NCLAT grants 3 weeks to Dighi Port promoters to settle creditors' claims

The National Company Law Appellate Tribunal (NCLAT) has granted three weeks' time to the promoters of debt-ridden Dighi Port Ltd to negotiate with the company's financial creditors to settle their claims.

A three-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has allowed Dighi Port Director Vishal Vijay Kalantri and other promoters to negotiate with the Committee of Creditors (CoC) and operational creditors to bring the company out of insolvency proceedings.

"We allow the Appellant Director Vishal Vijay Kalantri and other promoters of Dighi Port Ltd (Corporate Debtor) three weeks time to state as to whether the financial creditors have agreed to settle the claim," the appellate tribunal said in its order passed on July 24.

It further said: "If such proposal is made, financial creditors and operational creditors, if any, may consider the same."

The appellate tribunal has directed to list the matter for next hearing on August 21.

During the proceedings of the NCLAT, counsel representing the promoters had submitted that they "may reach one-time settlement with the financial creditors" of Dighi Port.

Dighi Port is being developed by Balaji Infra Projects in the Raigad district of Maharashtra for which -- Adani Ports and Special Economic Zone Ltd (APSEZ) and Jawaharlal Nehru Port Trust (JNPT) had submitted their bids.

Earlier, the lenders had rejected the resolution plan filed by APSEZ and approved JNPT bid. However, later APSEZ moved to NCLAT by filing an appeal against it.

Earlier, on July 10, NCLAT had said that until its further orders, NCLT will not pass any order of liquidation.

Dighi Port is facing insolvency proceedings after the Mumbai bench of the National Company Law Tribunal (NCLT) allowed recovery plea by DBM Geotechnics and Constructions Pvt Ltd, one of its operational creditor for non-payment of construction of multi-purpose berth on March 25, 2018.

CoC has informed NCLAT that claims filed by the financial creditors of the company is more than Rs 3,000 crore.

The promoters also informed the appellate tribunal that the Resolution Professional of Dighi Port has not admitted any claims of DBM Geotechnics & Construction so far.

This was also accepted by the counsel appearing on behalf of DBM Geotechnics & Construction before NCLAT.

Resolution Professional has submitted before NCLAT that in view of the pendency of the appeal, order of liquidation has not been passed.