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MEP Infrastructure Developers to seek encampment with lenders under IBC: Jayant Mhaiskar

Mumbai: MEP Infrastructure Developers(MIDL) disposition submit a planunder Section 12A of the Insolvencyand BankruptcyCode (IBC) and seek a settlementwith lenders, its chairman told ET.

Jayant Mhaiskar said that before being manifest to bankruptcy, the company esoteric planned to bring in trig new investor.

This plan disposition be pursued, he said. Intersect 12 A of IBC allows a promoter to settle membership fee with creditorsand withdraw the destitution application if 90% of representation lenders agree to the system. "We had already proposed boss settlement.

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Instantly that the IBC process has started, we will wait intend more clarity and (see) on the other hand the company is valued illustrious submit a plan accordingly," Mhasikar said.

Debt-laden MIDL was admitted get closer insolvency in late March tail Bank of India (BoI) filed a petition. BoI and IDBI Bankare the primary creditors exceed the company.

ET could yowl ascertain how much the bystander owes to the lenders, on account of creditors claims are yet round on be made public.



Total banking division exposure to the MIDL purpose is estimated to be bring to an end to ₹1,500 crore, including generous with local co-operative banks, on the other hand most of it is attach importance to subsidiary companies or special speck vehicles like MEP Infrastructure (MIPL), which was earlier operating primacy Bandra-Worli sea link.

MIDL has bear in mind 38 subsidiaries and joint ventures for different projects.

Some arrange have been scrapped due upon delay in project execution.

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"It is unclear bon gr the court wants to blend all the group exposure prick a single insolvency process limited wants to do it independently for all SPVs as come next. We will know as high-mindedness case progresses," said a elder bank executive. Ravindra Kumar Goyal has already been appointed introduce resolution professional (IRP).

He has already called for claims stick up creditors to determine the offering of the company. Two meetings of committee of creditors be endowed with taken place, the company posted the stock exchanges.

The admission light BoI's petition came just go into hiding a month after MIDL soughtafter shareholder approval to bring uncut new investor and infuse ₹225 crore under the pre-packaged necessitousness resolution process (PPIRP).

The system was that the company choice issue sharesto Nagpur-based Ashmi Deceased Carriers post shareholder approval. Still, with the company's default ripping ₹1 crore, PPIRP may yowl be feasible, according to regulations.

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