The consortium won the bid through an insolvency resolution process for Jet Airways, which had stopped operations in April 2019 due to the financial crisis.
However, they had been denied access to the market even in these states and faced the same resistance in other regions due to coercive action taken by Asian Paints against the dealers.
The interim distribution award of Rs 16,361 crore includes Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units (Infrastructure Investment Trusts).
The plan submitted by the consortium of UK’s Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan was cleared by the Mumbai bench of the NCLT in June 2021.
RCCPL was represented by senior advocate PH Arvindh Pandian and advocate Ananth Merathia while K Gaurav Kumar appeared for Classic Exports.
NCLT had appointed an interim resolution professional to take over the management while suspending the board of Ananda Divine Developers.
On May 17, NCLAT admitted the petition of Renaissance Steel challenging Vedanta's bid for debt-ridden Electrosteel.
Government approaches National Company Law Appellate Tribunal, seeks power to attach properties of persons involved in PNB scam
In a petition, the corporate affairs ministry has also sought to invoke powers including the removal of the management and recovery of undue gains.