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2w ago

PMLA Court Restores Rs 952 Crore Vadraj Cement Assets to Nuvoco Vistas

The Enforcement Directorate’s no-objection certificate paved the way for Nuvoco Vistas to take possession of the Surat plant under a court-imposed undertaking to comply with any further orders.

(Shutterstock)

Overview

  • On June 25, the PMLA Special Court in Mumbai ordered restitution of immovable properties valued at Rs 952 crore to Nuvoco Vistas Corporation Ltd.
  • Nuvoco secured approval from the NCLT on April 1 to acquire the defunct company and pledged to pay Rs 1,706 crore to its financial creditors under the Insolvency and Bankruptcy Code.
  • These assets include the Surat cement plant that the ED provisionally attached in January 2020 and that was confirmed as proceeds of crime in August 2021 after uncovering Rs 952 crore in fraudulent loans from IFIN.
  • The Enforcement Directorate issued a no-objection certificate for the restitution and must compile a detailed inventory of the properties before handing them over.
  • The Special Court required Nuvoco to file an undertaking to return or restore the assets or their value if any future court directives demand it.