Insolvency and Bankruptcy Code is broke It needs to be fixed, immediately indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
MUMBAI: The estimated recovery from the IL&FS resolution process at around 61% of overall group debt is better than the average 39% recovery by lenders under the Insolvency and Bankruptcy Code (IBC) process.
According to C S Rajan, MD of IL&FS, the company has managed this through a combination of court-approved sales and settlements. Given that there is no legislative or regulatory regime to deal with group insolvency, the board adopted a multipronged approach depending on the type of asset by focusing on resolution, restructuring and recovery.
In its April 2021 update, the new board enhanced its estimates of aggregate debt recovery to Rs 61,000 crore. This was an increase of Rs 5,000 crore over previous estimates, and represented a resolution of over 61% of (overall fund-based and non-fund based) group debt of approximately Rs 99,000 crore, as of October 2018.
ArcelorMittal signs JV agreement with NSSMC to acquire Essar Steel
ArcelorMittal signs JV agreement with NSSMC to acquire Essar Steel
ArcelorMittal On Friday Said It Has Entered Into A Joint Venture Pact With Nippon Steel & Sumitomo Metal Corporation (NSSMC) To Jointly Acquire The Assets Of Essar Steel. PTI | Updated on: 03 Mar 2018, 02:38:49 PM
New Delhi:
ArcelorMittal on Friday said it has entered into a joint venture pact with Nippon Steel & Sumitomo Metal Corporation (NSSMC) to jointly acquire the assets of Essar Steel. The company’s arm ArcelorMittal India Pvt. Ltd (AMIPL) had submitted a resolution plan for Essar Steel on 12 February, which outlined the intention to have NSSMC formally join its bid for Essar Steel.
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