The National Company Law Tribunal, Hyderabad, is likely to finalise the successful bidder in the United Seamless Tubulaar case, a joint venture between the Kamineni group and UMW Group of Malaysia, now under its consideration.

The Tribunal, which will hear the progress in the case and some related petitions, will decide whether the unsolicited bid after the deadline is worth considering or they would go-ahead with the earlier decision to award the deal to Maharashtra Seamless, an DP Jindal Group company and a leading seamless pipes maker in the country.

The resolution professional appointed by the Tribunal Venkatachalam assisted by audit and consulting firm Brahmayya & Co had chosen the bid of Maharashtra Seamless from among three other bidders, since it was the highest bid and also in the related business.

However, one of the bidders who had taken part in the bidding process, had come up with an unsolicited bid after the deadline offering ₹490 crore, instead of ₹470 crore offered by Maharashtra Seamless.

Meanwhile, the Resolution Professional had filed an application with the NCLT Hyderabad to place on record certain fraudulent transactions in the company, which took place without proper documentation.

While the RP sought direction of the NCLT in the matter, during the approval of Resolution Plan, Indian Bank, which is a minority creditor with 13 per cent of voting rights has made a counter allegation against RP and Auditors of foul play.

According to sources, majority of lenders, 87 per cent of them based overseas, felt, “There was no fresh bid invited and the higher bid placed by another resolution applicant after conclusion of the bid process, is unfair. The creditors have been cautious in evaluating the credentials of any mischievous bidders who attempt to take over the company, after value discovery is conducted by an industry leader.”

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