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SBI Suggests IRP to NCLT for Uttam Galva Steels- The 21st China (Guangzhou) Int’l Plate metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
3/2/2020 金属板材展-棒材-线材展 -plate metal expo-wire expo |
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ET reported that State Bank of India has submitted its suggestion for an insolvency resolution professional for to Uttam Galva Steels to the National Company Law Tribunal. Counsel representing told the tribuna “It is just that apart from Deutsche, all the other lenders are comfortable with the IRP suggested by SBI.”
The Mumbai bench of the NCLT comprising Bhaskara Pantula Mohan and Rajesh Sharma adjourned the hearing in the case to February 5. The matter will be heard by a new special bench headed by Mohammed Ajmal and Rajesh Sharma.
Uttam Galva Steels was among the companies in the Reserve Bank of India’s second list of loan defaulters and had been directed to come up with immediate corrective action. The lenders took the company to the tribunal to come up with a resolution plan.
SBI had filed an insolvency petition against Mumbai-based Uttam Galva in November 2018 to recover an amount of INR 6,880 crore. However, SBI withdrew the claim after ArcelorMittal, then the company’s promoter, cleared its outstanding dues to become eligible to bid for Essar Steel
The other lenders include Bank of Baroda, Vijaya Bank and Dena Bank.
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