 "Uttam Galva")
The National Company Law Tribunal (NCLT) has directed the lenders of steel-producer Uttam Galva Steels Ltd (UGSL) to appoint an Interim Resolution Professional (IRP) to oversee the insolvency process of the company.
The company owes about 18 lenders around Rs 62 billion in principal and interest payment.
On Monday, the NCLT directed the lenders to appoint a Mumbai-based IRP that will oversee the CIRP of UGSL. It also admitted a subsidiary of UGSL, Uttam Value Steels under the Insolvency and Bankruptcy Code (IBC) as it defaulted on Rs 32 billion worth of loans to banks.
While the lenders, led by
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