Pramod Mittal's creditor seeks to revoke his 'IVA'

London: Billionaire steel magnate Lakshmi Mittal’s younger brother Pramod Mittal may have hoped he could escape an investigation of his assets when he entered into an IVA (individual voluntary arrangement) with his creditors but now faces a legal challenge to the IVA in the London high court, with one of his creditors seeking to revoke the IVA.

Moorgate Industries UK, to whom Mittal owes 140 million pounds plus interest, who brought the bankruptcy petition against Mittal, 66, in the first place, has applied to get the IVA revoked for “material irregularities”.