INSUBCONTINENT EXCLUSIVE:
proceedings.
Earlier in December last year, SBI filed an insolvency petition against Uttam Value Steels, a company engaged in manufacturing
The firm had availed term loans from the bank.
But, the company claimed that it had availed only Rs 304 crore and that the promoters have
invested Rs 2,000 crore in the upgradation and modernisation of the plant.
Earlier, the company went through a different restructuring
process where the lenders like SBI, Bank of Baroda, Andhra Bank, and Punjab National Bank sought to recover its dues
A resolution plan was also submitted in October last year.
A few months ago, the RBI discounted all past restructuring programmes directing
court judge in the order.
The court has appointed Rajiv Chakraborty as the interim resolution professional, who will be responsible for
running day-to-day company operations during the period of insolvency that can extend up to 270 days.
The financial creditor has furnished
court said admitting the Uttam Value Steels for bankruptcy proceedings.
The company has about 2,000 employees and workers at its plant in
