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Jindal Saw Ltd appointed as contractor for repairing manufacturing facilities of Sathavahana Ispat Limited

Posted On: 2021-10-19 14:07:53 (Time Zone: IST)

Sathavahana Ispat Limited, is presently undergoing the corporate insolvency resolution process ('CIRP') under the provisions of the Insolvency and Bankruptcy Code, 2016 ('Code') and the rules and regulations made thereunder, pursuant to the order dated July 28, 2021 (received on August 05, 2021) passed by the Hon'ble National Company Law Tribunal, Hyderabad Bench ('NCLT'). Vide the same order, Mr Golla Ramakantha Rao was appointed as the Interim Resolution Professional ('IRP').

Thereafter, the Hon'ble NCLT has, vide its order dated September 08, 2021 (copy of the order made available on September 15, 2021) appointed Mr. Bhuvan Madan as the Resolution Professional ('RP') of Sathavahana Ispat Limited ('Corporate Debtor').

The IRP had through a public advertisement invited a 'Request for Proposal' dated September 04, 2021 ('RFP') inviting proposals for carrying out repairs and maintenance works at the manufacturing facilities / plant site of the Corporate Debtor. The said RFP was issued after due discussions and approval by the Committee of Creditors ("COC").

Pursuant to the detailed technical evaluation, recommendation by experts and various discussions / negotiations with Jindal Saw, in the 5th COC Meeting held on October 14, 2021 and October 16, 2021, the COC has given its approval for appointment of Jindal Saw as the Contractor for carrying out 'Repairs and Maintenance of Manufacturing Facilities' of the Corporate Debtor, via email dated October 18, 2021, at a total contract Price of Rs 266 Crore for the completion of work in 7 (seven) months.

Shares of Jindal Saw Limited was last trading in BSE at Rs. 124.75 as compared to the previous close of Rs. 121.75. The total number of shares traded during the day was 219527 in over 3022 trades.

The stock hit an intraday high of Rs. 127.95 and intraday low of 122.95. The net turnover during the day was Rs. 27472639.00.

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