IBC’s BIG SUCCESS: LENDERS TO RECOVER RS 42k CRORE AS ARCELORMITTAL INITIATES PAYMENT FOR ESSAR STEEL
The creditors of Essar Steel have started receiving their dues from ArcelorMittal, and the entire process of transferring the full amount of Rs 42,000 crore to the lenders will be completed by Monday.
The development follows the Supreme Court’s November 15 order which paved the way for ArcelorMittal to take over Essar Steel for Rs 42,000 crore. Once the transfer of funds is complete, it will result in a complete write-back of provisions for most of the lenders who had provided 100% against the debt-laden steel company.
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The creditors of Essar Steel have started receiving their dues from ArcelorMittal, and the entire process of transferring the full amount of Rs 42,000 crore to the lenders will be completed by Monday.
The development follows the Supreme Court’s November 15 order which paved the way for ArcelorMittal to take over Essar Steel for Rs 42,000 crore. Once the transfer of funds is complete, it will result in a complete write-back of provisions for most of the lenders who had provided 100% against the debt-laden steel company.
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