Uttam Galva Steels

AM Mining India Pvt Ltd, part of ArcelorMittal and Nippon Steel joint venture, completed the acquisition of Uttam Galva Steels Ltd, a downstream steel manufacturer in Maharashtra

Resolution amount was Rs 4,020 cr as per the plan

World's largest steel co set to buy Uttam Galva

Uttam Galva Steels Limited posted a consolidated net loss of Rs 59.64 crore during the third quarter ended on December 31, 2021.

Total consideration Rs 2,000 cr; companies were on RBI's second list of NPAs mandated for resolution under IBC

Uttam Galva's total admitted claims are Rs 9,070.66 crore, with ArcelorMittal having an 87 per cent voting share among financial creditors

The promoter group's deal-making capabilities have come back to haunt it

The NCLT Mumbai Bench on October 1 admitted a petition filed by State Bank of India (SBI) under the Insolvency and Bankruptcy Code (IBC), according to a report.

ArcelorMittal had taken a bulk of Uttam Galva's debt to become eligible for the Essar Steel bid under the insolvency law and became a significant financial creditor

Mittal's payment to banks came after the Supreme Court asked the company to pay overdues

UGSL, along with 27 others, was in the second list of companies identified by the Reserve Bank of India for debt resolution

Banks don't want to wait indefinitely for the resolution of Uttam Galva Steel Limited as the Essar Steel case is expected to be appealed before the Supreme Court by both or either of the bidders

NCLT will hear the offer made by the Miglani family on Wednesday

Uttam Galva had earlier made a one-time settlement offer of Rs 28.85 bn

Uttam Galva was admitted for proceedings under IBC on March 15

Arcelor terms latest challenge as trivial attempt to muddy the waters

As of now, the lenders have achieved limited success in resolution of the top 40 cases identified by the Reserve Bank of India

The SBI offer is good news for all companies as it shows that banks are willing to settle the matter, said Mumbai-based lawyer

A supplier, DF Deutsche Forfait, had filed insolvency proceedings against it at NCLT