NCLT approves resolution plan by Arcelor affiliate for Uttam Galva

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

The Mumbai bench of the National Company Law Tribunal (NCLT) on Friday approved the resolution plan submitted by AM Mining India Private Limited, an affiliate of ArcelorMittal, for Uttam Galva Steels.

The NCLT order was pronounced on October 14, 2022, approving the resolution plan submitted by the company with respect to the corporate insolvency resolution process.

The total resolution amount including payout to financial creditors, operational creditors and equity infusion as per the AM Mining’s plan was Rs 4,020 crore.The payout to financial creditors is Rs 3,472 crore.
 

Of the admitted claims by financial creditors, the claims of ArcelorMittal India