New Delhi: Fertilizer cooperative IFFCO has withdrawn its petition filed in NCLT, which had restrained Triumph Offshore from issuing any shares or securities to the lenders to repay the loan.
The move comes after IFFCO (Indian Farmers Fertilizer Cooperative) exited Triumph Offshore by selling its entire 49 per cent stake to its joint venture partner Swan Energy Ltd (SEL) for Rs 440 crore.
IFFCO had in March approached the National Company Law Tribunal (NCLT) seeking to restrain the lenders from issuing any shares/securities to Triumph Offshore and SEL to repay loans and passing any such resolution without its approval. .
In its petition, IFFCO had argued that it was prepaying the loan and this could result in dilution of its stake in Triumph Offshore.
A two-member bench of NCLT allowed IFFCO to withdraw its petition.
"Counsel for the applicants has sought permission to withdraw the application. He has also filed an affidavit. In view of the same, permission has been granted," the NCLT order passed on June 27 said.
Triumph Offshore was set up as a joint venture to set up floating storage and regasification units (FSRUs), with Swan Energy holding a majority stake of 51 per cent.
The move comes after IFFCO (Indian Farmers Fertilizer Cooperative) exited Triumph Offshore by selling its entire 49 per cent stake to its joint venture partner Swan Energy Ltd (SEL) for Rs 440 crore.
IFFCO had in March approached the National Company Law Tribunal (NCLT) seeking to restrain the lenders from issuing any shares/securities to Triumph Offshore and SEL to repay loans and passing any such resolution without its approval. .
In its petition, IFFCO had argued that it was prepaying the loan and this could result in dilution of its stake in Triumph Offshore.
A two-member bench of NCLT allowed IFFCO to withdraw its petition.
"Counsel for the applicants has sought permission to withdraw the application. He has also filed an affidavit. In view of the same, permission has been granted," the NCLT order passed on June 27 said.
Triumph Offshore was set up as a joint venture to set up floating storage and regasification units (FSRUs), with Swan Energy holding a majority stake of 51 per cent.
