.e., to maximisation of value of the assets of the corporate debtor," argued the company. Shloka Dikshit of Chandhiok & Mahajan appeared for the resolution professional (RP) and argued that the CoC agreed to consider the applicant's resolution plan if the requested reliefs are granted by the tribunal. "The respondent (RP) confirms that the CoC is willing to consider the plan of the applicant (Adani Ports & SEZ), subject to this adjudicating authority ( NCLT ) granting permission to the applicant," added the RP.
Time of India
12-05-2025
- Business
- Time of India
adani ports: NCLT junks Adani Ports plea for delayed Tuticorin coal plan
ADVERTISEMENT ADVERTISEMENT ADVERTISEMENT The Mumbai bench of the National Company Law Tribunal has dismissed an application filed by Adani Ports and Special Economic Zone to submit a delayed resolution plan for the closely held Tuticorin Coal Terminal . Instead, it said it will want more bidders/continue to evaluate the current resolution plan offered by division bench of judicial member KR Saji Kumar and a technical member, Anil Raj Chellan, observed that more than four years have passed since the publication of EoI (Expression of Interest), and lenders have been considering many options for the revival of the company and resolving its the debt-laden borrower, as acknowledged by the Adani group company, has shown signs of a turnaround, a broader set of investors may be interested in bidding for the asset, said the bench. At present, the lenders are evaluating a proposal by Seapol Port , the lone bidder left for the asset."During the arguments, the counsel for the applicant (Adani Ports) brought to our notice that the operations of the corporate debtor (Tuticorin Coal Terminal) have improved drastically during the CIRP period, and the corporate debtor has started generating profits now," observed the tribunal in its recent order. "Hence, we cannot ignore the changes in the economic conditions that would generate further interest by more participants than one."Tuticorin Coal Terminal was admitted under the Corporate Insolvency Resolution Process (CIRP) in February 2020 after the company defaulted on dues of about ₹90 crore to Bank of India . Currently, the company has admitted liabilities of over ₹479 email query to Adani Ports & SEZ remained unanswered till the time of filing the from Adani Ports & SEZ, other bidders such as Seahawk Lines, Seapol Port and Jindal Power had also shown interest in acquiring Tuticorin Coal Terminal through the insolvency resolution the case, appearing for Adani Ports & SEZ, Animesh Bisht, of Cyril Amarchand Mangaldas, argued that the company was part of the provisional and final list of bidders."Allowing the applicant (Adani Ports & SEZ) to submit a resolution plan for the corporate debtor would aid in value maximisation of the asset," argued Adani Ports & SEZ."Since no resolution plan has been received from Seahawk despite being allowed by this tribunal, the CoC is presently only considering one resolution plan, which has been submitted by Seapol," argued Adani. Therefore, the grant of reliefs to the applicant will ensure fair competition and would be in furtherance of the objective of the Code i.e., to maximisation of value of the assets of the corporate debtor," argued the Dikshit of Chandhiok & Mahajan appeared for the resolution professional (RP) and argued that the CoC agreed to consider the applicant's resolution plan if the requested reliefs are granted by the tribunal."The respondent (RP) confirms that the CoC is willing to consider the plan of the applicant (Adani Ports & SEZ), subject to this adjudicating authority ( NCLT ) granting permission to the applicant," added the RP.
Time of India
12-05-2025
- Business
- Time of India
NCLT junks Adani Ports plea for delayed Tuticorin coal plan
The Mumbai bench of the National Company Law Tribunal has dismissed an application filed by Adani Ports and Special Economic Zone to submit a delayed resolution plan for the closely held Tuticorin Coal Terminal . Instead, it said it will want more bidders/continue to evaluate the current resolution plan offered by Seapol. #Operation Sindoor The damage done at Pak bases as India strikes to avenge Pahalgam Why Pakistan pleaded to end hostilities Kashmir's Pahalgam sparks Karachi's nightmare The division bench of judicial member KR Saji Kumar and a technical member, Anil Raj Chellan, observed that more than four years have passed since the publication of EoI (Expression of Interest), and lenders have been considering many options for the revival of the company and resolving its insolvency. As the debt-laden borrower, as acknowledged by the Adani group company, has shown signs of a turnaround, a broader set of investors may be interested in bidding for the asset, said the bench. At present, the lenders are evaluating a proposal by Seapol Port , the lone bidder left for the asset. "During the arguments, the counsel for the applicant (Adani Ports) brought to our notice that the operations of the corporate debtor (Tuticorin Coal Terminal) have improved drastically during the CIRP period, and the corporate debtor has started generating profits now," observed the tribunal in its recent order. "Hence, we cannot ignore the changes in the economic conditions that would generate further interest by more participants than one." Tuticorin Coal Terminal was admitted under the Corporate Insolvency Resolution Process (CIRP) in February 2020 after the company defaulted on dues of about ₹90 crore to Bank of India . Currently, the company has admitted liabilities of over ₹479 crore. An email query to Adani Ports & SEZ remained unanswered till the time of filing the story. Apart from Adani Ports & SEZ, other bidders such as Seahawk Lines, Seapol Port and Jindal Power had also shown interest in acquiring Tuticorin Coal Terminal through the insolvency resolution process. In the case, appearing for Adani Ports & SEZ, Animesh Bisht, of Cyril Amarchand Mangaldas, argued that the company was part of the provisional and final list of bidders. "Allowing the applicant (Adani Ports & SEZ) to submit a resolution plan for the corporate debtor would aid in value maximisation of the asset," argued Adani Ports & SEZ. "Since no resolution plan has been received from Seahawk despite being allowed by this tribunal, the CoC is presently only considering one resolution plan, which has been submitted by Seapol," argued Adani. Therefore, the grant of reliefs to the applicant will ensure fair competition and would be in furtherance of the objective of the Code i.e., to maximisation of value of the assets of the corporate debtor," argued the company. Shloka Dikshit of Chandhiok & Mahajan appeared for the resolution professional (RP) and argued that the CoC agreed to consider the applicant's resolution plan if the requested reliefs are granted by the tribunal. "The respondent (RP) confirms that the CoC is willing to consider the plan of the applicant (Adani Ports & SEZ), subject to this adjudicating authority ( NCLT ) granting permission to the applicant," added the RP.
