Govt puts Pawan Hans sale on hold over NCLT order against winning consortium member

PTI, May 17, 2022, 9:47 AM IST

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The government has put on hold the sale of Pawan Hans as it is legally examining an NCLT order against Almas Global, which is part of the winning consortium, an official said on Monday.

“We will do a legal examination of the NCLT order before proceeding further. Letter of Award has not been issued,” the official said.

Last month, the government selected M/s Star9 Mobility Pvt Ltd, a consortium of M/s Big Charter Private Limited, M/s Maharaja Aviation Private Limited and M/s Almas Global Opportunity Fund SPC, as the winning bidder for Pawan Hans.

Star9 Mobility had quoted Rs 211.14 crore for Pawan Hans, which 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 National Company Law Tribunal (NCLT) had last month passed an order reportedly after Almas Global failed to make payments to creditors of a Kolkata-based company under an approved resolution plan.