The government has blocked the sale of Pawan Hans for NCLT order against Joy

The government has blocked the sale of Pawan Hans because it is legally examining an NCLT order against Almas Global, the largest shareholder in the winning consortium, an official said Monday.

Last month, the government selected Messrs. Star 9 Mobility Pvt. Ltd., a consortium of Messrs. Big Charter Pvt. Ltd., Messrs. Maharaja Aviation Pvt. Ltd. and Messrs.

Special Purpose Vehicle (SPV) Messrs. Star 9 Mobility Pvt.

The official said the winning consortium had not been issued a letter of award because legal opinions were being sought.

“We will conduct a legal examination of the NCLT order before proceeding further. No letter of award has been issued,” the official said.

The National Company Law Tribunal (NCLT) passed an order last month alleging that Almas Global had failed to pay the lenders of the Kolkata-based company under an approved resolution plan.

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This is the second strategic investment that has gone through rough weather. Earlier, the sale of Central Electronics Limited (CEL) was also suspended due to some complaints against the winning bidder.

The government had in November last year approved a maximum bid of Rs 210 crore for the sale of 100 per cent equity shares of the government in the CEL of Delhi-based Nandal Finance and Leasing Pvt Ltd – a CPSE under the Department of Science and Industry. Research (DSIR).

“Successful bidders have not been issued Letters of Intent (LoI) and the examination of specific allegations against the bidders has been postponed,” State Minister for Finance Bhagwat Kishanrao Karad told Parliament in February.

A 51:49 joint venture between Pawan Hans Sarkar and ONGC.

The government received three bids for the sale of wind goose in December last year.

Star9 Mobility cited Rs 211.14 crore for Pawan Hans, which was above the reserve price of Rs 199.92 crore set by the government on the basis of valuations conducted by transaction advisors and asset appraisers.

The other two rates were Rs 181.05 crore and Rs 153.15 crore.

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