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Lenders' managed loan auction process sees good response: Adlabs
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SME Times News Bureau | 11 Sep, 2019
Adlabs Entertainment has said there has been a good response to the
process of auction of its loans undertaken by the lenders' consortium
which is currently underway.
Led by public sector lender Union
Bank of India, the consortium of lenders to Adlabs Entertainment is
looking to sell the entire exposure of over Rs 1,200 crore. As part of
that the bank has appointed BDO India to seek expressions of interest
(EoIs) from interested buyers, according to a public notice.
"The
process of auction of loans is under process and is managed by an
independent process advisor. We do not have an update on the latest
status, however we do understand that there has been a good response so
far. We continue to extend full support to our lenders for an early
resolution outside of NCLT," Dhimant Bakshi, Joint CEO Adlabs
Entertainment told IANS.
While the last date for submission of
EoIs was August 21, financial bids need to be submitted through an
e-auction to be conducted tentatively on September 12.
"A
consortium of lenders, led by Union Bank of India ('Lender Consortium'),
of an entertainment company ('Company'), is proposing to sell its debt
exposure in the company as per the terms and conditions contained
herein," UBI had said in a bid document.
The company has been a
non-performing asset (NPA) since June 2018. In its FY19 annual report
the company said it has been working towards reducing its debt to
manageable levels.
In a statement to the stock exchanges on June
7, Adlabs Entertainment said, "The company has received a notice from
National Company Law Tribunal (NCLT), Mumbai bench on 7 June, 2019 via
an email, regarding an application filed by one of the financial
creditors of the company -- Corporation Bank to initiate Corporate
Insolvency Resolution Process under Section 7 of Insolvency and
Bankruptcy Code."
Corporation Bank, referred the company to the
Mumbai bench of the National Company Law Tribunal (NCLT) for a default
of Rs 68.84 crore.
The company has also proposed to sell its
non-core assets which will form part of the overall resolution and
various financing and discussions with ARCs (Asset Reconstruction
Companies) have been explored along with the lenders.
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