Pawan Hans sale postponed, government disqualifies bidder

 A complaint was made by the Insolvency and Bankruptcy Board of India (IBBI) in the special court against it in another case of resolution.
Pawan Hans Helicopter (File Photo | PTI)
Pawan Hans Helicopter (File Photo | PTI)

NEW DELHI:   The government has postponed the strategic disinvestment of Pawan Hans Ltd, after the member of the successful bidder – Star9 Mobility Pvt Ltd – which is a consortium of three companies, was disqualified, the Department of Investment and Public Asset Management (DIPAM) said on Monday.

As per DIPAM, Almas Global Opportunity Fund (AGOF), one of the consortium members, had received adverse orders from the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT). 

A complaint was made by the Insolvency and Bankruptcy Board of India (IBBI) in the special court against it in another case of resolution. In view of this, the Centre has announced the annulment of the expression of interest (EoI) process for the strategic disinvestment of Pawan Hans.

“Government examined the adverse orders of NCLT and NCLAT and took note of the complaint filed by IBBI and considered that the adverse orders against a consortium member would lead to disqualification of the successful bidder under the provisions of PIM and RFP. The due opportunity was provided to the successful bidder to respond to the disqualification through a show cause notice,” DIPAM said in a statement.

“…With the approval of Alternative Mechanism (duly empowered by cabinet committee on economic affairs) comprising Minister of Transport & Highways, Minister of Finance and Minister of Civil Aviation, Government has decided that successful bidding consortium M/s Star 9 Mobility Pvt Ltd is disqualified from the process of strategic disinvestment of Pawan Hans Ltd in terms of provisions of PIM and RFP.

Further, the current EoI process for strategic disinvestment stands annulled,” the release stated.
The government on April 29 last year had approved the highest bidder, Star9 Mobility Pvt Ltd, (a consortium of Maharaja Aviation, Big Charter and AGOF) as the successful bidder for sale of 100% equity shareholding of the government in Pawan Hans for Rs 211 crore. 

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