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Liberty House has missed the deadline to pay local lenders of Amtek Auto and Adhunik Metaliks to acquire them under the Insolvency and Bankruptcy Code (IBC), according to a report by The Economic Times.
The UK-based steel major, which made a binding offer to purchase ArcelorMittal's steel plants in Europe last week, had won both these assets in July and according to the resolution plan, it was expected to pay their lenders Rs 4,810 crore by October.
"There are several disputed court cases in the insolvency tribunals like NCLT/NCLAT that need to be resolved before these deals can be completed and other formalities like the approval of the Competition Commission of India (CCI)," a person close to Liberty House told the newspaper.
"There are long stop dates agreed between the resolution professional and committee of creditors and Liberty House and this is now a race to complete all matters before these dates," the person said.
However, a person with direct knowledge was quoted as saying that there was no condition precedent in Liberty House's plan that required the ongoing arbitration against Adhunik Metaliks to end before it could pay the necessary amount.
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