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Pawan Hans sale put on hold after NCLT order against winning consortium member Pawan Hans
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Pawan Hans sale put on hold after NCLT order against winning consortium member

India Blooms News Service | @indiablooms | 17 May 2022, 12:06 am

New Delhi: Government has put on hold the sale of Pawan Hans as it is scrutinizing the legal aspects of an NCLT order on Alamas Global, which is one of the members of the winning consortium, according to reports.

According to a government official, a legal examination of the NCLT order will be done before proceeding further, said a report in the media.

The Letter of Award has also not been given, the official has said, the report added.

Last month, the Centre approved Star9 Mobility Private Ltd, a consortium of Big Charter Private Limited, Maharaja Aviation Private Limited, and Almas Global Opportunity Fund SPC,  for the sale of its entire stake in state-owned helicopter service provider Pawan Hans Ltd (PHL) at Rs 211.14 crore.

The winning bid was above the Reserve Price of Rs 199.92 crore fixed by the government on the basis of valuation carried out by the transaction adviser and asset valuer.

The NCLT issued the order after Almas Global failed to make payments to creditors of a Kolkata-based company under an approved resolution plan.

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