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Jindal Poly, Arham in race for Sandesaras' Sterling SEZ.

Date: 13-09-2022
Subject: Jindal Poly, Arham in race for Sandesaras' Sterling SEZ
Mumbai: New Delhi-based BC Jindal group's subsidiary Jindal Poly Films NSE 1.32 % and Arham Smart Innovation LLP are in the race to acquire Gujarat-based Sterling SEZ & Infrastructure through liquidation.

After several rounds of the bidding process, Jindal Poly Films and Arham Smart Innovation, also based in Gujarat, have qualified as final bidders for the upcoming auction, said a person aware of the development.

The liquidator had invited the latest bids on July 28, 2022, for the multi-product SEZ that is spread over 3,120 acres of land to sell the company as a going concern at a reserve price of ₹487.80 crore.

"The e-auction is expected to take place on September 20 and the liquidator will announce the name of the successful bidder on September 21," said a person quoted above.

Email queries to Jindal Poly Films, Arham Smart Innovation and the company's liquidator Vishal Jain remained unanswered. A senior member of the Resolve Group, an advisory firm helping the liquidator in the entire process, declined to comment.

On July 16, 2018, the Mumbai bench of the National Company Law Tribunal (NCLT) admitted the insolvency resolution petition filed by Srei Infrastructure Finance NSE -4.67 % after the borrower defaulted on its dues. Subsequently, the company was admitted for liquidation on October 18, 2021, in the absence of any viable resolution plan.

As per the company's website, the SEZ is located at an equidistance of 65 km from Vadodara and Bharuch - about 170 km from the Hazira seaport in Gujarat.

Gujarat-based Sterling Group's three companies, including Sterling Biotech, Sterling SEZ & Infrastructure and its trading arm Sterling International, were admitted under the Corporate Insolvency Resolution Process (CIRP). The group owes about ₹15,000 crore to its financial and operational creditors. Sterling SEZ owes over ₹4,500 crore to its financial and operational lenders.

If successful, this will be the second Sterling group company to be acquired through the resolution process.

Recently, in April, US-based food technology startup Perfect Day Inc. emerged as the successful bidder for the acquisition of Sterling Biotech through the liquidation process. The California-based Perfect Day was the highest bidder at ₹638 crore against the reserved price of ₹548.46 crore. Sterling Biotech owes over ₹8,100 crore to its lenders.

The group's promoters Chetan and Nitin Sandesara have fled India and are believed to be in Africa. Last year in June, the Enforcement Directorate had attached properties of over ₹9,700 crore owned by the Sandesaras.

Source Name:-Economic Times

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