Lenders realise Rs 44,500 cr from resolution of insolvent steel firms: Icra

Of the 11 steel making entities named in the Reserve Bank of India’s list of large corporate defaulters, four have completed their corporate insolvency resolution process (CIRP), with the lenders realising claims to the tune of Rs 44, 500 crore with an average haircut of 47 per cent. Rating agency Icra says that with Essar Steel and Bhushan Power and Steel attracting interest from domestic and foreign investors, the financial creditors could realise at least Rs 60,000 crore more as the resolution process of these entities is completed.