Adhunik Metaliks

Media reports said near-collapse of Gupta Family Group Alliance's biggest lender has completely choked off the key source of funding

Adhunik will transition into GREENSTEEL - a model combining steel recycling with low carbon and renewable power sources - to create a more sustainable competitive operation

Sanjeev Gupta-led group takes into account the high growth expected in the economy after the country emerges from lockdown

Adhunik is an integrated steel plant located at Chadrihariharpur near Rourkela in Odisha with steel making capability using the blast furnace and electric arc furnace

Maharashtra Seamless has written to Adhunik's CoC recently, renewing its plan for Adhunik in the wake of Liberty House dragging its feet on payment

Liberty House Group is ready to complete all the activities and start reviving Adhunik Metaliks and Zion Steel

Adhunik Metaliks, with 1,000 jobs and a customer base that includes Ashok Leyland, Amtek and oil & gas and farm equipment makers, now awaits NCLT nod

The RP may plead before the NCLT that up to 25 days got wasted on account of the eligibility criteria for the H1 (highest) bidder in order to protect the company from going into liquidation

Kolkata-based Adhunik Metaliks, a maker of steel with Rs 6,000 crore of loan dues, is planning to file for insolvency, say those involved in the process. A source said, "They want to restructure the company by filing for insolvency." The company did not respond to Business Standard's query in this regard. Listed on the BSE exchange, it made a loss of Rs 173 crore for the quarter ended March 31. The share was down four per cent on Friday, to Rs 5.95.A number of steel and power companies are being taken to the National Company Law Tribunal under the Insolvency and Bankruptcy Code. Under the latter, a debtor company may also file for insolvency in an attempt to restructure its business.The company had already initiated corporate debt restructuring. It then came under the Reserve Bank's order for banks to take over equity stake in companies which weren't repaying, under the Strategic Debt Restructuring scheme. Even under this, the lenders did not initiate acquisition, the company's ...