The Bombay High Court has directed secured and unsecured creditors of GTL Limited to resolve the issue of sharing the proceeds from sale of assets by GTL. This comes after Standard Chartered Bank Mauritius, on behalf of the unsecured lenders, filed a winding-up petition against the GTL in the high court for defaulting on dues of Rs 18 billion. These lenders had bought the non-convertible debentures worth Rs 14 billion in 2010 in two tranches.
This petition however was challenged by a consortium of secured lenders that includes the Indian unit of Standard Chartered Bank and that are owed Rs 33.43 billion by GTL. The consortium had claimed that as secured lenders, they have the first rights to proceeds received from the sale of assets by GTL.
The company has now adjourned the case to February 9, 2015 as the consortium of secured lenders asked for two weeks to consult on the matter.
