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Karaikal Port admitted for insolvency; Adani Ports & SEZ frontrunner to takeover

Economic Times  

The Chennai bankruptcy court has admitted Karaikal Port for insolvency proceedings after it defaulted on payment of about INR 2,400 crore dues to a lender. Adani Ports and Special Economic Zone (APSEZ) is the frontrunner to acquire the bankrupt company. Omkara ARC had acquired an INR 2,059 crore loan to Karaikal Port from Edelweiss ARC in November last year at a Swiss auction. This acquisition was backed by Adani group company APSEZ. In a rare instance, the National Company Law Tribunal (NCLT) heard and admitted a case for insolvency the same day the lender, Omkara Asset Reconstruction Company applied.