Creditors panel approve JNPT’s bid to buy debt-laden Dighi port

The Committee of Creditors has approved the resolution plan submitted by the Jawaharlal Nehru Port Trust (JNPT) to buy Dighi Port Limited (DPL) under the Insolvency and Bankruptcy Code, 2016. JNPT has quoted an upfront payment of Rs 6 billion, besides a capital infusion. Meanwhile, the approval of the lender’s panel will be submitted to the National Company Law Tribunal (NCLT) for ratification. Earlier, in November 2018, JNPT, Adani Ports and Special Economic Zone Limited, and Veritas (India) Limited (in collaboration with UV Asset Reconstruction Company Limited) had submitted their bids for acquiring DPL. In April 2018, DPL was declared bankrupt and taken to the NCLT after it failed to pay a consortium of 15 lenders led by the Bank of India.