Electrosteel Steels

Electrosteel allots shares worth Rs 7,400 cr to lenders; SBI gets largest chunk

Electrosteel Steels, undergoing the insolvency resolution process, has allotted equity shares worth Rs 7,400 crore to lenders as loan conversion, with SBI getting the largest chunk -- about 37 percent

Electrosteel Steels spells out steps for completion of acquisition by Vedanta, delisting from bourses

In March, Vedanta was declared as successful resolution applicant by the committee of creditors (CoC) for Electrosteel Steels Ltd under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016.

Vedanta to buy 90% of Electrosteel: IBC is a big winner for ailing banks but the judiciary can still spoil party

India's judiciary would do well to stay out of bankruptcy proceedings, critical for the survival of the NPA-ridden banking sector.

NPA resolution: Vedanta assumes control of stressed Electrosteel; deposits Rs 5,320 cr in an escrow account

The National Company Law Appellate Tribunal (NCLAT) had allowed Vedanta Ltd to make an upfront payment of Rs 5,320 crore to lenders for acquiring Electrosteel Steels.

Essar Steel Insolvency: ArcelorMittal, Numetal Mauritius only bidders for bankrupt firm

Essar Steel was among the initial 12 companies identified by the Reserve Bank of India (RBI) for insolvency proceedings.

Vedanta races past Tata group to emerge as top bidder in resolution process for Electrosteel Steels

The tribunal had appointed Dhaivat Anjaria of PwC as interim resolution professional to resolve the Electrosteel loans issue

Provisioning for 12 NPAs: SBI's Arundhati Bhattacharya rules out huge dent on bottom lines

These 12 large accounts had become NPAs by end-March 2016 and Crisil estimates show the banks had already provisioned 40 percent for these NPAs worth Rs 2 trillion or about Rs 80,000 crore.

NPA problem: Bankers meet begins today, to decide on large loan defaulters

The first set of six troubled accounts are Bhushan Steel (Rs 44,478 cr), Essar Steel (Rs 37,284 cr), Bhusan Power and Steel (Rs 37,248 cr), Alok Industries (Rs 22,075 cr), Amtek Auto (Rs 14,074 cr) and Monnet Ispat (Rs 12,115 cr), a banker said.

Bhushan, Essar Steel among 12 firms being moved to insolvency courts, sources to Reuters

The RBI has yet to officially name any of the 12 companies, which account for about 2 trillion rupees ($31 billion) of India's non-performing loans, or roughly 25 percent of all the country's bad loans.