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Rs 2,500 cr marked as working capital: Essar Steel creditors

IANS  |  Mumbai 

creditors on Thursday informed the NCLAT that the Rs 2,500 crore of the Rs 42,000 crore coming from the resolution plan of has been marked as working capital of the debt-laden company.

Earlier in an argument on behalf of the Standard Chartered Bank, senior Kapil Sibal had challenged the acceptance of Rs 39,500 crore bid amount by the (CoC) of bankrupt

The amount was contrary to the undertaking given to of Rs 42,000 crore for buying Essar Steel, he added.

Gopal Subramanium, representing the CoC, however, informed the appellate tribunal that the actual upfront amount is Rs 39,500 crore and the rest Rs 2,500 crore has been committed as working capital for

--IANS

ravi/sn/vd

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 16 2019. 23:46 IST
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