Recent Highlights
All Stories for Electrosteel Steels
Electrosteel allots shares worth Rs 7,400 cr to lenders; SBI gets largest chunk
• 7 years agoElectrosteel 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
• 7 years agoIn 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
Dinesh Unnikrishnan123 • 7 years agoIndia'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
• 7 years agoThe 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
Fp Staff • 7 years agoEssar 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
Fp Staff • 7 years agoThe 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
• 8 years agoThese 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
• 8 years agoThe 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
• 8 years agoThe 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.