MUMBAI, 4 June 2020: Bangalore based floritech company, Karuturi Global Limited's expression of interest (EOI) under the under Insolvency and Bankruptcy Code (IBC) which was initially issued on 13 February 2020 has again extended till 20 June 2020.
Ghanshyam Das Mundra, the Interim Resolution Professional (IRP) appointed on 2 August 2019 by the National Company Law Tribunal (NCLT) in a stock exchange filing said, “It is being clarified that the last date for receipt of EOI from the Prospective Resolution Applicants is 8:00 P.M. (India time) on 20 June, 2020.”
Issuing a clarification on the extension of the EOI, Mundra said, “This is to bring to public notice that Form G for inviting EOI under IBC was initially issued on 13 February 2020 whereby the last date of submission was 28th February 2020. Subsequently, through respective public announcements on 29 February 2020 and 18 March 2020, the last date for submission of EOI was extended to 14 March 2020 and then to 13 April 2020. It should be noted that in view of the COVID-19 pandemic, Government of India imposed a nationwide lockdown in 4 phases for a total of 68 days, i.e. from 25 March, 2020 till 31 May 2020.
Pursuant to regulation 40C introduced by IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020, the period of lockdown has to be excluded from the CIRP process.
Accordingly, revised Form G was published by the Resolution Professional on 21 April, 2020 in Financial Express (Bengaluru Edition) and Vishwavani Bangalore wherein the timeline was automatically extended to 23 May, 2020 by extending it by the period of then nationwide lockdown of 40 days, the filing added.
Further, it was also intimated that in case the lockdown is further extended, the last date shall stand automatically extended by the number of days of further extension. Thereafter, there has been 28 days of additional lockdown in the 3rd and 4th phase. Accordingly, the last date for submission of EOI stands extended.
Any individuals or corporates (as defined in detailed invitation to EOI), minimum net worth of INR 2 Crore; and in case of financial institutions (as defined in detailed invitation to EOI) minimum AUM of INR 10 Crore as on 31 March 2019 are eligible to submit EOI.
Karuturi Global owns large rose farm holdings in Kenya, Tanzania, Ethiopia, Pune and Bengaluru, and grows over 555 million stems of roses a year across 300 hectares.
India ships over 100 million stems of red roses to markets including the U.K., West Asia, Australia, China and Netherlands of which more than half of these roses are produced by Karuturi Global.
