Uttam Galva

AM Mining India Pvt Ltd, part of ArcelorMittal and Nippon Steel joint venture, completed the acquisition of Uttam Galva Steels Ltd, a downstream steel manufacturer in Maharashtra

Resolution amount was Rs 4,020 cr as per the plan

Dispute arises as resolution professional accepted only Rs 167 crore of claims

The promoter group's deal-making capabilities have come back to haunt it

UGSL, which shut its plants and operations after the lockdown was announced last month, said it has an outstanding of Rs 1,008 crore to its creditors

Mittal's payment to banks came after the Supreme Court asked the company to pay overdues

Operational creditors to get Rs 3 crore, against Rs 1,017 crore dues

The world's largest steel maker ArcelorMittal today asserted that its bid for debt-laden Essar Steel is "eligible" and indicated that any pay off towards outstanding dues of Uttam Galva, a firm in which it was a minority shareholder till sometime back, would be a "goodwill gesture". The Committee of Creditors (CoC) had yesterday met representatives of ArcelorMittal and Numetal which are in the race to acquire the stressed asset regarding their eligibility. "Our fundamental position is that we are eligible and in reality were never the promoters of these companies. So any discussion about repayment of any dues would be a gesture of goodwill," Brian Aranha, executive vice-president (strategy, technology, R&D) at ArcelorMittal, said here at the company's R&D facility. The lenders earlier had objected to ArcelorMittal's investment in Uttam Galva on default of loan repayments to the tune of about Rs 8,000 crore. ArcelorMittal had written off investment of USD 150 million in 2015. ..

Tribunal refuses any immediate stay; Both BSE and NSE had approved derocognition of L N Mittal-led firm as Uttam Galva promoter last week

SBI is the largest of the 18 banks that have to recover Rs 56.5 billion from the company

ArcelorMittal will now become eligible to take part in stressed asset auctions in the country

The delays are a result of liquidity stress in a challenging operating environment and inability to refinance long-term borrowings according to an earlier proposed refinancing scheme