Insolvency: Miglani family offers to repay entire dues of Uttam Galva

NCLT will hear the offer made by the Miglani family on Wednesday

The Miglani family, promoters of Uttam Galva Steels (UGSL), has agreed to repay the 100 per cent dues of the company and its subsidiaries to lenders, thus saving it from going under the hammer in the National Company Law Tribunal under the Insolvency and Bankruptcy Code. The tribunal will hear the offer made by the Miglani family on Wednesday.

UGSL owes Rs 62 billion to 18 banks and has been facing insolvency and bankruptcy proceedings at the NCLT, Mumbai, since last year. However, the firm is not admitted under the Corporate Insolvency Resolution Process yet.

In April, promoters of UGSL had offered