Road to insolvency: SBI to take a call on Uttam Galva offer this month

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

State Bank of India will take a decision on a one-time settlement application filed by Uttam Galva Steels at a 50 per cent haircut by March-end, if accepted, will prompt other companies, being referred to the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC), to apply for a similar relief.
 
Uttam Galva Steels had defaulted on its Rs 60 billion of debt and the firm has made an offer last week to its lenders. “This is likely to be accepted as the banks do not want to delay settlements due to rising litigation,” a source