NCLT Mumbai Approves Arcelormittal Promoted AM Mining's Resolution Plan For Uttam Galva Steels

The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P. N. Deshmukh (Retd.) (Judicial Member) and Mr. Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in State Bank of India v Uttam Galva Steels Limited, has approved the resolution plan submitted by ArcelorMittal promoted AM Mining Pvt. Ltd. for Uttam Galva Steels Ltd. Brief Facts Uttam Galva Steels Ltd. ("Corporate Debtor") is one of the largest manufacturers of cold rolled steel and galvanized steel in Western India. ArcelorMittal is a multinational steel manufacturing corporation headquartered in Luxembourg City. It was formed in 2006 from the takeover and merger of Arcelor with Lakshmi Mittal owned 'Mittal Steel'. State Bank of India ("Financial Creditor") had filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), seeking initiation of Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor. The Adjudicating Authority had initiated CIRP on 01.10.2020 and Mr. Milind Kasodekar was appointed as the Interim Resolution Professional and thereafter the Resolution Professional. When Expression of Interest was invited by the Resolution Professional, a total of 6 Prospective Resolution Applicants submitted their EoI including ArcelorMittal promoted AM Mining India Pvt. Ltd.; Kotak Investment Advisors Ltd.; JSW Steel Coated ProductsLtd.; Jindal Steel and Power Ltd.; International Asset Reconstruction Company Pvt. Ltd.; and ESL Steels Limited. On 02.06.2021, the Resolution Plan submitted by AM Mining India Pvt. Ltd. ("Successful Resolution Applicant") was approved by Committee of creditors with 100% voting share. Thereafter, the Resolution Professional filed an application under Section 30(6) of the IBC before the Adjudicating Authority for approval of the successful resolution plan. The Resolution Plan has a total resolution amount of Rs. 4020 Crores. The Adjudicating Authority vide an order dated 14.10.2022 had approved the Resolution Plan of the AM Mining Pvt. Ltd. for the Corporate Debtor. Case Title: State Bank of India v Uttam Galva Steels Limited Case No.: CP (IB) 920/MB/C-I/2020 Counsel for Applicant: Mr. Janak Dwarkadas, Sr. Advocate Counsel for Resolution Applicant: Mr. Ravi Kadam, Sr. Advocate Counsel for CoC: Mr. Soli Cooper, Advocate Click Here To Read/Download Order

NCLT Mumbai Approves Arcelormittal Promoted AM Mining's Resolution Plan For Uttam Galva Steels

Pallavi Mishra

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