Daewoo plant revival hits roadblock again

New Delhi May 30

The takeover of the assets of Daewoo Motors India Ltd and revival plans for the plant have hit a roadblock once again.

The Debt Recovery Tribunal (DRT) had declared the combine of Crosslinks Finlease, promoted by former Hyundai President Mr B.V.R. Subbu, and SpiceJet's Mr Ajay Singh as successful bidders in the auction for Daewoo's assets in February.

But a new contender has entered late in the day, upturning the revival plan.

This is despite Crosslinks having paid the initial Rs 76.50-crore deposit.

The company was asked to hold back its balance upfront payment of 25 per cent that was due on March 25.

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