FCC

Adani, JSW, Jindal express interest in auction of Karaikal Port

2022-08-04

Vedanta, Adani Ports and Special Economic Zone, JSW Infrastructure, Jindal Power, and a joint venture between RKG Fund and Sagacious Capital, have submitted expressions of interest to take part in the upcoming auction of Karaikal Port, which is undergoing insolvency proceedings at the National Company Law Tribunal (NCLT).

Following a request submitted by one of its financial creditors, Omkara Asset Reconstruction Company, the NCLT's Chennai court admitted Karaikal Port for insolvency proceedings via a judgement dated April 29. Rajesh Sheth was subsequently chosen by the NCLT to serve as the business' resolution specialist. He has Deloitte's support.