Noveau Power Acquired By Bharat Forge
Pune-based forging company Bharat Forge (BFL) has acquired a 100 percent stake in Nouveau Power & Infrastructure, a group company 100 percent owned by promoters of BFL. The move is a part of the resolution plan approved by the National Company Law Tribunal’s (NCLT) Ahmedabad Bench for the acquisition of Sanghvi Forgings & Engineering under the Insolvency and Bankruptcy Code 2016.Â
The NCLT Ahmedabad Bench approved the resolution plan on 26 April 2021 and the first step was setting up or acquiring an SPV and capitalization of the acquisition. The SPV would infuse an initial amount of Rs 5 lakh into the corporate debtor and additional funds of Rs 14.62 crore. The SPV has to pay off Rs 77.06 crore, of which Rs 75 crore will be paid to the secured financial creditors, Rs 6.54 crore to workmen and employees, and Rs two crore to other creditors.