Key Points
Mumbai: In a rare occurrence, the voting to select the winner between Nalwa Steel and BTL EPC plan for bankrupt McNally Bharat Engineering resulted in a tie, as both resolution plans received an equal number of votes from lenders, said people aware of the development...
Resolution plans given by Naveen Jindal-promoted Nalwa Steel and Power and Kolkata-based Shrachi Group-promoted BTL EPC received 90.16% voting resulting in a tie-breaker situation on Wednesday when the voting deadline ended for the company undergoing insolvency proceedings...
As per the Insolvency and Bankruptcy Board of India (IBBI) the resolution professional is mandated to invite lenders to vote on all eligible plans..
On Thursday, lenders declared BTL EPC (formerly Bengal Tools EPC) as winning bidder per tie-breaker formula which gives higher weightage to the net present value (NPV) of the plan, the people cited above said.. BTL EPC offered 445.2 crore while Nalwa Steel and Power gave a plan of 426 crore for the EPC company promoted by the Khaitan family of Williamson Magor Group..
"Both plans were equally good but since lenders were not sure which plan would receive higher votes, they gave positive votes for both the plan" said one of the lenders..
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