FRP Advisory LLP, which handled the administration process of F1 outfit Force India, believes Uralkali's legal claim against the firm will be dismissed "at the earliest opportunity".
A sponsor of Force India which had put itself on the ranks to buy the team, Uralkali is taking legal action against FRP, contending that its bid for Force India was higher than the offer submitted by the Lawrence Sroll-led consortium that acquired the team's assets last month.
The Russian fertilizer company now wants London's High Court to rule on the matter, but FRP Advisory is confident that Uralkali's action will be seen as baseless.
“We can now confirm that we have been served with a claim from Uralkali relating to the administration of Force India,” FRP said in a statement issued Thursday afternoon.
“We are disappointed that Uralkali chose to issue their press release before issuing their claim. We have acted in compliance with our duties as administrators at all times and oversaw a fair and transparent bidding process which ultimately achieved a very successful outcome for all stakeholders.
“Having now seen the substance of Uralkali’s claim we are ever more confident it will be dismissed at the earliest opportunity."
FRP insisted that the bid and takeover proposal submitted by the Stroll consortium was the only one that offered a comprehensive plan to rescue Force India.
“As all of the interested parties were aware, our primary statutory duty as administrators was to pursue a rescue of Force India as a going concern. All parties had the opportunity to submit a proposal to rescue the company rather than buy its assets.
“When the final offers came in, Racing Point was the only party to submit a rescue proposal. Once the proposal had been carefully assessed and we, alongside our legal advisors, were satisfied that it was reasonably achievable, we were under a statutory duty to proceed with it.
“Having failed to submit a proposal to rescue the company Uralkali now insists on comparing its bid to buy the assets of the company with a rival bid to rescue the company or buy the assets should that fail.”
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