“Electrosteel Steels Ltd. has become the first of the twelve large stressed accounts to be resolved under the Insolvency and Bankruptcy Code. The National Company Law Tribunal has approved the resolution plan submitted by Vedanta for Electrosteel Steels,” reported the Bloomberg Quint.
Khaitan & Co partner Kolkata
Shardul Amarchand Mangaldas
Electrosteel Steels was among the first 12 large corporate accounts that the Reserve Bank of India identified in June last year for insolvency resolution. It owes lenders more than Rs 13,000 crore, including around Rs 5,000 crore to State Bank of India, and also owes Rs 191.6 crore to operational creditors, according to the Bloomberg report.
“Lenders have taken a 55 percent haircut on the outstanding debt, said the person quoted above while speaking on condition of anonymity. Vedanta had emerged the highest bidder after quoting Rs 4,500 crore for the steelmaker”, the report added.
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This is what is wrong with KCO. When a Mumbai corporate partner does a litigation mandate inspite of 4 litigation teams (Mumbai, Delhi, Calcutta and Bangalore) and then you call it One Family! What a farce?!
SAM got some mandates initially but people are soon realising their mistakes! and CAM will captures SAM's market soon!
Kian why not do these reporting as well instead of glorifying the Firms always - such shoddy legal advise by SAM!
I keep hearing that lots of banks and RPs very unhappy with their legal service!
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