IFFCO withdraws plea from NCLT in Triumph Offshore case

New Delhi: Fertiliser cooperative IFFCO has withdrawn its plea filed in NCLT that restrained Triumph Offshore from issuing any share or securities to lenders for paying loans.

The move came after IFFCO (Indian Farmer Fertiliser Cooperative) exited from 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 approached the National Company Law Tribunal (NCLT) in March seeking to restrain Triumph Offshore and SEL from issuing any share/securities to lenders for paying loans and passing any such resolution without its approval.

In its petition, IFFCO had argued that it was pre-paying the debt and it may result into dilution of its shareholding in Triumph Offshore.

A two-member bench of the NCLT allowed IFFCO to withdraw its plea.

"Counsel for applicants seeks permission to withdraw the application. They have also filed an affidavit. In view of the same, permission is granted," said the NCLT order passed on June 27.

Triumph Offshore was established as a joint venture to set up a Floating Storage and Regasification Unit (FSRU) with Swan Energy holding the majority stake of 51 percent.

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