Mumbai NCLT approves the acquisition of Streamline Industries, having a manufacturing capacity of ASTM A-312 welded pipes with a monthly capacity of 500-800 tons of seamless pipes, by Invent Assets Securitisation & Reconstruction Company and GMT Pipes & Tubes.

Aug 17, 2023

Mumbai National Company Law Tribunal (NCLT) has approved the bid to acquire Mumbai-based steel pipe manufacturer Streamline Industries Ltd by the consortium of Invent Assets Securitisation & Reconstruction Company Pvt Ltd and GMT Pipes & Tubes Pvt Ltd. An amount of INR 24.74 crore was offered by the consortium against admitted claims of over INR 166 crore for the company. The consortiums had also approved a plan with a 100 percent revival plan of the company. After an application was filed by the Oriental Bank of Commerce, Streamline Industries’ was admitted under the corporate insolvency resolution process (CIRP) in 2018.

Streamline Industries has a manufacturing capacity of ASTM A-312 welded pipes with a monthly capacity of 500-800 tons of seamless pipes and it supplies to industries including oil and gas, petrochemical and refineries, shipping and marine services, and breweries and distilleries among others.

“We are of the considered view that the instant resolution plan meets the requirements,” said a division bench of judicial member Kuldip Kumar Kareer and a technical member Shyam Babu Gautam in its order of August 11. “The resolution plan is not in contravention of any of the provisions of Section 29A of the Code and is in accordance with the law.”