17
Oct
12:04
NCLT approves ArcelorMittal resolution plan for Uttam Galva
India’s National Company Law Tribunal Mumbai Bench-I approved on 14 October the resolution plan submitted by ArcelorMittal subsidiary AM Mining India for the corporate insolvency resolution process of Uttam Galva Steels, Kallanish notes.
According to the resolution plan, payments to Uttam Galva Steels’ financial creditors and operational creditors amount to INR 3,472 crores ($422.8 million) and INR 228 crores, respectively. Also, INR 320 crores will be…
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