Bids for Moser Baer Solar likely this week: Resolution professional
Bids for the assets of bankrupt Moser Baer Solar are likely to be invited this week, according to resolution professional Arvind Garg.The company owes over Rs 1,000 crore to a clutch of lenders. The debt turned dud following which it has been referred to the National Company Law Tribunal.The company has been referred to NCLT under the Insolvency and Bankruptcy Code.
Moser Baer was dragged to the New Delhi bench of the tribunal by the state-run Central Bank of India after it defaulted on over Rs 114-crore loan. The tribunal had last November allowed the insolvency plea of Central Bank.
When the case was admitted, the tribunal had appointed Ritu Rastogi as the interim resolution professional and the board was suspended in November 2017.
The company has an installed capacity of around 250 MW, but it and has an infrastructure to develop 500 MW.
“We hope to invite expressions of interest this week and we expect a good response considering the good quality assets that Moser Baer Solar has,” Garg told PTI over phone from Delhi.
The resolution professional said he expects good response considering the growing confidence in the solar sector’s growth story in the country.The government has set an ambitious 100 GW solar capacity target by 2022.
Moser Baer Solar was set up in 2005-07 and soon became a leading name in solar EPC services and solar PV modules.
Moser Baer Photo Voltaic is its sister concern.
While it has crystalline cells capacity of 185 MW, the crystalline modules capacity is 200 MW and thin film modules of 50 MW.
Its financial stress increased following rising imports from China. The company had sought restructuring of Rs 956 crore of debt in 2012-13 but the recast had failed in October 2016.
Moser Baer is still strong brand in international markets as its focus has always been on exports supplies to over 38 countries.