Insolvency: Miglani family in talks with foreign investors to settle dues

ArcelorMittal had parked Rs 70 billion for Uttam Galva Steels and KSS Petron, classified as non-performing assets for more than a year, to become eligible for bidding at Essar Steel

A buoyant steel market has prompted the Miglani family to open a dialogue with foreign investors for settling the dues of group companies facing insolvency proceedings, other than flagship entity Uttam Galva Steels.

Sources disclosed talks were on with foreign investors for Uttam Value Steels and Uttam Galva Metallics. 

These two companies had been referred like Uttam Galva Steels to the National Company Law Tribunal (NCLT); however, a decision on admission for insolvency proceedings has yet to be given.

The lenders had also been approached for Uttam Galva Metallics and Uttam Value Steels. The former’s fate is now linked to