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The creditors committee of Gujarat Heavy Chemicals Ltd (GHCL) Upsom SA, Romania, have decided to accept the highest bid of €6 million made by Aloref SRL, in association with Ascom International SRL.
GHCL Upsom was put up for sale on September 28, 2012, with a starting price of €14.7 million. Manufacturer of soda ash GHCL Romania, controlled by Indian concern GHCL, went bankrupt last year.
The bankruptcy was approved late last year by the Alba court, and a statement to that effect was sent to the National Securities Commission, BSE.
GHCL had bought a majority stake in Upsom in 2005 for €16.5 million. GHCL turned insolvent in 2010, but the receiver did not submit any plan of reorganisation, so the court ordered ‘bankruptcy in simplified form’, the statement said.
With the sale, the assets of GHCL Upsom are to become the property of Ascom International, when the price has been made in full.
According to a communication received from legal counsel Anghel Stabb and Partners, GHCL Upsom is under the control of Casa Transilvania Cluj, the official liquidator.
The counsel has said that Indian England NV, a subsidiary of GHCL, has no control on GHCL Upsom and will continue to stand as a creditor in the insolvency proceeding initiated with effect from November 12, 2012.
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