Tribunal clears global magnate’s 42,000 cr. deal.
After a protracted legal battle, the National Company Law Tribunal (NCLT), Ahmedabad, on Friday approved a 42,000 crore resolution plan of global steel magnate ArcelorMittal to take over the debtridden Essar Steel in Gujarat.
The approval for the mega deal came almost 583 days after the NCLT began the insolvency proceedings, instead of the mandated 270 days.
Bankruptcy proceedings
Essar Steel runs a 10million tonne steel mill at Hazira in Gujarat and owes over 49,000 crore to over two dozen banks, led by the staterun SBI, and has been under bankruptcy proceed ings since June 2017.
Approval of the deal tran slates into a haircut of about 14% for the lenders.
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