Support: +91-22-61011756 / help@projectstoday.com

Help

1. Boolean Searches :

i. AND - Shows results where both terms on either side of the 'AND' operator are present. 'AND' must be in upper case. For example search term - delhi AND metro result - It will return records in which 'delhi' as well as 'metro' both are present.

ii. OR - Shows results where either term (or both terms) is present. 'OR' must be in upper case. For example search term - delhi OR metro result - It will return records in which either 'delhi' or 'metro' or both are present

2. Proximity Searches

A proximity search looks for terms that are within a specific distance from one another. For example, search term - 'delhi metro'~10 result - It will search for records where 'delhi' and 'metro' are found within 10 words of each other

3. Phrase searches

You can search phrases using double quotes. for e.g. 'delhi metro' result - It will return records where 'delhi metro' phrase is found.

2-Day Free Trial

Increase your Business Opportunities

Free Trial See Sample Project

Bharat Forge acquires Nouveau Power as SPV for Sanghvi Forgings

Friday, 07 May 2021

Share this on :

Forging company Bharat Forge (BFL) has acquired 100 percent stake in Nouveau Power & Infrastructure, a group company 100 percent owned by promoters of BFL.

This is part of the resolution plan approved by the National Company Law Tribunal’s (NCLT) Ahmedabad Bench for acquisition of Sanghvi Forgings & Engineering under the Insolvency and Bankruptcy Code 2016. The acquisition of Sanghvi Forgings has to be carried out through an SPV. This SPV will now be a wholly-owned subsidiary of Bharat Forge.

Bharat Forge’s resolution plan for Sanghvi Forging has been approved by the committee of creditors (CoC). The NCLT Ahmedabad Bench approved the resolution plan on 26 April 2021 and the first step was setting up or acquiring an SPV and capitalisation of the acquisition.

As per the order, the SPV will infuse an initial amount of Rs five lakh into the corporate debtor and additional funds of Rs 14.62 crore. The SPV has to pay off Rs 77.06 crore, of which Rs 75 crore will be paid to the secured financial creditors, Rs 6.54 crore to workmen and employees, and Rs two crore to other creditors.

There will be an infusion of additional funds of Rs 10 crore to improve operations of Sanghvi Forgings. This is to be funded through internal accruals and other funding sources available to BFL.

As per the resolution plan, the payoff to creditors, the State Bank of India (SBI), will be Rs 46.72 crore and to the Bank of Baroda will be Rs 28.20 crore.