Haldiram of Delhi, is in the race to acquire the Debt-stressed quality. Sources said on Thursday that Haldiram Group has bid Rs 130 crore for the quality going through the insolvency process. Later this month, quality lenders will vote on Haldiram’s bid. Shailendra Ajmera, associated with Multinational consulting company EY, has been appointed as the Solution Professional (RP) for the Insolvency process.
The bankruptcy process started in December 2018
The insolvency process against the quality began in December 2018 following an order from the National Company Law Tribunal (NCLT). KKR, a global private equity company, had filed a bankruptcy appeal against quality. Quality raised Rs 300 crore from KKR India Financial Services in 2016. Apart from this he also got additional commitment for Rs 220 crores.
Haldiram is the only company to bid
Quality raised this amount to go into the expansion plan and consumer segment. The Committee of Lenders (COC) met on Wednesday to review the settlement process and consider the evaluation report. Sources said that the only company to bid for the quality is Haldiram. The COC will vote on the solution plan in the third week of October.