{"id":4567,"date":"2019-03-29T06:35:08","date_gmt":"2019-03-29T06:35:08","guid":{"rendered":"http:\/\/financeintellect.com\/home-page\/home\/?p=4567"},"modified":"2019-03-30T11:03:02","modified_gmt":"2019-03-30T11:03:02","slug":"essar-steel-operational-creditors-to-get-an-additional-rs-1000cr","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/essar-steel-operational-creditors-to-get-an-additional-rs-1000cr\/","title":{"rendered":"Essar Steel: Operational creditors to get an additional Rs 1,000cr"},"content":{"rendered":"<div dir=\"auto\" style=\"text-align: justify;\">Operational creditors that were to receive Rs 214 crore from the Essar Steel debt resolution plan submitted by ArcelorMittal, could net\u00a0an additional Rs 1,000 crore, reports\u00a0Business Standard. Operational creditors have outstanding dues worth Rs\u00a04,976 crore.<\/div>\n<div dir=\"auto\" style=\"text-align: justify;\"><\/div>\n<div dir=\"auto\" style=\"text-align: justify;\">This means that lenders may have to forgo more than the earlier estimated Rs 41,987 crore,\u00a0or\u00a092 percent of their dues.<\/div>\n<p style=\"text-align: justify;\">The meeting of Committee of Creditors (CoC) was held on March 27 wherein lenders have asked for votes on the proposal from all banks that have an exposure to Essar Steel. The results are expected by March 30.<\/p>\n<div dir=\"auto\" style=\"text-align: justify;\">\n<p>Unsecured lender Standard Chartered Bank, which made the highest claim of Rs 3,400 crore, has been excluded from the offer. According to the plan submitted by ArcelorMittal, the bank will receive only 1.7 percent, or Rs 60 crore, of its dues.<\/p>\n<div class=\"hide-moblie mid-arti-ad\">\n<div id=\"Moneycontrol_Mobile_WAP\/MC_WAP_News\/MC_WAP_News_Internal_OutStream\">The bank has moved the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal (NCLT) Ahemdabad order that had cleared ArcelorMittal&#8217;s plan, but suggested that operational creditors get 15 percent from the offer\u00a0and financial creditors receive the remaining.<\/div>\n<\/div>\n<\/div>\n<div dir=\"auto\" style=\"text-align: justify;\"><\/div>\n<div dir=\"auto\" style=\"text-align: justify;\">ArcelorMittal had offered Rs 42,000 crore to the financial creditors as against Essar Steel&#8217;s dues of Rs 48,000 crore and said that it was up to the banks to divide the money amongst them.<\/div>\n<div dir=\"auto\" style=\"text-align: justify;\"><\/div>\n<div dir=\"auto\" style=\"text-align: justify;\">Earlier this month, Dinabandhu Mohapatra, MD\u00a0and CEO, Bank of India, had said a call on the apportionment of dues would be taken at the lenders&#8217; meet after studying various aspects of the order.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Operational creditors that were to receive Rs 214 crore from the Essar Steel debt resolution plan submitted by ArcelorMittal, could net\u00a0an additional Rs 1,000 crore, reports\u00a0Business Standard. Operational creditors have outstanding dues worth Rs\u00a04,976 crore. This means that lenders may have to forgo more than the earlier estimated Rs 41,987 crore,\u00a0or\u00a092 percent of their dues. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[3629,3564,3640],"class_list":["post-4567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-india-inc","tag-arcelor-mittal","tag-essar-steel","tag-nclat"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Essar Steel: Operational creditors to get an additional Rs 1,000cr - Finance Intellect<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeintellect.com\/home-page\/home\/essar-steel-operational-creditors-to-get-an-additional-rs-1000cr\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Essar Steel: Operational creditors to get an additional Rs 1,000cr - Finance Intellect\" \/>\n<meta property=\"og:description\" content=\"Operational creditors that were to receive Rs 214 crore from the Essar Steel debt resolution plan submitted by ArcelorMittal, could net\u00a0an additional Rs 1,000 crore, reports\u00a0Business Standard. Operational creditors have outstanding dues worth Rs\u00a04,976 crore. This means that lenders may have to forgo more than the earlier estimated Rs 41,987 crore,\u00a0or\u00a092 percent of their dues. 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