NCLT turns down prayer for revival of Adhunik Metaliks insolvency process

Maharashtra Seamless has written to Adhunik's CoC recently, renewing its plan for Adhunik in the wake of Liberty House dragging its feet on payment

National Company Law Tribunal's (NCLT's) Kolkata Bench has turned down a prayer from the committee of creditors (CoC) of Adhunik Metaliks to pass an interim order to revive the corporate insolvency resolution process (CIRP). 

The CoC's prayer was based on the H2 bidder, Maharashtra Seamless, expressing its interest in the company, afresh. Maharashtra Seamless and Liberty House had evinced interest in Adhunik Metaliks. However, Liberty House had emerged as the preferred bidder.

Maharashtra Seamless had written to Adhunik's CoC recently, renewing its plan for Adhunik in the wake of Liberty House, the preferred bidder, dragging its feet on payment. 

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