Uttam Galva Steels offers to pay back full default amount of Rs 52 billion

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

Uttam Galva Steels, a non-performing asset for more than a year, has offered lenders an out-of-court settlement to pay back its entire default amount of Rs 52 billion.  

Though Uttam Galva was on the Reserve Bank of India’s second list of defaulting companies that had been referred to the National Company Law Tribunal (NCLT) for insolvency proceedings, it has not been admitted yet. 

Legal representatives of the corporate debtor told a special division bench of the NCLT, Mumbai, on Monday that Uttam Galva had proposed a revised offer, taking into account all of its lenders’ interests. The firm sought four