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The Cabinet Committee on Economic Affairs(CCEA) today approved the sharing of the sale proceeds of the assets of M/s. Daewoo Motors India Ltd. between the Department of Revenue for settlement of customs dues and the First Charge Holders in the ratio of 45:55. A Memorandum of Understanding will be signed between the Department of Revenue and the Financial Institutions for sharing the proceeds from the above sale. It also approved the sale of the assets of M/s. Daewoo Motors India Ltd. without insisting on the right to confiscate after sale.
It also approved writing off the remainder of the principal amount and waiver of the interest and penalty accrued to facilitate sale of the assets of M/s. Daewoo Motors India Ltd. without encumbrances, to contribute to better realization of value from the sale.
This will facilitate early sale of the assets which are depreciating rapidly, and to facilitate transfer of title to the goods without encumbrance and thereby contribute to better realization of value from the sale of the assets.
M/s. Daewoo Motors India Ltd. (DMIL) having their factory at Surajpur, Dist. Ghaziabad (UP) have gone into liquidation. In petition CP No. 66/2003 the Hon’ble High Court of Delhi had vide its order dated 28.07.2004 issued winding up orders and appointed an Official Liquidator.
YSR/HS/LV
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