• Sunday, August 14, 2022

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ArcelorMittal to Pay £780.20 Million Dues of Uttam Galva, KSS Petron to Bid for Essar Steel

The supreme court, in its judgment, inorder to become qualified to bid for Essar Steel under India’s section 29(A) of the insolvency code, the two companies need to repay the loans associated with their affiliated companies.(Photo by Jeff J Mitchell/Getty Images).

By: Radhakrishna N S

Steel giant, ArcelorMittal has said that it has decided to pay the sum of Rs 74.69 billion (£ 780.20 million)to the lenders of Uttam Galva and KSS Petron to clear the debt of two firms’ in line with India’s Apex Court judgment dated October 4. The company’s statement came 24 hours earlier the two-week deadline given to the two firms, ArcelorMittal and Numetal to clear their overdue debts associated with the affiliated firms expires. India’s top court, Supreme Court, in its judgment, in order to become qualified to bid for Essar Steel under India’s section 29(A) of the insolvency code,…

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