APSEZL’s resolution plan to buy DPL approved

The Committee of Creditors (CoC) of Dighi port has approved the resolution plan submitted by Adani Ports and Special Economic Zone Limited (APSEZL) to buy Dighi Port Limited (DPL) under the Insolvency and Bankruptcy Code, 2016. As per the plan submitted by APSEZL, the port operator is willing to pay Rs 6.5 billion to DPL’s financial creditors. Earlier, in February 2019, the Bank of India-led CoC had approved the Jawaharlal Nehru Port Limited’s (JNPT) bid of Rs 8.53 billion to buy DPL. Following this, in May 2019, the National Company Law Tribunal (NCLT), Mumbai, declared JNPT as the successful resolution applicant; however, DPL withdrew its offer due to certain modifications suggested by the NCLT.

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