Uttam Galva Steels Ltd. was put under the Corporate Insolvency Resolution Process (CIRP) on an application by the State Bank of India SBI for not repaying its debts.
The ArcelorMittal Group on Friday added another steel company to its portfolio. The National Company Law Tribunal (NCLT), Mumbai bench approved the resolution plan submitted by an Indian arm of the global steel company ArcelorMittal for debt-laden Uttam Galva Steels Ltd.
NCLT appointed a resolution professional for the initiation of CIRP of the Corporate Debtor-Uttam Galva Steels. The Committee of Creditors (CoC) voted in favour of the resolution plan submitted by ArcelorMittal. The Adjudicating Authority approved the ArcelorMittal's resolution plan on an application filed by the Resolution Professional. The NCLT order paved the way for the acquisition of Uttam Galva Steels Ltd. by the ArcelorMittal.
This is ArcelorMittal’s third purchase through the insolvency process in India after Essar Steel and Odisha Slurry Pipeline Infrastructure.