Adani Ports & Special Economic Zone announced that the resolution plan of Karaikal Port (KPPL) submitted by the Adani Ports and Special Economic Zone (APSEZ), and as approved by the Committee of Creditors of Karaikal Port, has been approved by the Hon'ble National Company Law Tribunal, Chennai Bench (NCLT) vide its written order dated 31 March 2023. In accordance with the approved resolution plan:
- KPPL has allotted to APSEZ 1,000,000 (Ten Lakhs) equity shares of Rs. 10 each, for cash, aggregating Rs. 10,000,000 (One crore) on March 31, 2023.
- All the equity shares issued prior to the approval of the Resolution Plan have been cancelled.
- After such cancellation and post allotment of equity shares of KPPL to APSEZ, KPPL has become wholly owned subsidiary of APSEZ.
- Under the resolution plan APSEZ to infuse Rs. 1485 crore for upfront payment to financial creditors.
Karaikal Port is an all-weather deep-water port developed on Build, Operate and Transfer (BOT) format under Public Private Partnership (PPP) in terms of the concession awarded by the Government of Puducherry in 2006. Commissioned in April 2009, the port has an area of ~600 acres and is the only major port between Chennai & Tuticorin.
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