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NCLT extends time period for Electrosteel Steels Limited

Steel News - Published on Fri, 29 Dec 2017

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Economic Times reported that the National Company Law Tribunal (NCLT) has extended time period for Corporate Insolvency Resolution Process for Electrosteel Steels Limited (ESL) by a period of 90 days with effect from January 17, 2018. The decision was based on the application made by the Resolution Professional for extension of the insolvency resolution process.

The order was passed by the Kolkata Bench of NCLT on December 19, 2017, Electrosteel Steels

The Kolkata-based company is saddled with a debt burden of INR 10,274 crore, an amount it owes to a consortium of banks led by SBI. It has been facing insolvency proceedings under after it was admitted in the NCLT in July 2017.

ESL which has a 2.5 million tonne steel plant at Siyaljori in Jharkhand's Bokaro district, attracted six expressions of interest from bidders like Mesco group, Tata Steel, Srei Infrastructure Finance and Dalmia group among others, following the memorandum floated by the IRP for Electrosteel Steels Dhaivat Anjaria in September, 2017.

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Posted By : Rabi Wangkhem on Fri, 29 Dec 2017
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