About the Corporate Debtor

Gujarat NRE Coke Limited (in Liquidation) is one of the largest metallurgical coke manufacturers in the country with an installed capacity of 1.18 MTPA distributed as follows:

GNCL was incorporated in 1986. During the period starting from 1998 onwards, it became India’s largest independent manufacture of Met Coke. The industry suffered severely from 2012-13 to 2015-16 due to excessive dumping of met coke from China, resulting in lack of demand and squeezing of margins on met coke produced by the Company thereby causing huge losses. As a result, the Company approached lenders for restructuring of its debts under a Corporate Debt Restructuring (hereinafter referred to as ‘CDR’) package. The Company went through the CDR process in 2013-14 and the 2 years moratorium expired in August 2015. However, the Company’s operations could not be revived within the CDR prescribed time frame. As a result, the accounts of the Company turned into NPAsin the books of the lenders. The Company’s application under Section 10 of the Insolvency and Bankruptcy Code, 2016 for initiating CIRP was admitted on 07.04.2017 by the NCLT, Kolkata Bench and Mr. Sumit Binani was appointed as the Resolution Professional. However, within the permitted CIRP timeline, no resolution plan could be approved by the Committee of Creditors. Thus, the Honorable NCLT, Kolkata vide an order dated January 18, 2018 appointed Mr. Binani as the Liquidator under the provisions of the Insolvency and Bankruptcy Code, 2016