#Insolvency Almost a year since @RBI released the list of 12 large defaulters to be marched to NCLT, and we have seen ONE successful resolution so far. Two, if you count Electrosteel Steels, which exited bankruptcy briefly, only to be pulled back in. Here's a quick check (1/n)
#Insolvency #BhushanSteel NCLT approved Tata @TataSteelLtd's takeover of Bhushan Steel. Tatas offered Rs 35,200 cr to settle the lenders' dues at a 37% haircut. Done deal? Bhushan Steel promoter Neeraj Singhal has filed an objection in the matter, NCLAT hearing on May 21. #IBC
#Insolvency #ElectrosteelSteels resolution plan submitted by @VedantaLimited for Rs 5,320 cr was approved by NCLT, but Renaissance Steel, another contender for the company, is now contesting the bid. NCLAT has ordered a status quo on sale of the company until further hearing.
#Insolvency #EssarSteel Probably one of the most contest case so far. @ArcelorMittalIn placed a higher bid than Numetal in round , but both have to prove eligibility. Arcelor offered Rs 7000 cr to clear dues, Numetal has not. Numetal has also sought opening of 2nd round of bids.
#Insolvency #BhushanPower @TataSteelLtd made a higher offer of Rs 17,000 cr than rival @jswsteel, but NCLAT has now allowed Liberty House's Rs 18,500 cr bid to be considered, despite it being submitted after the deadline. CoC will re-evaluate all bids.
#Insolvency #JaypeeInfra Here Lakshadweep's offer was rejected by lenders, and the case is now being heard for liquidation at Supreme Court. Promoter JP Assoc has been asked to submit Rs 1000 cr in court by June 15, else liquidation proceedings will be started against the co.
#Insolvency #AlokIndustries Co was headed into liquidation after JM Financial-Reliance Ind bid was rejected by lenders, but employees & some operational creditors have moved court against liquidation. Matter being heard at NCLT.
#Insolvency #JyotiStructures Only one bid was received for Jyoti Structures from a bunch of high net-worth individual investors led by Sharad Sanghi, voting concluded after 270-day deadline and case being heard at NCLT. DBS, meanwhile, has challenged the resolution plan.
#Insolvency #LancoInfra RP for the company has sought direction from NCLT on liquidating the company after lenders rejected the highest offer made by Thriveni Earthmovers. A revised resolution plan is said to be in place from the bidder.
#Insolvency #AmtekAuto UK-based Liberty House was identified as the highest bidder, but upaid loans of Rs 18.5 cr to Exim Bank may derail its offer. Liberty House is said to have repaid the dues since, but NCLT will take the final call.
#Insolvency #MonnetIspat Again, @jswsteel-Aion Capital consortium's offerof Rs 2,750 cr for Monnet Ispat was approved by the CoC, but NCLT is still awaited for the deal to close.
#Insolvency #ABGShipyard Liberty House was the only bidder after three rounds of bidding, but banks were unhappy with offer. Questions were raised on Liberty's eligibility after Exim default came to light, but no decision has been taken yet. Liquidation is a possibility!
#insolvency #EraInfra This is the last of the 12 large defaulters on RBI's list to be admitted into the NCLT, on May 8th. Resolution process is yet to gather steam. Union Bank is the lead here, and the debt stands at over Rs 11,000 cr.
