Lenders may settle Uttam Galva dues, move likely to help ArcelorMittal

Uttam Galva Steels Promoter Ankit Miglani declined to comment on the development

Lenders are exploring the possibility of settlement of dues of Uttam Galva Steels, a move that could ease the way for ArcelorMittal’s bid for Essar Steel. ArcelorMittal was an early investor in Uttam Galva Steels. 
 

A counsel for State Bank of India, the lead lender to Uttam Galva Steels, on Tuesday said before the Mumbai bench of the National Company Law Tribunal (NCLT) that lenders were exploring the possibility of a settlement with the company. In case a settlement was reached, the insolvency proceedings might not be required. But the settlement would have to be reached by April 10. 
 

Uttam