Rs 5,320 cr remitted to financial creditors: Electrosteel Steels
Electrosteel Steels Ltd today said Rs 5,320 crore has been remitted to its financial creditors as per the resolution plan approved by the NCLT.
In April, the NCLT had approved the resolution plan submitted by Vedanta Ltd for Electrosteel Steels, making it first among the 12 large stressed accounts identified by RBI last year to get resolved under the Insolvency and Bankruptcy Code.
"The upfront payment of INR 5,320,00,00,000 has been remitted to the financial creditors from the escrow account as per the approved resolution plan," Electrosteel Steels said in a BSE filing.
The resolution plan involved close to Rs 5,300 crore cash payout and a haircut of 60 per cent of the total banks' debt.
Electrosteel Steels also said that post acquisition of the company by Vedanta, Mahendra Singh Mehta has been appointed as an additional independent director of the firm.
Electrosteel Steels was one the 12 non-performing assets (NPAs) referred by the RBI last year for insolvency proceedings.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.